Leases

12 Months Ended

Dec. 31, 2020

LEASES

Lease Assets

Baytex had the following right-of-use assets at December 31, 2020.


	Office Leases		Field Equipment		Vehicles and Other		Total
Balance, January 1, 2019 (1)	$	14,775	$	2,254	$	969	$	17,998
Additions	—		1,668		159		1,827
Modifications	(6)		4		19		17
Depreciation	(4,904)		(837)		(482)		(6,223)
Balance, December 31, 2019	$	9,865	$	3,089	$	665	$	13,619
Additions	20		962		203		1,185
Modifications	1,846		80		7		1,933
Depreciation	(3,799)		(1,381)		(459)		(5,639)
Balance, December 31, 2020	$	7,932	$	2,750	$	416	$	11,098

(1)The Company adopted IFRS 16 Leases on January 1, 2019 using the modified retrospective approach.

Lease Obligations

Baytex had the following future commitments associated with its lease obligations at December 31, 2020.


	December 31, 2020		December 31, 2019
Less than 1 year	$	4,504	$	6,216
1 - 3 years	4,302		7,748
3 - 5 years	3,044		604
After 5 years	—		—
Total lease payments	$	11,850	$	14,568
Amounts representing interest over the term of the lease	(774)		(685)
Present value of net lease payments	$	11,076	$	13,883
Less current portion of lease obligations	4,289		5,798
Non-current portion of lease obligations	$	6,787	$	8,085

The Company recorded interest expense related to its lease obligations of $0.4 million and recorded lease payments of $5.9 million for the year ended December 31, 2020 (December 31, 2019 - $0.6 million and 6.0 million, respectively).