CALGARY,
AB, March 29, 2023 /PRNewswire/ - Vermilion
Energy Inc. ("Vermilion") (TSX: VET) (NYSE: VET) is pleased to
confirm the closing of the previously announced sale of non-core
assets in southeast Saskatchewan
for gross proceeds of $225 million,
prior to closing adjustments.
The assets are comprised of approximately 5,500 boe/d of
non-core light oil production spread across the greater
Arcola and Queensdale areas of
southeast Saskatchewan. The
divestment was part of our strategy to re-position Vermilion for
long term success by high-grading our North American inventory,
reducing unit cost and accelerating the timeline of achieving our
debt reduction targets. The transaction has an effective date of
September 1, 2022.
About Vermilion
Vermilion is an international energy producer that seeks to
create value through the acquisition, exploration, development and
optimization of producing assets in North
America, Europe and
Australia. Our business model
emphasizes free cash flow generation and returning capital to
investors when economically warranted, augmented by value-adding
acquisitions. Vermilion's operations are focused on the
exploitation of light oil and liquids-rich natural gas conventional
and unconventional resource plays in North America and the exploration and
development of conventional natural gas and oil opportunities in
Europe and Australia.
Vermilion's priorities are health and safety, the environment,
and profitability, in that order. Nothing is more important to
us than the safety of the public and those who work with us, and
the protection of our natural surroundings. We have been
recognized by leading ESG rating agencies for our transparency on
and management of key environmental, social and governance issues.
In addition, we emphasize strategic community investment in each of
our operating areas.
Vermilion trades on the Toronto Stock Exchange and the New York
Stock Exchange under the symbol VET.
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SOURCE Vermilion Energy Inc.