/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEW SERVICES./
CALGARY, Jan. 31, 2012 /CNW/ - Vero Energy Inc. (TSX:VRO) ("Vero" or the "Company") is pleased to announce that the
divestiture of its deep basin natural gas assets ("Disposition Assets")
announced on January 3, 2012 has closed.
A description of the Disposition Assets as well as the attributes of the
reorganized Vero following completion of this transaction was contained
in the January 3, 2012 press release. Also, of note the Company has now
secured in place the previously announced indicative credit facility of
$45 mm with the Canadian Imperial Bank of Commerce.
"We are very pleased to report that the sale of assets has been
successfully concluded." said Doug Bartole President and CEO, "The
teams attention and technical expertise is now one hundred percent
focussed on developing its Cardium light oil assets. We are excited
with our new pure oil play venture which will be well capitalized and
is anticipated to provide significant growth to our shareholders."
In addition the Company is proceeding with the process of implementing
the previously announced cash distribution to its shareholders of $0.30
per share on a non-diluted basis. The distribution is subject to
confirmation by the board of directors and shareholder approval. This
is to be determined at a meeting of Vero shareholders scheduled to be
held on March 7, 2012.
This press release contains forward-looking statements and information
concerning the anticipated cash distribution to Vero shareholders and
the amount thereof and the anticipated timing for completion of this
matter. Readers should not place undue reliance on the forward-looking
statements and information contained in this press release.
The forward-looking statements and information contained in this press
release are made as of the date hereof and Vero undertakes no
obligation to update publicly or revise any forward-looking statements
or information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
The common shares of Vero have not and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or sold in
the United States or to any U.S. person except in certain transactions
exempt from the registration requirements of the U.S. Securities Act
and applicable state securities laws.
SOURCE Vero Energy Inc.
For further information:
President & Chief Executive Officer
Vice-President Finance & Chief Financial Officer