CALGARY, Oct. 11, 2013 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We"
or "Our") (TSX, NYSE: VET) is pleased to announce that it has completed
its previously announced transaction with Northern Petroleum Plc.
("Northern") whereby Vermilion, through its wholly-owned subsidiary,
has acquired 100% of the shares of Northern Petroleum Nederland B.V.
("NPN") (the "Acquisition"). NPN is the Netherlands subsidiary of
UK-based Northern. Based on the effective date of January 1, 2013, and
customary closing adjustments, Vermilion's cash cost for the
Acquisition was $27.5 million which was funded from cash on hand.
Vermilion also granted Northern minority net profit participation
rights on select license interests included in the Acquisition.
Vermilion is an oil-leveraged producer that adheres to a value creation
strategy through the execution of full cycle exploration and production
programs focused on the acquisition, exploration, development and
optimization of producing properties in Western Canada, Europe and
Australia. Our business model targets annual organic production growth
of approximately 5% along with providing reliable and growing
dividends. Vermilion is targeting growth in production primarily
through the exploitation of conventional resource plays in Western
Canada, including Cardium light oil and liquids rich natural gas, the
exploration and development of high impact natural gas opportunities in
the Netherlands and through drilling and workover programs in France
and Australia. Vermilion also holds an 18.5% working interest in the
Corrib gas field in Ireland. In addition, Vermilion pays a monthly
dividend of Canadian $0.20 per share, which provides a current yield in
excess of 4%. Management and directors of Vermilion hold approximately
8% of the outstanding shares and are dedicated to consistently
delivering superior rewards for all stakeholders, featuring an 18-year
history of market outperformance. Vermilion trades on the Toronto Stock
Exchange and the New York Stock Exchange under the symbol VET.
SOURCE: Vermilion Energy Inc.
For further information:
Lorenzo Donadeo, President & CEO; Anthony Marino, Executive VP & COO; Curtis W. Hicks, C.A., Executive VP & CFO; and/or Dean Morrison, Director Investor Relations
TEL (403) 269-4884 | IR TOLL FREE 1-866-895-8101 | email@example.com | www.vermilionenergy.com