Vero Energy Inc. Announces Normal Course Issuer Bid for its Common Shares and Update on Hedging Activities

    TSX: VRO

    CALGARY, Aug. 22 /CNW/ - Vero Energy Inc. ("Vero" or the "Corporation")
announced today that the Toronto Stock Exchange ("TSX") has accepted Vero's
Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase
for cancellation, from time to time, as Vero considers advisable, up to a
maximum of 2,586,953 Common Shares of the Corporation. The maximum number of
Common Shares to be purchased pursuant to the Bid represents approximately 10%
of the issued and outstanding Common Shares, which are not held by insiders of
the Corporation, on the date hereof. At the date hereof, there are 28,911,034
Common Shares of the Corporation issued and outstanding, of which 3,041,503
Common Shares are held by senior officers or directors of Vero or any persons
or companies who beneficially own, or exercise control or direction over, more
than 10% of the issued and outstanding Common Shares. Purchases of Common
Shares will be made on the open market through the facilities of the TSX. The
price which Vero will pay for any Common Shares purchased by it will be the
prevailing market price of the Common Shares on the TSX at the time of such
purchase. The actual number of Common Shares that may be purchased for
cancellation and the timing of any such purchases will be determined by Vero,
subject to a maximum daily purchase limitation of 30,888 Common Shares which
equates to 25% of Vero's average daily trading volume for the six months ended
July 31, 2007.
    The Bid will commence on August 24, 2007 and will terminate on August 23,
2008 or such earlier time as the Bid is completed or terminated at the option
of Vero. FirstEnergy Capital Corp. has agreed to act on the Corporation's
behalf to make purchases of Common Shares pursuant to the Bid.
    Management of Vero believes that, from time to time, the market price of
its Common Shares may not fully reflect the underlying value of the Common
Shares and that at such times the purchase of Common Shares would be in the
best interests of Vero. Such purchases will increase the proportionate
interest of, and may be advantageous to, all remaining shareholders. In
addition, the purchases by Vero may increase liquidity to shareholders wishing
to sell their Common Shares.
    Vero updates its current hedging position. Added to the previously
announced $7.00-$8.80/gj costless collar for 5000 gj/day for April through
October 2007 is a fixed price hedge for another 5000 gj/d at $5.65/gj for
September and October of 2007. Vero typically receives a 10% premium to AECO-C
due to the high heat content of its gas and now has over 40% of its natural
gas hedged through the September to October time frame.

    %SEDAR: 00022902E

For further information:

For further information: Douglas J. Bartole, President and CEO, (403)
218-2063; Gerald Gilewicz, Vice President, Finance and CFO, (403) 693-3170;
Scott Koyich, Investor Relations, (403) 714-5979

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Vero Energy Inc.

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