Vermilion Energy Confirms Closing of Southeast Saskatchewan Asset Sale

Source: www.gulfoilandgas.com 3/29/2023, Location: North America

Vermilion Energy Inc. 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.


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