CALGARY, April 13, 2017 /CNW/ - Vermilion Energy Inc.
("Vermilion") (TSX, NYSE: VET) is pleased to announce a cash
dividend of $0.215 CDN per share
payable on May 15, 2017 to all
shareholders of record on April 24,
2017. The ex-dividend date for this payment is
April 20, 2017. This dividend
is an eligible dividend for the purposes of the Income Tax Act
(Canada).
We commenced prorating the Premium DividendTM
component of our Dividend Reinvestment Plan by 25%, beginning with
the dividend paid on October 17,
2016, and announced a further 25% proration starting with
the dividend paid on January 17,
2017. We have increased the proration factor by a further 25%
beginning with the April 17, 2017
dividend payment. Eligible shareholders who have elected to
participate in the Premium DividendTM component will
receive a 1.5% premium on 25% of their participating shares, and
the regular cash dividend on the remaining 75% of their
shares. Subject to unexpected changes in the commodity price
outlook, it is our intent to discontinue the Premium
DividendTM component beginning with the July 2017 dividend payment, such that there would
be no further equity issuance under the Premium
DividendTM component of our Dividend Reinvestment
Plan.
DIRECTOR APPOINTMENT
Vermilion is pleased to announce that Mr. William Roby will be appointed to the Board of
Directors effective April 26,
2017.
Mr. Roby brings 33 years of experience in various senior
management and executive positions primarily from a number of U.S.
and international management positions with Occidental Petroleum
Corporation from 1997 to 2013, most recently as Senior Vice
President, Worldwide Operations and Production/Facility
Engineering. From 2013 to 2014, he acted as Chief Operating Officer
of Sheridan Production Company, LLC, a Houston based oil and gas company with
production in excess of 50,000 boe/d. Mr. Roby holds a
Bachelor of Mechanical Engineering degree from Louisiana State University.
Mr. Roby will be included as a nominee for election as a
director of Vermilion at our upcoming annual general meeting of
shareholders to be held on Friday, April 28,
2017 at 10:00 am MDT (the
"Meeting"). As the appointment of Mr. Roby was not determined as of
the mailing of Vermilion's notice of meeting, proxy statement and
information circular dated March 22,
2017 (the "Circular"), the Circular included fixing the
number of directors to be elected as nine and set forth nine
nominees for election as directors. At the Meeting shareholders
will be asked to approve a resolution fixing the number of
directors to be elected at ten, and a resolution to elect each of
the nominees set forth in the Circular and Mr. Roby as directors of
Vermilion. Vermilion recommends to fix the number of directors to
be elected at the Meeting at ten, and that shareholders elect the
nominees named in the Circular and Mr. Roby as directors of
Vermilion. Mr. Roby does not currently own any common shares of
Vermilion.
We look forward to the contributions that Mr. Roby will make to
our Board of Directors and to the ongoing success of Vermilion.
In addition, Mr. Claudio
Ghersinich has advised that he will not be standing for
re-election to Vermilion's Board in 2017. Mr. Ghersinich has been a
director of Vermilion since 1994. He was one of the three
co-founders of Vermilion and served most recently as Executive Vice
President, Business Development from 2005 to 2008. Mr. Ghersinich
was a key contributor to Vermilion's success and we wish to thank
him for his contributions to Vermilion, the Board, Audit and
Independent Reserves Committees. On behalf of the entire
management and board of directors of Vermilion, we would like to
thank Mr. Ghersinich for his significant contributions to
Vermilion's success over the years, and we wish him the best in his
future endeavours.
About Vermilion
Vermilion is an international energy producer that seeks to
create value through the acquisition, exploration, development and
optimization of producing properties in North America, Europe and Australia. Our business model targets
annual organic production growth, along with providing reliable and
increasing dividends to investors. Vermilion is targeting
growth in production primarily through the exploitation of light
oil and liquids-rich natural gas conventional resource plays in
Canada and the United States, the exploration and
development of high impact natural gas opportunities in
the Netherlands and Germany, and through oil drilling and workover
programs in France and
Australia. Vermilion also
holds an 18.5% working interest in the Corrib gas field in
Ireland. Vermilion pays a
monthly dividend of Canadian $0.215
per share, which provides a current yield of approximately
5%.
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 as a top decile performer amongst Canadian publicly
listed companies in governance practices, as a Climate "A" List
performer by the CDP, and a Best Workplace in the Great Place to
Work® Institute's annual rankings in Canada, France, the
Netherlands and Germany. In addition, Vermilion
emphasizes strategic community investment in each of our operating
areas.
Management and directors of Vermilion hold approximately 5% of
the outstanding shares, are committed to consistently delivering
superior rewards for all stakeholders, and have delivered over 20
years of market outperformance. Vermilion trades on the
Toronto Stock Exchange and the New York Stock Exchange under the
symbol VET.
TM denotes trademark of Canaccord Genuity Capital
Corporation.
SOURCE Vermilion Energy Inc.