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.
About Vermilion
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.