Vermilion Energy Inc. has entered into a definitive agreement for the sale of its U.S. assets for cash proceeds of ~$88 million ($120 million CAD).
Proceeds from the transaction will go towards debt repayment to further accelerate deleveraging efforts and strengthen the company’s balance sheet, Vermilion stated.
The assets consist of approximately 5,500 boed (81% oil and liquids) of production and approximately 10 MMboe of proved developed producing reserves estimated as evaluated by McDaniel & Associates Consultants Ltd. as of December 31, 2024.
The transaction has an effective date of January 1, 2025 and is anticipated to close in Q3 2025, subject to the satisfaction of other customary closing conditions. The transaction agreement includes $10 million of contingent payments based on WTI prices over the two-year period starting July 1, 2025.
“This transaction, combined with the sale of our East Finn assets in 2023, completes our exit from the United States, allowing us to focus on our core gas-weighted assets in Canada and Europe,” Vermilion said in a statement.
