Vermilion Energy Inc. (VET) Thursday said it has agreed to sell its United States assets for about $120 million in cash.
The company intends to use the proceeds to repay debt. It plans to reduce debt to $1.3 billion by the end of the year.
The assets comprises production of about 5,500 boe/d and approximately 10 million boe of proved developed producing reserves as assessed by McDaniel & Associates Consultants Ltd. as of December 31, 2024.
The deal, which is expected to close in the third quarter of 2025, includes contingent payments of $10 million based on WTI prices over a two-year period beginning 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.
Additionally, the company has updated its full-year outlook. It currently expects production to be 117,000 boe/d - 122,000 boe/d for the full year, lower than the previous guidance, which incorporates the acquisition of Westbrick Energy Ltd., of 125,000 boe/d - 130,000 boe/d.
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