Vermilion Energy has completed its exit from the US to focus on its core gas-weighted assets in Canada and Europe.
The transaction, which will generate $120m (C$163.72m) in cash proceeds, is designed to bolster Vermilion’s balance sheet by directing net proceeds towards debt repayment.
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The assets in question encompass approximately 5,500 barrels of oil equivalent per day (boe/d), with 81% being oil and liquids.
The proved developed producing reserves, estimated at ten million barrels of oil equivalent as evaluated by McDaniel & Associates Consultants, are also part of the sale.
Vermilion expects to close the transaction in the third quarter of 2025, contingent upon customary closing conditions.
In addition to the asset sale, Vermilion has revised its 2025 capital budget to between $630m and $660m.
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By GlobalDataThis adjustment reflects a reduction from the previous capital budget and accounts for the divestiture of the Saskatchewan and US assets post-closing.
The company anticipates its full-year and second-half production for 2025 to range between 117,000boe/d and 122,000boe/d, with a 68% natural gas weighting in the latter half of the year.
Vermilion is engaged in the exploitation of conventional and unconventional light oil and liquids-rich natural gas resource plays in North America.
The company also develops conventional natural gas and oil opportunities in Europe and Australia.
In Canada, Vermilion is a key player in the Mannville condensate-rich gas play. The company holds a 100% working interest in the Wandoo field, offshore Australia.
Last month, Vermilion Energy reached another definitive agreement to divest its assets in Saskatchewan and Manitoba for $415m in cash proceeds.
These strategic dispositions are part of Vermilion’s broader plan to streamline operations and focus on its most profitable ventures.
