Vermilion Energy Inc. is pleased to confirm the closing of the previously announced sale of non-core assets in southeast Saskatchewan for gross proceeds of $225 million, prior to closing adjustments.
The assets are comprised of approximately 5,500 boe/d of non-core light oil production spread across the greater Arcola and Queensdale areas of southeast Saskatchewan. The divestment was part of our strategy to re-position Vermilion for long term success by high-grading our North American inventory, reducing unit cost and accelerating the timeline of achieving our debt reduction targets. The transaction has an effective date of September 1, 2022.
