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Vermilion Energy Inc. Announces Closing of the Acquisition of Leucrotta Exploration Inc.
Vermilion Energy Inc. Announces Closing of the Acquisition of Leucrotta Exploration Inc. ...
About this update from Vermilion Energy Inc.
[{"type":"text","content":"\n \n \n \n Vermilion Energy Inc. Announces Closing of the Acquisition of Leucrotta Exploration Inc.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 0pt initial; BORDER-RIGHT:black 0pt initial; BORDER-BOTTOM:black 0pt initial; BORDER-LEFT:black 0pt initial\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 31, 2022\n \n \n /CNW/ - Vermilion Energy Inc. (\"Vermilion\", \"We\", \"Our\", \"Us\" or the \"Company\") (TSX: VET) (NYSE: VET) is pleased to announce that we have closed the acquisition of Leucrotta Exploration Inc. (\"Leucrotta\") pursuant to the terms of the previously announced arrangement agreement (the \"Arrangement\" or the \"Leucrotta Acquisition\") dated\n \n March 28, 2022\n \n , as amended, among Vermilion, Leucrotta and Coelacanth Energy Inc. (\"Coelacanth\").\n \n \n \n \n \n \n \n \n \n The primary asset acquired pursuant to the Leucrotta Acquisition is the Mica property, comprised of 81,000 gross (77,000 net) contiguous acres of\n \n Montney\n \n mineral rights in the Peace River Arch straddling the\n \n Alberta\n \n and\n \n British Columbia\n \n borders. We have conservatively identified 275 multi-zone, extended reach, drilling prospects to date, representing an expected two decades or more of low-risk, self-funding, high-deliverability drilling inventory with strong rates of return. Over the past two months since time of deal announcement, North American gas prices have strengthened, as illustrated by the 35% increase to 2023 AECO strip further reinforcing the profitability of the Mica property. We believe there is meaningful upside in other zones, which could add significant inventory to this land base and the optionality for cube development. The multi-zone development nature of these assets is a...