By Adriano Marchese
Vermilion Energy said it has agreed to acquire Alberta-based private oil and gas company Westbrick Energy for 1.08 billion Canadian dollars ($751.2 million).
The Canadian energy company said the acquisition is part of its initiative to increase operational scale and enhance full-cycle margins in the liquids-rich Deep Basin in the province.
The Acquisition adds 50,000 barrels of oil equivalent a day worth of stable production and about 1.1 million acres of land on which Vermilion has found 700 drilling locations.
The acquisition also includes four operated gas plants with total capacity of 102 million cubic feet a day in the southeast part of the land.
Vermilion said it will use its undrawn C$1.35 billion revolving credit facility to fund the acquisition.
The deal is expected to close in the first quarter of next year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 23, 2024 07:50 ET (12:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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