By Adriano Marchese
Vermilion Energy shares fell Monday morning after it said it was acquiring a privately-held oil and gas company in Alberta, Westbrick Energy, for 1.08 billion Canadian dollars ($751.2 million).
Shares fell 6% to C$11.97 in recent trading.
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 new addition is expected to add 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.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 23, 2024 09:45 ET (14:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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