Mar. 18, 2014, 2:06 PM
- Vermillion Energy (VET +3.2%) agrees to acquire light oil producing assets in Saskatchewan from a private producer for $345M in cash and stock plus the assumption of $55M in debt.
- The assets include 57K net acres of land (~80% undeveloped), seven oil batteries and preferential access to 50% or greater capacity at a solution gas facility that is under construction; 2014 production from the assets is projected at ~3,750 boe/day, with more than 90% of the production base to be operated by VET.
- Due to the acquisition, VET raises its 2014 production guidance to 47.5K-48.5K boe/day, assuming eight months of contribution from the new assets.
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