A Vermilion Energy oil rig in France in 2017. The company has signed an agreement to sell its U.S. assets for $120-million in cash.Thibault Camus/The Associated Press
Vermilion Energy Inc. VET-T has signed an agreement to sell its assets in the U.S. for $120-million in cash.
The company says the deal includes about 5,500 barrels of oil equivalent per day of production and about 10 million barrels of oil equivalent of proved developed producing reserves.
Vermilion says net proceeds from the sale will be used to repay debt.
The deal has an effective date of Jan. 1 and is expected to close in the third quarter.
The company also updated its 2025 capital budget to a range of $630-million to $660-million, a reduction of about $100-million from the midpoint of its previous guidance for $730-million to $760-million.
Vermilion expects full year and second half of 2025 production to range between 117,000 to 122,000 barrels of oil equivalent per day.