Vermilion
Vermilion
Vermilion

Our History

    • March 2013 - Listed on the New York Stock Exchange
    • September 2010 - Converted to a dividend paying corporation

2013

November

  • On November 7, 2013 Vermilion announced that our Board of Directors has approved a 7.5% increase in the monthly cash dividend to $0.215 CDN per share from the current level of $0.20 CDN per share. 
  • On November 6, 2013 Vermilion entered into a definitive purchase and sale agreement with GDF SUEZ E&P Deutschland GmbH (“GDF SUEZ”) whereby Vermilion, through its wholly-owned subsidiary, will acquire GDF SUEZ’s 25% interest in four producing natural gas fields and a surrounding exploration license located in northwest Germany (the “Acquisition”).  GDF SUEZ is an affiliate of GDF SUEZ S.A., a publicly traded, French multinational utility.  The Acquisition, which remains subject to customary conditions and receipt of all necessary GDF partner approvals, has an effective date of January 1, 2013, with closing targeted for December 31, 2013.  Our estimate of our cash cost at closing of the Acquisition is approximately $170 million, subject to final closing adjustments and changes in foreign exchange rates.  The Acquisition will be funded with existing credit facilities.  

October

  • In October 2013, Vermilion completed a definitive purchase and sale agreement with Northern Petroleum Plc. ("Northern") whereby Vermilion, through its wholly-owned subsidiary, acquired 100% of the shares of Northern Petroleum Nederland B.V. ("NPN") (the "Acquisition"). NPN is the Netherlands subsidiary of UK-based Northern. The purchase price, which is subject to customary closing adjustments (including working capital and cash flows between the effective and closing dates), is $27.5 million. Vermilion will also grant Northern minority net profit participation rights on select license interests included in the Acquisition. The Acquisition has an effective date of January 1, 2013, and remains subject to customary conditions and receipt of all necessary regulatory approvals. The Acquisition is anticipated to close before the end of October, 2013, and will be funded with existing credit facilities.

March

  • Vermilion opened for trading on the NYSE Tuesday, March 12, 2013 under the ticker symbol "VET". GETCO Securities is the Designated Market Maker for Vermilion shares.

January

    • Vermilion increased its monthly dividend in January 2013 to Canadian $0.20 per share and believes it is well positioned to continue to provide shareholders with steady growth and reliable and growing dividends.  

2012

December

  • Vermilion announced that it had completed its previously announced transaction with ZaZa Energy Corporation ("ZaZa") whereby Vermilion, through its wholly owned subsidiaries, has acquired 100% of the shares of ZaZa Energy France S.A.S ("ZEF") (the "Acquisition"). ZEF's operating interests cover approximately 24,300 acres with 100% working interests in the Saint Firmin, Chateaurenard, Courtenay, Chuelles, and Charmottes fields in the Paris Basin (see press release for further details).

November

  • Vermilion's Board of Directors approved a 5.3% increase in the monthly cash dividend to $0.20 CDN per share from the current level of $0.19 CDN per share. The increase is expected to become effective for the January 2013 dividend payable on February 15, 2013(1). This marks our third increase since initiating a dividend ten years ago. Vermilion has never reduced its dividend.  (1) In accordance with applicable corporate law requirements (including solvency tests), formal declaration and payment of the January 2013 dividend remains subject to final Board of Director approval prior to its declaration on or about January 15, 2013.
  • France Acquisition - Vermilion entered into a definitive agreement with ZaZa Energy Corporation ("ZaZa") whereby Vermilion, through certain of its wholly owned subsidiaries, will acquire 100% of the shares of ZaZa Energy France S.A.S ("ZEF") (the "Acquisition") for approximately US$86 million, subject to customary closing adjustments, including working capital. ZEF's operating interests cover approximately 24,300 acres and 100% working interests in the Saint Firmin, Chateaurenard, Courtenay, Chuelles, and Charmottes fields in the Paris Basin. Current production is approximately 850 bbl/d of light Brent-based crude oil (approximately 27˚API) (see press release for further details).
  • Listing on the NYSE - Vermilion initiated the process with the NYSE Euronext for a secondary listing of the Company's common shares on the NYSE Euronext's New York Stock Exchange ("NYSE"). Listing will be subject to fulfilling all of the listing requirements of the NYSE. Pending receipt of all applicable exchange and regulatory approvals, the Company expects its common shares will be listed on the NYSE during the first quarter of 2013 under the ticker symbol "VET". As an international oil and gas producer, we believe that a secondary listing on the NYSE may prove valuable in broadening our shareholder base beyond Canada and improving liquidity in our equity.
  • Board of Directors Appointment - Vermilion announced that Mr. Loren Leiker agreed to join Vermilion's Board of Directors and chair Vermilion's newly established New Growth Committee, through which he will provide guidance regarding Vermilion's global resource development initiatives.

August

  • As part of its focused New Growth initiative, Vermilion has invested a cumulative $84 million since early 2011 to acquire undeveloped lands in Canada with prospective exposure to emerging shale oil and liquids-rich gas resource opportunities.  To date, the Company has actively acquired a total of 408.5 net sections of undeveloped land in Canada.  As a result of these acquisitions, the Company now holds several large and contiguous land blocks with prospective exposure to emerging resource plays in Canada including 227 net sections of largely contiguous lands on the Duvernay trend in the Greater Edson area.

January

  • Completed its previously announced purchase and sale agreements with Total E&P France ("Total") whereby Vermilion, through its wholly owned subsidiaries, has acquired certain working interests in six producing fields located in the Paris and Aquitaine basins in France (the "Acquisition"). The Assets (as defined below) are expected to average approximately 2,200 boe per day of production in 2012, weighted 86% to high quality Brent based crude, and add an estimated 6.7(1) million boe of proved plus probable reserves (96% crude oil). Taking into consideration an effective date of January 1, 2011 and customary closing adjustments, Vermilion paid approximately $108 million cash at closing of the Acquisition.  

2011  

December 

  • Entered into definitive purchase and sale agreements with Total E&P France whereby Vermilion, through its wholly owned subsidiaries, will acquire certain working interests in six producing fields located in the Paris and Aquitaine Basins in France. 

November

  • Completed a $263 million Equity Offering at $49.00 per share.

March

  • The Department of Environment, Heritage and Local Government in Ireland granted a Foreshore License for the Corrib Onshore Gas Pipeline.  With the granting of the Foreshore License, in addition to receipt of An Bord Pleanála approval on January 20, 2011 and the Department of Communications, Energy and Natural Resources Section 40 approval on February 28, 2011, the Corrib Gas Partners have received the key approvals and permissions and can now look forward to beginning construction of the onshore gas pipeline in the coming months.

February

  • Vermilion issued $225.0 million of senior unsecured notes at par.  The notes bear interest at a rate of 6.5% per annum and will mature on February 20, 2016.

  2010

September

  • Successfully converted from an income trust structure to a corporate structure (Effective September 1, 2010).

February

  • Announced the results of a successful drilling program in the Netherlands.  The four wells are expected to double production in the Netherlands once they all have been tied into production in early 2012.

2009

December
  • Verenex Energy Inc. closed the sale of the company to the Libyan Investment Authority for total cash consideration of $7.2882 per share.  Vermilion Energy Trust received funds in excess of $136 million for its equity position in Verenex.
  • Completed a $250 million Equity Offering at $30.90 per unit.
June 
  • Announced the acquisition of an 18.5% non-operated interest in the Corrib natural gas project in Ireland.  Vermilion expects this project will increase overall production and financial results by 20% to 30% once production commences which is currently expected to occur in mid-2015.
May
  • Vermilion launched a new, investor-friendly website during the quarter to further improve communication with our stakeholders.
March
  • Reduced development capital program by 35% to $120 million for 2009 from 2008 level of $186 million to preserve balance sheet and to maintain monthly distribution level at $0.19 per unit.
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2008

December
  • Drilled and completed first ever infill wells on the Wandoo Platform, offshore Australia, adding 2,000 boe/d to production
January
  • Acquired small producing property in core Drayton Valley region of Alberta representing 1,000 boe/d for $44 million
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2007

December
  • Increased monthly distribution to $0.19 per unit
September
  • Completed the drilling of the Aquitaine Maritime exploration prospect offshore the coast of France
  • This high potential reservoir was drilled at a minimal after-tax cost to Vermilion
  • Despite locating a competent reservoir body, no hydrocarbons were present in the structure
  • Though unsuccessful, Vermilion first offshore drill was a technical milestone for the firm
June
  • Acquired 40% of Wandoo field representing 3,000 boe/d for $126.2 million including acquired working capital deficiency
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2006

July
  • Acquired Exxon's remaining producing properties onshore France representing 3,500 boe/d for $171.4 million including acquired working capital deficiency, and a partner's 10% interest in those properties at similar metrics adding a total of 3,900 boe/d of new light oil production to Vermilion
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2005

October
  • Acquired Glacier Energy following a successful delineation drilling program that outlined Vermilion's CBM assets in central Alberta
  • Production estimated at 1,300 boe/d at a cost of $84 million
March
  • Acquired 60% of Wandoo field and platform offshore northwest shelf Australia representing 4,800 boe/d for $95 million including acquired working capital deficiency
  • Gained approval to operate offshore Australia by November 2005
  • Expanded the fluid processing capacity of the platform from 114,000 boe/d to approximately 150,000 boe/d
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2004

July
  • Launched Verenex Energy Inc. (VNX) as a way to build non-dilutive capital following success of Aventura
  • VNX IPO at $2.50 per share
  • VNX was a successful bidder in Libya's first auction of rights to exploration properties, winning access to a 1.5 million acres block in the Ghadames Basin
June
  • Launched a joint venture with Glacier Energy, one of Alberta's top coalbed methane teams to develop CBM assets on Vermilion lands in central Alberta
  • Traded a 50% working interest in Vermilion lands for a 38% equity position in Glacier
May
  • Acquired Netherlands production of 5,900 boe/d for $85.5 million including acquired working capital deficiency
  • Sought international properties again because of high WCSB property prices
  • Sold a 72% stake in Aventura Energy to British Gas for net proceeds of $165 million representing a double of Vermilion's total investment in Aventura
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2003

December
  • Issued 6.6 million units at $14.10 per unit for net proceeds of $82.0 million
January - Vermilion Energy Trust
  • Converted to Vermilion Energy Trust – total units issued and outstanding equal 57.5 million including exchangeable shares
  • Spun-out Clear Energy Inc. and 1,600 boe/d of production to Vermilion shareholders
  • Began paying monthly distributions of $0.17 per unit in February 2003
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