Our History

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 2014.

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.

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

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

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

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

2004

July

• Launched Verenex Energy Inc. (VNX) as a way to build non-dilutive capital following success of Avenutra
• 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

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