Vermilion
Vermilion
Vermilion

Our History

    • January 2014 - Increase in monthly dividends to $0.215 per share

2016

Fourth Quarter 2016

  • On December 19, 2016, Vermilion closed the acquisition of operated and non-operated interests in five oil and three gas producing fields from Engie E&P Deutschland GmbH, for total consideration of €32.5 million ($45.6 million), net of acquired product inventory and after closing adjustments. Vermilion has assumed operatorship of six of the eight producing fields, representing our first operated producing properties in Germany. The acquisition advances our objective of developing a material business unit in the country, and is complementary to the assets inour existing European portfolio.
  • On December 19, 2016, Vermilion closed the acquisition of operated and non-operated interests in five oil and three gas producing fields from Engie E&P Deutschland GmbH, for total consideration of €32.5 million ($45.6 million), net of acquired product inventory and after closing adjustments. Vermilion has assumed operatorship of six of the eight producing fields, representing our first operated producing properties in Germany. The acquisition advances our objective of developing a material business unit in the country, and is complementary to the assets inour existing European portfolio.
  • Production from Corrib, Ireland averaged 62.9 mmcf/d (10,486 boe/d), net to Vermilion, in Q4 2016, representing 97% of rated plant capacity. All six wells are now available for production. The Corrib project has demonstrated lower-than-expected downtime and better-than-expected well deliverability thus far. Going forward, we expect Corrib to be a significant source of fund flows for Vermilion, stemming from its relatively high-priced gas product, absence of royalties, low operating expense, low maintenance capital requirements, and lack of cash income tax for the foreseeable future

2015

December

  • On December 29, 2015, final remaining consent was received from the office of Ireland's Minister for Communications, Energy & Natural Resources for production.
  • On December 30, 2015 natural gas began to flow at our Corrib gas project.  "First gas marks an important milestone for Vermilion" said Lorenzo Donadeo, CEO of Vermilion. "Corrib will be a significant contributor to both our 2016 and 2017 production growth and generate meaningful free cash flow for the Company.  Corrib strengthens our focus on Europe and provides us with operational momentum in an area where we are becoming a dominant intermediate producer.  Moreover, it is good news for Ireland.  Corrib will improve the security of natural gas supply in the Irish market and will bring long-term benefits and employment to the Irish economy."

November

  • Lorenzo Donadeo announced on November 30, 2015 his intention to retire as CEO effective March 1, 2016 at which time he will transition to his new role as Chair of the Board of Directors.  Larry Macdonald, the Company's current Chair will transition to the newly created role of Lead Director.  The Board of Directors announced Anthony Marino, Vermilion's current President and COO, will assume the role of President & CEO upon Mr. Donadeo's retirement.

July

  • Entered into a farm-in agreement (the “Farm-in” or the “Agreement”) with Mobil Erdgas-Erdӧl GmbH (“MEEG”) and BEB Erdgas und Erdӧl GmbH & Co.KG (‘BEB”). MEEG is 100% held by ExxonMobil and BEB is jointly held by ExxonMobil and Royal Dutch Shell. ExxonMobil Production Deutschland GmbH (‘EMPG”) currently operates and manages both MEEG’s and BEB’s interests in the exploration licenses involved in the Farm-in. The Agreement, signed July 27th, 2015 and with an anticipated closing date of January 1, 2016, remains subject to customary conditions and regulatory approvals.   Please see our news release for further details.

March

  • Amended existing Dividend Reinvestment Plan to include a Premium Dividend™ Component. 
  • Announced two additional members to Vermilion's Board of Directors

2014

November

  • On November 10, 2014, Vermilion announced that it had acquired approximately 68,000 acres of land (98% undeveloped) in the Powder River Basin of northeastern Wyoming for approximately $11.1 million. The Wyoming acquisition did not constitute a “significant acquisition” within the meaning of applicable securities laws.

May

  • On May 22, 2014, Vermilion announced the completion of tunnel boring operations beneath Sruwaddacon Bay, related to the Corrib project in Ireland. The tunnel will serve as a conduit for the gas pipeline between the Bellanaboy gas processing facility to the offshore pipeline landing valve at Glengad.
  • We executed the Battonya South concession in Hungary with the Hungarian Ministry of National Development. The concession consists of 116,000 gross acres located in the southern part of Hungary.  The term of the concession is for 20 years, subject to continuation of development in a manner acceptable to both parties.

April

  • On April 29, 2014, Vermilion announced the completion of the acquisition of Elkhorn Resources Inc., a private S.E. Saskatchewan producer, for total consideration of approximately $427 million. Total consideration comprised the assumption of approximately $42 million of debt, $180 million of cash, and the issuance of 2.8 million common shares of Vermilion valued at approximately $205 million (based on the closing price per Vermilion common share of $72.50 on the Toronto Stock Exchange on April 29, 2014). The assets consist of high netback, light oil producing assets in the Northgate region of southeast Saskatchewan and include approximately 57,000 net acres of land (approximately 80% undeveloped), seven oil batteries, and preferential access to 50% or greater capacity at a solution gas facility.
  • We informed the Moroccan government of our intention to relinquish our rights to the Haouz block in central Morocco. Based on our evaluation of seismic data, we concluded that due to the structural complexity of the block, we would be unable to pursue a definitive appraisal and exploration program that would fit within the constraints of our predetermined new venture capital and risk parameters. The relinquishment terminates our activities in Morocco after cumulative spending of $0.9 million to evaluate the 2.3 million acre block.
  • Vermilion was awarded the Ijsselmuiden exploration concession in the Netherlands, which consists of approximately 66,300 net undeveloped acres (60% working interest).

March

  • Vermilion entered into an arrangement agreement with a private southeast Saskatchewan producer for total consideration of $400 million, comprised of cash and share consideration of $345 million plus the assumption of $55 million in debt.  

February

  • German acquisition closes.  Germany has a long history of oil and gas development activity, low political risk and strong marketing fundamentals.    The acquisition provides us with entry into this sizable market, in the form of free cash flow (see the Additional and non-GAAP Financial Measures in our MD&A section of our quarterly reports) generating, low-decline assets with near-term development inventory in addition to longer-term, low-permeability gas prospectivity.

January

  • Vermilion increased its monthly dividend to $0.215 CDN per share payable on February 18, 2014 to all shareholders of record on January 31, 2014.
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