Our History

Vermilion was founded in 1994 as a Canadian oil and gas exploration and production company focused on assets in Alberta, Canada.

In 1997, Vermilion took the highly innovative step of expanding internationally through the acquisition of oil-producing assets in France.  Since that time, Vermilion has continued to add assets to its portfolio focusing on three core regions: North America, Europe and Australia.  Vermilion has successfully leveraged its international diversification to outperform the relevant energy and broad market indices over the long-term. 

Our Timeline

1994
Vermilion Resources Ltd. was launched as an Alberta-based oil and gas exploration and production company. IPO in April, 1994 on the Alberta Stock Exchange at $0.30 per share.
1994
1996
Vermilion’s production reached 1,800 boe/d by the end of 1996 following modest drilling and acquisition programs. Listed on the Toronto Stock Exchange on June 27, 1996. Overvalued market for properties in the Western Canadian Sedimentary Basin resulted in Vermilion management seeking international expansion opportunities.
1996
1997
Acquired 4,000 boe/d of production in France from Exxon in January 1997 for $45 million. Vermilion increased production from the newly acquired French assets by 50% to 6,000 boe/d by the end of 1997 through a highly successful workover and recompletion program.
1997
1999
Acquired a 39% interest in Aventura Energy Inc. (“Aventura”) in exchange for a royalty valued at $4.4 million on certain Vermilion Canadian properties. Over the next five years, Vermilion increased its ownership in Aventura to 72% through property transactions and participation in share issues. Aventura makes the largest onshore gas discovery in Trinidad in the previous 40 years.
1999
2000
Completed an acquisition increasing the working interest in the Utikuma property to 94%, adding another 1,100 boe/d for $32.8 million.
2000
2002
Vermilion’s Board of Directors recommended the reorganization of Vermilion to an energy trust. The reorganization targeted increased shareholder value by enabling Vermilion to better compete for capital while also providing more efficient structures for Vermilion's assets and strategy of property optimization, drilling and acquisition. Prior to the reorganization, production peaked at 26,000 boe/d in Q4 2002, not including minor production from Aventura.
2002
2003
99.9% of shareholders vote in favor of the plan to reorganize as a trust. Vermilion Energy Trust units and common shares of the spun-out exploration company, Clear Energy Inc. commenced trading on the Toronto Stock Exchange on January 24. Vermilion started paying monthly distributions of $0.17 per month in February. Vermilion completed a bought deal equity financing in December, issuing 5.5 million trust units at $14.10 per unit.
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2003
2004
Sold 72% stake in Aventura Energy to British Gas for net proceeds of $165 million, double Vermilion’s total investment in Aventura. Acquired 5,900 boe/d of natural gas production in the Netherlands for $85.5 million. This represented Vermilion’s second international expansion following the 1997 acquisition of assets in France. Vermilion’s continued focus on international opportunities reflected continuing high prices for Western Canadian Sedimentary Basin assets. Launched Verenex Energy Inc. to accelerate international exploration opportunities. Verenex completed an IPO at $2.50 per share and began trading on the TSX Venture Exchange. Verenex was a successful bidder in Libya's first auction of exploration rights, winning access to a 1.5 million acre block in the Ghadames Basin.
2004
2005
Completed an acquisition of 60% of the offshore Wandoo field and platform located on the northwest shelf of Australia adding 4,800 boe/d for $95 million in March. During the year, expanded the fluid processing capacity of the platform from 114,000 boe/d to 150,000 boe/d.
2005
2006
Acquired Exxon's remaining producing properties onshore France adding 3,500 boe/d for $171.4 million. Vermilion also acquired the remaining 10% interest in those same properties from Exxon’s partner at similar metrics. Combined, these acquisitions added a total of 3,900 boe/d of new light oil production to Vermilion.
2006
2007
Drilled and completed first ever infill wells from the Wandoo Platform, offshore Australia, adding 2,000 boe/d of production
2007
2009
Verenex Energy Inc. sold to the Libyan Investment Authority for total cash consideration of $7.2882 per share. Vermilion received funds in excess of $136 million for its equity position in Verenex. Announced the acquisition of an 18.5% non-operated interest in the Corrib natural gas project in Ireland. Completed a $250 million Equity Offering at $30.90 per unit. Vermilion completed a four well drilling program in the Netherlands comprised of two (0.85 net) exploration wells (Vinkega-1 and De Hoeve-1) and two (1.9 net) development wells (Middelburen-2 and Middenmeer-3). All four wells were highly successful and nearly doubled production levels for Vermilion in the Netherlands over the next 18 months.
2009
2010
Vermilion converted to a corporation from an income trust effective September 1, 2010. This conversion stemmed from changes made by the Government of Canada to the taxation of income trusts. Vermilion maintained a monthly dividend of $0.19 per share.
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2010
2011
Completed a $263 million equity offering at $49.00 per share and issued $225.0 million of 6.5% 5-year senior unsecured notes.
2011
2012
Acquired working interests in six producing fields located in the Paris and Aquitaine basins in France from Total E&P France for $108 million in January. The acquisition added 2,200 boe per day of production in 2012, weighted 86% to high quality Brent-priced crude. Vermilion completed a second France acquisition in December, acquiring 850 bbl/d of light Brent-priced crude oil from ZaZa Energy for US$86 million.
2012
2013
Increased the monthly dividend by 5% to $0.20 per share. On March 12, Vermilion’s common shares opened for trading on the New York Stock Exchange ("NYSE"). Vermilion completed the secondary listing on the NYSE to broaden our shareholder base and improve liquidity. Completed a $27.5 million acquisition in the Netherlands which added 600 boe/d of natural gas, 2.3 mmboe of proved plus probable reserves and 292,000 net acres of undeveloped land.
2013
2014
Increased the monthly dividend by 7.5% to $0.215 per share. Completed first acquisition in Germany with the purchase of a 25% non-operated interest in four producing natural gas fields and a surrounding exploration license, all located in the northwest part of the country. Acquired a private southeast Saskatchewan producer for total consideration of $427 million. The acquisition added 3,000 boe/d of light-oil production, 16.5 mmboe of 2P reserves and 57,000 net acres of land (80% undeveloped). Vermilion was awarded its first concession in Hungary, representing Vermilion’s initial entry into Central and Eastern Europe. Vermilion entered the United States through the acquisition of 68,000 acres of land in the Powder River Basin of northeastern Wyoming for $11.1 million.
2014
2015
Entered into a farm-in transaction in Germany providing Vermilion with participating interest in 850,000 net acres of undeveloped oil and natural gas rights in the heart of the North German Basin. The farm-in significantly enlarged Vermilion’s presence in Germany. On December 30, 2015, natural gas began to flow at our offshore Corrib project in Ireland.
2015
2016
Completed an acquisition of operated and non-operated assets in Germany, providing Vermilion with its first operated position in the country and adding 2,000 boe/d of production (50% oil). Incremental reserves associated with the acquired assets as at December 31, 2015 were estimated at 9.2 million boe.
2016
2017
Issued US$300 million of 5.625% 8-year senior unsecured notes, representing Vermilion's first issuance in the US debt markets. Announced strategic partnership with Canada Pension Plan Investment Board in the Corrib natural gas project in Ireland, with Vermilion to take over operations from Shell.
2017
2018
Acquired Spartan Energy, a publicly traded southeast Saskatchewan light oil producer with 480,000 net acres of land and 23,000 boe/d of production for total consideration of $1.4 billion. Acquired a private southeast Saskatchewan producer for total consideration of $91 million, adding 42,600 net acres of land (100% working interest) and 1,150 boe/d of light oil production. Acquired the assets of a private oil company in the Powder River Basin for total cash consideration of $189 million, adding 55,700 net acres of land (96% working interest) and 2,500 boe/d (63% oil and NGLs) of production. Closed the previously announced Corrib transaction with Canada Pension Plan Investment Board and assumed operatorship of the Corrib natural gas project in Ireland. Vermilion's ownership interest in Corrib increased to 20% from 18.5% upon close.
2018
2019
Achieved record annual average production of 100,357 boe/d and executed our most active exploration drilling campaign in Europe over the history of the company. We successfully drilled the Burgmoor Z5 natural gas well in Germany, our first operated drilling program in Germany and first deep gas exploration well in the country. In Croatia, we drilled two successful natural gas wells and began evaluating natural gas plant processing facility construction options.
2019
2020
With the onset of the COVID-19 pandemic and resulting collapse of commodity prices early in the year, Vermilion took necessary measures to protect the balance sheet and ensure the long-term sustainability of the Company. These measures included the temporary suspension of the monthly dividend, a reduction of the capital budget and companywide cost reduction initiatives. In addition, we set the foundation for succession within our executive leadership team and undertook a global organizational review to improve profitability and long-term sustainability.
2020
2021
A transformational year for Vermilion focused on debt reduction and increasing European gas exposure through a strategic acquisition. We reduced net debt by $365 million through our disciplined approach to capital allocation along with the help of a strong commodity price environment. Late in the year, we announced an agreement to acquire an additional 36.5% ownership in the Corrib natural gas project in Ireland, increasing our exposure to premium-priced European gas.
2021
2022
A record financial year, highlighted by over $1 billion of free cash flow, reinstatement of a quarterly dividend and commencement of a share buyback program. In addition to funding the dividend and share buybacks, our record free cash flow was used to reduce net debt by over $300 million and fund over $500 million of strategic acquisitions. We completed the strategic acquisition of Leucrotta Exploration, marking Vermilion’s entry into the prolific Montney resource play. The appointment of Dion Hatcher as President completed our leadership transition.
2022
2023
Continued focus on debt reduction and asset high-grading to position the company for long-term profitable growth. Reduced net debt by $266 million while enhancing our return of capital through a 25% dividend increase and 32% increase in share buybacks, resulting in over $160 million returned to shareholders in 2023. We closed the acquisition of an additional 36.5% ownership in the Corrib natural gas project in Ireland and divested select assets in Southeast Saskatchewan. Advanced strategic growth assets with the drilling of our first 6 well pad on our Mica Montney land in British Columbia and commenced drilling of our first deep gas exploration well in Germany.
2023
Values

Our Values

Vermilion’s core values of Excellence, Trust, Respect and Responsibility have guided what we do and how we do it throughout our 30-year history.

Corp Info

Our Directors

The members of our Board of Directors are Vermilion’s highest governing body and proven leaders who position our company to deliver on our purpose.

Governance

Governance

Strong governance is in the best interests of our shareholders and promotes effective decision making at the Board level.

People

People

Our talented and innovative people have helped Vermilion earn the recognition as one of the best workplaces in Canada and Germany. Our people help set the stage for success at Vermilion.

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