Calgary’s Vermilion Energy to sell U.S. assets for $120

Calgary’s Vermilion Energy to sell U.S. assets for $120-million in cash

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.

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 mi