Vermilion Energy announces closing of Westbrick Energy acquisition

Vermilion Energy (VET) announced the closing of the acquisition of Westbrick Energy Ltd. pursuant to the terms of the previously announced arrangement agreement dated December 22, 2024. The acquisition adds stable annual production of 50,000 boe/d and approximately 1.1 million acres of land in the southeast portion of the Deep Basin trend in Alberta, and includes four operated gas plants with total capacity of 102 mmcf/d, the company said in a statement. Included in the arrangement agreement was an option for Westbrick shareholders to elect to receive up to a maximum of 1.7 million Vermilion common shares not to exceed $25M in value as a portion of the total consideration. Certain shareholders of Westbrick have elected to receive Vermilion common shares totaling 1.1 million shares at a value of $14.2M. The remainder of the consideration for the acquisition will be paid in cash, funded through cash on hand, Vermilion’s new $450M term loan, and Vermilion’s undrawn $1.35B revolving credit facility.