Newspaper article The Canadian Press

Vermilion Energy Hikes 2019 Budget after Buying Wyoming Assets for $186 Million

Newspaper article The Canadian Press

Vermilion Energy Hikes 2019 Budget after Buying Wyoming Assets for $186 Million

Article excerpt

Vermilion adds Wyoming assets in $186M deal

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CALGARY - International oil and gas producer Vermilion Energy Inc. is increasing its exposure to the U.S., announcing a $186-million acquisition of assets in the Powder River Basin in Wyoming near its existing operations.

It says the purchase includes wells producing about 2,500 barrels of oil equivalent per day (63 per cent oil and natural gas liquids) as well as land upon which it expects to drill 93 future wells using horizontal drilling and multi-stage hydraulic fracturing technology.

The Calgary-based company announced a $530-million exploration and development budget for 2019, up from $510 million this year, and said it is targeting production of between 101,000 and 106,000 boepd next year. …

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