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Vermilion Energy Inc. has finalized its acquisition of Westbrick Energy Ltd. for a total consideration of $746 million USD ($1.075 billion CAD).
This strategic move enhances Vermilion's presence in Alberta's Deep Basin, adding approximately 50,000 barrels of oil equivalent per day to its production, comprising 75% natural gas and 25% liquids. The acquisition also includes approximately 1.1 million acres of land in the southeast portion of the Deep Basin trend in Alberta, along with four operated gas plants with a combined capacity of 102 million cubic feet per day (MMcfd).
Vermilion has identified over 700 future drilling locations across multiple formations, with projected half-cycle internal rates of return (IRRs) ranging from 40% to over 100%. The company anticipates that these assets will maintain flat production for over 15 years, generating significant free cash flow to enhance its long-term return of capital framework.
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Vermilion Energy is a Canadian-based, international oil and gas producer with operations in North America, Europe, and Australia. The company focuses on the exploration, development, and production of crude oil, natural gas liquids, and natural gas. Vermilion is committed to delivering sustainable growth and value to its shareholders through a balanced portfolio of assets and a disciplined approach to capital allocation.
Westbrick Energy was a privately held oil and gas company operating in the Deep Basin of Alberta, Canada, and specialized in the exploration & production of natural gas and liquids-rich assets, with a focus on the Montney and Duvernay formations. Westbrick's operations included a significant land base and infrastructure, including operated gas plants, contributing to its stable production profile.
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