Vermilion Energy Inc. took over France oil properties

Vermilion Energy Inc. has entered into definitive purchase and sale agreements with Total E&P France (“Total”) whereby Vermilion, through its wholly owned subsidiaries, will acquire certain working interests in six producing fields located in the Paris and Aquitaine basins in France.

The assets are expected to average approximately 2,200 boe per day of production in 2012, weighted 86 per cent to high quality Brent based crude, and add an estimated 6.7(1) million boe of proved plus probable reserves (96 per cent crude oil). Taking into consideration an effective date of January 1, 2011, customary closing adjustments, and an anticipated closing in late January 2012, the cash to close the Acquisition is currently estimated at approximately C$115 million. The Acquisition remains subject to customary conditions and receipt of all necessary regulatory approvals.

Source: Yourindustrynews