Vermilion Australia now holds a 100% operated interest in the field. The acquisition has an effective date of January 1, 2007 and has received all regulatory approvals.
The cost to close the transaction was US$108 million (CDN$116 million), after normal closing adjustments and was financed using existing credit facilities.
Vermilion Energy Trust focuses on the acquisition, development and optimization of mature producing properties in Western Canada, Western Europe and Australia. Vermilion achieves value creation through the execution of asset optimization programs and strategic acquisitions. Vermilion also exposes its unit holders to significant upside opportunities while limiting capital risk. Management and directors of the Trust hold approximately 9% of the outstanding units and are dedicated to consistently delivering superior rewards for all its stakeholders. Vermilion Energy Trust trades on the Toronto Stock Exchange under the symbol VET.UN.
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