Vermillion will pay $345 million - half in cash, half in shares - and will assume $55 million in debt for total consideration of $400 million.
The deal includes light-oil producing assets in the Northgate region of southern Saskatchewan, adding 57,000 net acres as well as seven oil batteries and an under-construction gas solution plant to Vermilion's portfolio.
Output is estimated at 3750 barrels of oil equivalent per day in 2014 with 90% to be operated by Vermilion.
Proven
