Vermilion Energy Inc. Provides Update on Impact of Alberta Flood Activity
CALGARY, June 24, 2013 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion", "the
Company", "We" or "Our") (TSX, NYSE: VET) wishes to confirm that the
recent flooding in Alberta has had no impact on our field operations.
Although our headquarters building in downtown Calgary is inaccessible
at present due to evacuation orders from local emergency agencies,
computer connections and telecommunications with our field operations
remain intact with both our Canadian and overseas operations. We
expect to have no material impact on our second quarter results due to
the flooding.
Our first and foremost concern is the safety of our staff and the
communities in the affected areas. While we do have employees and
contractors that have been impacted by evacuations of neighborhoods and
communities in the greater Calgary area, we believe that all members of
our staff are safe from flood danger at this time. We continue to
encourage Vermilion staff to ensure that the well-being of their family
and community members is their first priority. Our thoughts are with
all members of the communities that have been impacted by the severe
flooding.
Vermilion is an oil-leveraged producer that adheres to a value creation
strategy through the execution of full cycle exploration and production
programs focused on the acquisition, exploration, development and
optimization of producing properties in Western Canada, the broader
European region and Australia. Vermilion's business model targets
annual growth of approximately 5% together with providing reliable and
growing dividends. Vermilion is targeting annual growth in production
primarily through the exploitation of conventional resource plays in
Western Canada, including Cardium light oil and liquids rich natural
gas, the exploration and development of high impact natural gas
opportunities in the Netherlands and through drilling and workover
programs in France and Australia. Vermilion also holds an 18.5% working
interest in the Corrib gas field in Ireland. In addition, Vermilion
currently pays a monthly dividend of Canadian $0.20 per share, which
provides a current yield of approximately 5%. Management and directors
of Vermilion hold approximately 8% of the outstanding shares and are
dedicated to consistently delivering superior rewards for all its
stakeholders. Vermilion has an 18 year history of consistent strong
returns and market outperformance. Vermilion trades on the Toronto
Stock Exchange and the New York Stock Exchange under the symbol VET.
SOURCE Vermilion Energy Inc.
