CALGARY, Dec. 16, 2013 /CNW/ - Vermilion Energy Inc. ("Vermilion") (TSX,
NYSE: VET) is pleased to announce a cash dividend of $0.20 CDN per
share payable on January 15, 2014 to all shareholders of record on
December 31, 2013. The ex-dividend date for this payment is December
27, 2013. This dividend is an eligible dividend for the purposes of the
Income Tax Act (Canada).
As previously announced, Vermilion's Board of Directors has approved a
7.5% increase in the monthly cash dividend to $0.215 CDN per share from
the current level of $0.20 CDN per share. The increase is expected to
become effective for the January 2014 dividend payable on February 18,
2014(1). This marks the third increase to our monthly dividend (previously our
distribution during our income trust era), and our second annual
increase.
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, Europe and
Australia. Our business model targets annual organic production growth
of approximately 5% along with providing reliable and increasing
dividends to investors. Vermilion is targeting 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
pays a monthly dividend of Canadian $0.20 per share, which provides a
current yield in excess of 4%. Management and directors of Vermilion
hold approximately 8% of the outstanding shares and are dedicated to
consistently delivering superior rewards for all stakeholders,
featuring an 18-year history of market outperformance. Vermilion trades
on the Toronto Stock Exchange and the New York Stock Exchange under the
symbol VET.
(1) In accordance with applicable corporate law requirements (including
solvency tests), formal declaration and payment of the January 2014
dividend remains subject to final Board of Director approval prior to
its declaration on January 15, 2014.
SOURCE Vermilion Energy Inc.
Dean Morrison, CFA
Director, Investor Relations
Suite 3500, 520 - 3rd Avenue S.W.
Calgary, Alberta T2P 0R3
Phone: (403) 269-4884
Fax: (403) 476-8100
IR Toll Free: 1-866-895-8101
www.vermilionenergy.com
Copyright CNW Group 2013