Vermilion Energy Inc. completes purchase of Leucrotta Exploration

CALGARY — Vermilion Energy Inc. says it has completed its acquisition of Leucrotta Exploration Inc.

Calgary-based Vermilion said in March that it would acquire the junior energy company in a deal worth $477 million.

Leucrotta is a Montney-focused oil and natural gas exploration and development company with property in northeast British Columbia and northwest Alberta.

Vermilion says as a result of the deal, it will acquire 81,000 acres of Montney mineral rights in the Peace River Arch area straddling the Alberta and B.C. boundary.

The company says North American natural gas prices have strengthened since the deal was announced, reinforcing the potential profitability of the new property.

Vermilion says Leucrotta shares will be delisted from the Toronto Stock Exchange and the company will cease to be a reporting issuer in Canada.

This report by The Canadian Press was first published May 31, 2022.

Companies in this story: (TSX:VET)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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