Vermilion Energy VET is pleased to announce that it has
entered into a definitive purchase and sale agreement with GDF SUEZ E&P
Deutschland GmbH ("GDF SUEZ") whereby Vermilion, through its
wholly-owned subsidiary, will acquire GDF SUEZ's 25% interest in four
producing natural gas fields and a surrounding exploration license
located in northwest Germany (the "Acquisition"). GDF SUEZ is an
affiliate of GDF SUEZ S.A., a publicly traded, French multinational
utility. The Acquisition, which remains subject to customary
conditions and receipt of all necessary GDF partner approvals, has an
effective date of January 1, 2013 with closing targeted for December
31, 2013. Our estimate of our cash cost at closing of the Acquisition
is approximately $170 million, subject to final closing adjustments and
changes in foreign exchange rates. The Acquisition will be funded with
existing credit facilities.
Asset Summary
The Acquisition entails the purchase of GDF SUEZ's 25% contractual
participation interest in a four-partner consortium formed in 1956
between ExxonMobil Corporation ("ExxonMobil"), Wintershall Holding GmbH
("Wintershall"), BEB Erdgas und Erdöl GmbH ("BEB", a joint venture
between ExxonMobil and Deutsche Shell AG.), and GDF SUEZ (the "E&P
Consortium Interest"). ExxonMobil
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