On February 26, 2025, Vermilion Energy Inc. announced the completion of the acquisition of Westbrick Energy Ltd.
The acquisition adds 50,000 boe/d of stable production (75 percent gas and 25 percent liquids) and approximately 1.1 million (770,000 net) acres of land in the southeast portion of the Deep Basin trend in Alberta, and includes four operated gas plants with total capacity of 102 mmcf/d. This footprint is contiguous and complementary to Vermilion's legacy Deep Basin assets, providing significant operational and corporate synergies.
Included in the arrangement agreement was an option for Westbrick shareholders to elect to receive up to a maximum of 1.7 million Vermilion common shares not to exceed $25 million in value as a portion of the total consideration. Certain shareholders of Westbrick have elected to receive Vermilion common shares totaling 1.1 million shares at a value of $14.2 million. The remainder of the consideration for the acquisition will be paid in cash, funded through cash on hand, Vermilion's new $450 million term loan, and Vermilion's undrawn $1.35 billion revolving credit facility.
Dentons advised Vermilion with a team led by George Antonopoulos, Bill Jenkins, Mauryah McLaughlin and Jesse Standing and included Mark Kopitar, Brian Kearl, Sandy Walker, Simon Kupi, Kelly Osaka, Daniel Safi, Dragann Mallette, Jennifer Thompson, Barbara Walancik-Hatch, Luca Lucarini, Melika Mostowfi, Ty Buhler, Charles Lewis, Everett Putz and George Hua.
Osler, Hoskin & Harcourt LLP advised Westbrick Energy Ltd. with a team consisting of Andrea Whyte, Justin Sherman, Craig Spurn, Mike Pede, Callan Kimber, Ana Cherniak-Kennedy and Jasleen Sahota (Corporate), Colena Der (Tax), Kaeleigh Kuzma (Competition) and Tris Mallett (Litigation).
Bennett Jones acted for the controlling shareholder of Westbrick Energy with a team led by John Mercury, Kristos Iatridis and John Lawless (Private Equity / M&A) and included Jon Truswell, Adam Weryha, Flutra Kacuri (M&A), Darcy Moch, Marshall Haughey, Zachary Thacker (Tax), Kevin Myson (Energy) and Kyle Donnelly (Competition).