THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEW SERVICES.
Vero Energy Announces Closing of the Sale of its Natural Gas Assets CALGARY, ALBERTA--(CNW- January 31, 2012) Vero Energy Inc. (TSX:VRO) ("Vero" or the "Company") is pleased to announce that the divestiture of its deep basin natural gas assets ("Disposition Assets") announced on January 3, 2012 has closed.
A description of the Disposition Assets as well as the
attributes of the reorganized Vero following completion of
this transaction was contained in the January 3, 2012 press
release. Also, of note the Company has now secured in place
the previously announced indicative credit facility of $45 mm
with the Canadian Imperial Bank of Commerce.
"We are very pleased to report that the sale of assets has
been successfully concluded." said Doug Bartole President and
CEO, "The teams attention and technical expertise is now one
hundred percent focussed on developing its Cardium light oil
assets. We are excited with our new pure oil play venture
which will be well capitalized and is anticipated to provide
significant growth to our shareholders."
In addition the Company is proceeding with the process of
implementing the previously announced cash distribution to
its shareholders of $0.30 per share on a non-diluted basis.
The distribution is subject to confirmation by the board of
directors and shareholder approval. This is to be determined
at a meeting of Vero shareholders scheduled to be held on
March 7, 2012.
This press release contains forward-looking statements and
information concerning the anticipated cash distribution to
Vero shareholders and the amount thereof and the anticipated
timing for completion of this matter. Readers should not
place undue reliance on the forward-looking statements and
information contained in this press release.
The forward-looking statements and information contained in
this press release are made as of the date hereof and Vero
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless
so required by applicable securities laws.
The common shares of Vero have not and will not be registered
under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any
state securities laws and may not be offered or sold in the
United States or to any U.S. person except in certain
transactions exempt from the registration requirements of the
U.S. Securities Act and applicable state securities laws.
Doug Bartole
President & Chief Executive Officer
(403) 218-2063
Gerry Gilewicz
Vice-President Finance & Chief Financial Officer
(403) 693-3170
Scott Koyich Investor Relations (403) 215-5979
Internet: www.veroenergy.ca
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