February 24: Vero Energy

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dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

February 24: Vero Energy

Post by dan_s »

Vero Energy (VRO.TO) will be hosting our luncheon at The Hess Club in Houston on Friday, February 24.

EPG Premium Members should check out our recent profile on the company that can be found under the Watch List Tab.

Vero Energy Inc. (VRO.TO) hosted a luncheon for us last summer. I
was very impressed by company management and felt they had
significant upside in their Cardium drilling program. This is the same
play where PetroBakken (PBN.TO) is having outstanding results.

On January 3rd Vero announced an asset sale that I believe will
reposition the company for steady double digit growth. Closing of
the transaction is expected to occur on or about January 31, 2012.

Vero Energy is selling most of their gas producing properties and turning their focus to increasing their liquids production. I like this strategy since I remain bullish on oil prices but very bearish on North American natural gas due to the glut of gas production we now have in this country. I now believe that natural gas prices will remain depressed for at least two years.
The properties being sold are primarily focused in the deep basin region of West Central Alberta and include related facilities but excludes zones from surface to the base of the Cardium. The properties being sold represent estimated average daily production of 7,296 boe/d (86% Natural Gas) during the fourth quarter of 2011 and 26.5 mmboe of Vero’s proved plus probable reserves at December 31, 2010.
Dan Steffens
Energy Prospectus Group
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Re: February 24: Vero Energy

Post by dan_s »

CALGARY, Jan. 31, 2012 /CNW/ - Vero Energy Inc. (TSX:VRO.TO - News) ("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.
Dan Steffens
Energy Prospectus Group
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Re: February 24: Vero Energy

Post by dan_s »

CALGARY, Feb. 13, 2012 /CNW/ - Vero Energy Inc. (TSX:VRO.TO - News) ("Vero" or the "Company") announces that it has mailed its Information Circular and Proxy Statement (the "Information Circular") in respect of its special meeting of holders ("Shareholders") of common shares ("Common Shares") of the Corporation scheduled to be held on March 7, 2012 (the "Meeting").

As previously announced, Shareholders will be asked at the Meeting to vote upon a special resolution to approve the proposed one-time cash distribution to Shareholders of $0.30 per Common Share (the "Cash Distribution"). If approved at the Meeting, subject to confirmation by the Board of Directors of Vero promptly following the Meeting, the record date for determining Shareholders which will be entitled to the Cash Distribution is expected to be March 20, 2012 and the Cash Distribution is anticipated to be paid on or about March 27, 2012. Assuming a March 20, 2012 record date, the Common Shares would be expected to commence trading on an "ex-distribution" basis on March 16, 2012.
Dan Steffens
Energy Prospectus Group
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