Vermilion Energy to Acquire Canadian Rival for C$1.4 Billion

Vermilion Energy Inc. VET, an oil and gas producing company, has agreed to acquire its rival Spartan Energy Corp. in a C$1.4 billion ($1.11 billion) deal. The transaction is expected to enable Vermilion Energy to boost its North American light oil production. Notably, annual production of Spartan Energy is expected around 23,000 barrels of oil equivalent per day (Boe/d) this year, of which 91% is oil.