Vermilion Energy confirmed the close of a large deal for its non-core assets in southeast Saskatchewan Wednesday.  

The deal, which is worth $225 million before closing adjustments, is for assets that are made up of roughly 5,500 boe/d of non-core light oil production. The assets are spread across the greater Arcola and Queensdale areas of southeast Saskatchewan.  

The deal was originally announced earlier this month, and the buyer has not been disclosed. The effective date of the transaction is September 1st of last year.  

In a release, Calgary-based Vermilion stated they were divesting the assets to help reposition the company for success by high-grading their North American inventory. The move is also said to reduce unit costs and will help the company to achieve debt reduction targets.  

Vermilion is an energy producer with assets in North America, Europe and Australia. They focus on the exploitation of light oil and liquids-rich natural gas conventional and unconventional resource plays in North America and explore and develop conventional natural gas and oil opportunities in Europe and Australia.