Vermilion Energy gains after US assets sale, raises annual production forecast

Shares of Canadian gas producer Vermilion Energy VET.TO rise 1.2% to C$9.24

Company to sell its U.S. assets for C$120 million ($87.91 million)

Adds that using the proceeds it will repay debt and complete its exit from the U.S. market

Company also raises its annual production forecast to between 117,000 and 122,000 barrels of oil equivalent per day (boepd) from 84,000 to 88,000 boepd earlier

It also cut its 2025 capital budget plan by about C$100 million to between C$630 million and C$660 million, reflecting the removal of expenses related to the assets divested in Saskatchewan and the U.S.

Sale transaction is expected to close in the third quarter

Including session's moves, VET down 32% YTD

($1 = 1.3650 Canadian dollars)