Investorideas.com energy stocks newswire

Tuesday, January 3, 2012

TSX Energy Stock Investor Alert: Vero Energy (TSX: VRO.TO) Trades Up over 25% on News of Sale of Natural Gas Assets

POINT ROBERTS, January 3, 2012 - www.InvestorIdeas.com, an investor stock research portal focusing on sector research including energy stocks issues a TSX energy stock investor alert for Vero Energy Inc. (TSX: VRO.TO). The stock is trading up at $2.60, up 0.52 (25.00%) on over 4 million shares on news that it is selling natural gas assets for $209 million.
Vero Energy Inc. (TSX:VRO.TO) announced today that it has entered into an asset purchase and sale agreement (the "Agreement") for the divestiture of certain natural gas assets (the "Disposition Assets") of the Company to a private oil and gas company (the "Purchaser") for gross proceeds of $209 million, subject to closing adjustments (the "Transaction"). Closing of the Transaction is anticipated to occur on or about January 31, 2012 and is subject to customary conditions for an asset divestiture of this nature.
The Disposition Assets are primarily focused in the deep basin region of West Central Alberta and include related facilities but excludes zones from surface to base Cardium, which represent estimated average daily production of 7,296 boe/d (86% Natural Gas) during the fourth quarter of 2011 and 26.5 mmboe of proved plus probable reserves at December 31, 2010.
Full news: http://finance.yahoo.com/news/Vero-Energy- Announces-cnw- 1654867393.html?x=0
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