Canadian oil and gas company Vermilion Energy Inc. has increased its exposure to American markets by acquiring assets worth $186 million in the Powder River Basin in Wyoming, prompting Vermilion to hike its 2019 exploration and development budget.
The purchase includes existing wells that produce roughly 2,500 barrels of oil equivalent per day, plus land upon which Vermilion expects to drill 93 additional wells.
Drilling the wells requires the use of horizontal drilling and multistage hydraulic fracturing technology.
Vermilion increased its exploration and development budget as a result, from $510 million this year to $530 million in 2019.