Vero Energy Inc. report that the divestiture of its deep basin natural gas assets announced on January 3, 2012 has closed.

A description of the Disposition Assets as well as the attributes of the reorganized Vero following completion of this transaction was contained in the January 3, 2012 press release. Also, of note the Company has now secured in place the previously announced indicative credit facility of $45 mm with the Canadian Imperial Bank of Commerce.

"We are very pleased to report that the sale of assets has been successfully concluded." said Doug Bartole President and CEO, "The teams attention and technical expertise is now one hundred percent focussed on developing its Cardium light oil assets. We are excited with our new pure oil play venture which will be well capitalized and is anticipated to provide significant growth to our shareholders."

In addition the Company is proceeding with the process of implementing the previously announced cash distribution to its shareholders of $0.30 per share on a non-diluted basis. The distribution is subject to confirmation by the board of directors and shareholder approval. This is to be determined at a meeting of Vero shareholders scheduled to be held on March 7, 2012

Tags: Vero Energy