CALGARY, ALBERTA–(Marketwired – April 21, 2017) – Vital Energy Inc. (“Vital”) (TSX VENTURE:VUX) announces that, further to its news release dated March 31, 2017, and the agreement with a Third Party described therein, the Third Party has made the first cash advance to Vital under the terms of the agreement. Vital was successful in acquiring 4 leases at the April 11, 2017, Saskatchewan crown land sale. The lease acquisitions totaled 5,220 acres more than doubling Vital’s current Pennant Area project lands and bringing the total 100% owned Pennant Area, S.W. Saskatchewan project lands to approximately 8,337contiguous gross and net acres (13 contiguous Sections). The Phase 1 seven (7) well drilling program referred to in the March 31, 2017 news release is expected to commence immediately after spring breakup 2017.
Vital Energy Inc. is a publicly traded junior oil and gas company (“VUX” TSX-V) whose primary focus is developing light and medium crude oil production in Western Canada.