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Straight ahead and steady going is the focus for this quickly-growing Canadian natural gas & oil company, Gary Toushek discovers May 07 Businessexcellence 53 Vero Energy Inc is a Calgary, ALbased junior natural gas & oil exploration, development and production company, formed as a spin off of a trust merger (also known as a ‘plan of arrangement’) between True Energy Inc. and TKE Energy Trust on November 1, 2005, and funded mainly by Fi-rstEnergy Capital Corporation, among others (Vero started trading on the Toronto Stock Exchange on November 7, 2005 under the symbol VRO). In February, 2006, Vero acquired Ledge Resources Limited for $69 million. With a considerable land base, Vero has an approximately 80 percent gas exposure and a significant drilling program for the exploitation of petroleum liquids, producing about 4750 barrels of oil equivalent per day from its properties in south-western Alberta; revenue for 2006 was about $33.3 million. In mining or drilling exploration terms, the word ‘junior’ refers to market capital financing—in Vero’s case it’s about $150 million. Now a brief science lesson: the petroleum industry has an expression, “where there’s oil, there’s gas,” which means that hydrocarbon commodities are often discovered in various forms and in close proximity—most commonly these are crude oil, natural gas liquids (condensate recovered from a gas reservoir), and natural gas in conventional reservoirs; in industry jargon, crude oil and condensate are known as oil, whereas associated (near oil) and non-associated (away from oil) natural gas are called gas. Oil volume is reported in barrels, gas is reported in standard cubic feet. Oil-equivalent gas (associated or non-associated) is a volume of gas expressed in its energy equivalence to oil and is reported in barrels. The combined volume of oil and oil-equivalent gas resources is referred to as ‘barrel of oil equivalent’ (BOE) and is reported in barrels. Exploitation refers to extracting material from areas where Vero Energy Inc. Knowing the drill petroleum reserves have been proven; exploration refers to drilling in

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