Vermilion Energy Trust, Lorenzo Donadeo,

Business Information

The primary activity of the group is production of oil and natural gas. They have offices in Netherland, Canada, France and Australia. Vermilion�s operations in France are focused in two core areas, the Paris Basin approximately 60km east of Paris and the Aquitaine Basin, located 90 km southwest of Bordeaux. The company continues to actively drill in the Paris Basin, adding four wells in 2005 in the Champotran/La Torche field. Average production per well is approximately 180 barrels per day of light sweet crude. The group has drilled over thirty wells in this area since acquiring these assets in 1997 and has plans to drill three to five additional wells here in 2006. The Trust is also completing a new 2-D seismic program over this concession to further delineate the boundaries of this reservoir. Offshore southwest France in the Bay of Biscay, the company has completed a seismic program covering its Aquitaine Maritime exploration concession. Following the processing of this seismic, the Trust and its partner in this concession, Verenex Energy Inc., will be pursue potential farm-in candidates to drill on these world class targets. The group acquired production in the Netherlands in May 2004. the group has installed small diameter production tubing strings in sixteen wells to enhance the ability of these wells to unload fluids. These installations have stabilized the deliverability from these wells, eliminating the need to cycle production. This work has also added approximately 300 boe/d to the production base. the group has also worked toward improving the efficiency of surface gathering and processing facilities, and is installing a new compressor at Harlingen to replace a much larger, maintenance intensive unit. On October 21, 2005, the group announced an agreement to acquire its partner in this venture, providing the Trust with full control of over 100,000 acres of prospective lands and over 450 additional drilling locations. Production from these properties is expected to reach 2,600 boe/d in the first quarter of 2006 from approximately 85 wells. is planning to drill up to six pilot infill wells in the Drayton Valley area to determine the feasibility of downspacing the tight gas reservoirs in an area in which the Trust holds a significant land position. The group is also exploring means to optimize recoveries from its main oil producing field at Utikuma in the Slave Lake area.

Executive Information
Name	Title	Email
Lawrence MacDonald	Chmn.	N/A
Bruce Lake	MD - Vermilion Oil, Gas, Australia	N/A
Peter Sider	Regional GM - European Operations	N/A
Curtis Hicks	CFO, Exec. VP	N/A
G. R MacDougall	COO, Exec. VP	N/A

Financial Information ( All figures in $ '000 )
Year	Sales	Net Income

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