Vermilion Energy Trust - Verenex Energy Inc. Announces Final Flow Test Results at Its First Oil Discovery in Libya



    CALGARY, April 26 /CNW/ - Vermilion Energy Trust ("Vermilion" -
VET.UN-TSX) is pleased to report that Verenex Energy Inc. ("Verenex" -
VNX-TSX), a company in which Vermilion holds a 45.3% equity interest, has
announced final flow test results on its first oil discovery well in Libya.
    For a full copy of Verenex' press release, please go to
www.verenexenergy.com and see the news release dated April 25, 2007. The
highlights of Verenex' press release are as follows:

    A1-47/02 Oil Discovery Flows 12,500 Barrels of Oil per Day

    Verenex has completed extended flow testing and analysis at its first
light sweet crude oil discovery well in Libya, A1-47/02 in Area 47 in the
Ghadames Basin, which was announced by Verenex and the Libyan National Oil
Corporation ("NOC") as an oil discovery on February 6, 2007. At the time of
the announcement, only one flow test of 5,172 barrels of oil per day (gross)
through a 48/64ths inch choke had been completed on the first perforated
interval in the Lower Acacus Formation.
    Extended flow tests and pressure build-up analyses were ultimately
completed on three intervals in the Lower Acacus Formation. These tests
yielded a combined maximum measured flow rate, as restricted by test equipment
capability, of approximately 12,500 barrels of oil per day (gross) from
174 feet of perforations through choke sizes on particular intervals ranging
from 40/64ths to 128/64ths inch. The well has been suspended as a potential
future oil production well.
    Verenex will be adding a second drilling rig to its program in the third
quarter with plans to drill up to six total wells in 2007. Beyond 2007,
Verenex foresees considerable opportunity to expand its exploration and
appraisal drilling program with more than 45 prospects and leads identified to
date in Area 47.
    At the request of the NOC, rates were also measured through a smaller and
more restrictive choke size of 32/64ths inch for their normalization purposes.
These choke-restricted rates totalled 6,586 barrels of oil per day as
summarized in the following table:

    
    -------------------------------------------------------------------------
    Depth at
    Top of        Perforated  Restricted                            Oil
    Perforations  Interval    Choke Size    Oil Rate    Gas Rate    Gravity
    (feet)        (feet)      (inches)      (bbls/day)  (mmcf/day)  ((o)API)
    -------------------------------------------------------------------------
     9,980         82          32/64ths      2,640       3.58        47
    -------------------------------------------------------------------------
     9,363         25          36/64ths(1.)  1,900       0.47        41
    -------------------------------------------------------------------------
     9,010         67          32/64ths      2,046       0.42        37
    -------------------------------------------------------------------------
    Notes: 1. No flow data available at 32/64ths inch choke size.
    

    Verenex is a Canada-based, international oil and gas exploration and
production company with a world-class exploration portfolio in the Ghadames
Basin in Libya and the Bay of Biscay offshore France. Verenex is the operator
and holds a 50% working interest in Area 47 in Libya. Under the EPSA terms for
Area 47, Verenex would receive an initial production allocation (free of all
taxes and royalties) of 6.85% in any commercial development scheme. A more
complete description of the Area 47 contract terms is included in Verenex's
various filings on www.sedar.com.
    Vermilion owns approximately 16.4 million of the outstanding shares of
Verenex, representing an equity interest of approximately 45.3% of the firm.
Based on the April 25, 2007 closing price for Verenex shares of $13.10, the
nominal value of Vermilion's equity share in Verenex is worth approximately
$215 million, equivalent to $3.00 per Vermilion unit.

    Vermilion Energy Trust focuses on the acquisition, development and
optimization of mature producing properties in Western Canada, Western Europe
and Australia. Vermilion achieves value creation through the execution of
asset optimization programs and strategic acquisitions. Vermilion also exposes
its unitholders to significant upside opportunities while limiting capital
risk. Management and directors of the Trust hold approximately 9% of the
outstanding units and are dedicated to consistently delivering superior
rewards for all its stakeholders. Vermilion Energy Trust trades on the Toronto
Stock Exchange under the symbol VET.UN.

    This press release contains forward-looking operational information
including production projections. These projections are subject to a number of
risks and uncertainties that could materially affect the results. These risks
include, but are not limited to, future commodity prices, exchange rates,
interest rates, geological risk, reserves risk, political risk, product demand
and transportation restrictions.

    %SEDAR: 00018945E




For further information:

For further information: Paul Beique, Director Investor Relations, 2800,
400 - 4th Avenue S.W., Calgary, Alberta, T2P 0J4, Phone: (403) 269-4884, Fax:
(403) 264-6306, www.vermilionenergy.com

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