Vermilion Energy Trust - Verenex Energy Inc. Update



    CALGARY, March 20 /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 45.4% equity interest, has
provided an update on its activities in Libya. For a full copy of Verenex'
press release, please go to verenexenergy.com and see the news release dated
March 20, 2007. The highlights of Verenex' press release are as follows:

    
    -   A1-47/02 oil discovery testing completed - Verenex has completed the
        testing at its first exploration well in Libya and successful oil
        discovery, A1-47/02 in Area 47 in the Ghadames Basin. On February 6,
        2007 Verenex and the Libyan National Oil Corporation ("NOC")
        announced the A1-47/02 well as an oil discovery. At the time, testing
        results from an 82-foot interval at the base of the Lower Acacus
        Formation at a depth of 9,980 feet were released. This interval
        flowed over a three hour period at rates up to 5,172 barrels of oil
        per day (gross) through a 3/4 inch choke at a wellhead pressure of
        1,221 pounds per square inch. An associated gas rate of 6.7 million
        cubic feet per day (gross) was also achieved during this test. Final
        testing results on several other intervals in the A1-47/02 well are
        under review by Verenex and the NOC.

    -   B1-47/02 well completed and will be tested - Verenex has completed an
        extensive wireline logging, coring and formation evaluation program
        involving down-hole fluid sampling and pressure measurements at its
        second exploration well B1-47/02 in Area 47. Based on these results,
        the well was cased to its total depth of 11,030 feet. Until
        productivity is confirmed by a flow testing program, well results and
        status are considered preliminary. Verenex will begin production
        testing of selected zones in late March and testing could extend into
        late May.

    -   Drilling to begin on a third exploration well, C1-47/02 - Verenex'
        third exploration well C1-47/02 is expected to commence drilling in
        early April 2007. The C1-47/02 well is located approximately
        7.5 kilometres southeast of the B1-47/02 well and will test a
        separate structure defined on high quality 2D seismic shot by Verenex
        in 2006.
    

    Verenex also noted that the NOC announced on March 12, 2007 that its 100%
owned affiliate AGOCO had made a major oil discovery in Block NC4 which is
adjacent to the eastern boundary of Area 47. The well was tested at a rate of
15,933 barrels of oil per day from the Middle and Lower Acacus Formations. The
area of the discovery is approximately 37 kilometres northeast of the B1-47/02
well. While Verenex has no interest in this discovery it is encouraged by
further evidence of prolific hydrocarbon systems in the immediate area of its
operations.

    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'
various filings on www.sedar.com.

    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 10% 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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