----

**Exhibit      99.1**

**RENEWAL      **

**ANNUAL      INFORMATION FORM**

**FOR      THE      YEAR ENDED **

**DECEMBER      31, 2005**

----

**TABLE      OF      CONTENTS **

| GLOSSARY                OF                TERMS                                                                                                | 1  |
|------------------------------------------------------------------------------------------------------------------------------------------------|----|
| Conventions                                                                                                                                    | 4  |
| Abbreviations                                                                                                                                  | 4  |
| Conversion                                                                                                                                     | 4  |
| SPECIAL                NOTE                REGARDING FORWARD LOOKING STATEMENTS                                                                | 5  |
| PRESENTATION                OF OIL AND GAS RESERVES AND PRODUCTION INFORMATION                                                                 | 6  |
| NON-GAAP                MEASURES                                                                                                               | 6  |
| VERMILION                ENERGY TRUST                                                                                                          | 7  |
| General                                                                                                                                        | 7  |
| Organizational                Structure of the Trust                                                                                           | 7  |
| Summary                Description of the Business                                                                                             | 8  |
| History                of                Vermilion                                                                                             | 9  |
| Significant                Acquisition                                                                                                         | 9  |
| Recent                Developments                                                                                                             | 10 |
| NARRATIVE                DESCRIPTION OF THE BUSINESS                                                                                           | 10 |
| Stated                Business Objectives                                                                                                      | 10 |
| Description                of Properties                                                                                                       | 10 |
| STATEMENT                OF                RESERVES DATA AND OTHER OIL AND GAS INFORMATION                                                     | 11 |
| Reserves                and                Future Net Revenue                                                                                  | 11 |
| Reconciliation                of Changes in Net Present Values of Future Net Revenue Discounted                at                10%** ** | 18 |
| Undeveloped                Reserves                                                                                                            | 19 |
| Future                Development Costs                                                                                                        | 19 |
| Oil                and Gas                Properties and Wells                                                                                 | 20 |
| Costs                Incurred                                                                                                                  | 20 |
| Exploration                and Development Activities                                                                                          | 20 |
| Properties                with No Attributed Reserves                                                                                          | 21 |
| Abandonment                and Reclamation Costs                                                                                               | 21 |
| Tax                Horizon                                                                                                                     | 22 |
| Production                Estimates                                                                                                            | 22 |
| Production                History                                                                                                              | 22 |
| Marketing                                                                                                                                      | 24 |
| ADDITIONAL                INFORMATION RESPECTING VERMILION ENERGY TRUST                                                                        | 25 |
| Trust                Units                                                                                                                     | 25 |
| Special                Voting Rights                                                                                                           | 25 |
| Unitholders'                Limited Liability                                                                                                  | 25 |
| Issuance                of                Trust Units                                                                                          | 26 |
| Cash                Distributions                                                                                                              | 26 |
| Redemption                Right                                                                                                                | 26 |
| Non-Resident                Unitholders                                                                                                        | 27 |
| Meetings                of                Unitholders                                                                                          | 27 |
| Trustee                                                                                                                                        | 27 |
| Delegation                of                Authority, Administration and Trust Governance                                                     | 28 |
| Amendments                to                the Trust Indenture                                                                                | 28 |
| Takeover                Bid                                                                                                                    | 28 |
| Termination                of the Trust                                                                                                        | 28 |
| Reporting                to                Unitholders                                                                                         | 29 |
| Distribution                Reinvestment and Optional Trust Unit Purchase Plan                                                                 | 29 |
| Unitholder                Rights Plan                                                                                                          | 29 |
| ADDITIONAL                INFORMATION RESPECTING VERMILION RESOURCES LTD                                                                       | 33 |
| Management                of                Vermilion                                                                                          | 33 |

----

**TABLE      OF      CONTENTS (Continued)**

| AUDIT                COMMITTEE MATTERS                                                                                                                             | 35 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|
| Audit                Committee Charter                                                                                                                             | 35 |
| Composition                of the Audit Committee                                                                                                                  | 35 |
| External                Audit Service Fees                                                                                                                         | 35 |
| Vermilion                Share Capital                                                                                                                             | 36 |
| Voting                and                Exchange Trust Agreement                                                                                                  | 39 |
| Support                Agreement                                                                                                                                   | 40 |
| Notes                                                                                                                                                              | 41 |
| Royalty                Agreement                                                                                                                                   | 42 |
| MARKET                FOR,                PRICE RANGE AND TRADING VOLUME OF SECURITIES                                                                             | 43 |
| CONFLICTS                OF                INTEREST                                                                                                                | 43 |
| INTEREST                OF                MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS                                                                           | 44 |
| LEGAL                PROCEEDINGS                                                                                                                                   | 44 |
| MATERIAL                CONTRACTS                                                                                                                                  | 44 |
| INTERESTS                OF                EXPERTS                                                                                                                 | 44 |
| TRANSFER                AGENT AND REGISTRAR                                                                                                                        | 44 |
| RISK                FACTORS                                                                                                                                        | 44 |
| Reserve                Estimates                                                                                                                                   | 44 |
| Volatility                of                Oil and Natural Gas Prices                                                                                             | 44 |
| Changes                in                Legislation                                                                                                               | 44 |
| Investment                Eligibility                                                                                                                              | 44 |
| Competition                                                                                                                                                        | 45 |
| Operational                Matters                                                                                                                                 | 45 |
| Environmental                Concerns                                                                                                                              | 45 |
| Kyoto                Protocol                                                                                                                                      | 45 |
| Debt                Service                                                                                                                                        | 46 |
| Delay                in Cash                Distributions                                                                                                          | 46 |
| Taxation                of                Vermilion                                                                                                                | 46 |
| Depletion                of                Reserves                                                                                                                | 46 |
| Net                Asset                Value                                                                                                                      | 47 |
| Return                of                Capital                                                                                                                    | 47 |
| Nature                of                Trust Units                                                                                                                | 47 |
| Unitholders                Limited Liability                                                                                                                       | 47 |
| Statutory                Remedies                                                                                                                                  | 47 |
| Variations                in                Interest Rates and Foreign Exchange Rates                                                                              | 48 |
| Mutual                Fund                Trust Status                                                                                                             | 48 |
| ADDITIONAL                INFORMATION                                                                                                                              | 48 |
| SCHEDULE                "A"       REPORT ON RESERVES DATA BY                INDEPENDENT QUALIFIED RESERVES EVALUATOR (FORM 51-101F2) | 49 |
| SCHEDULE                "B"       REPORT OF MANAGEMENT AND DIRECTORS                ON OIL AND GAS DISCLOSURE (FORM 51-101F3)        | 50 |
| SCHEDULE                "C"       AUDIT COMMITTEE TERMS OF                REFERENCE                                                  | 51 |

----

**GLOSSARY      OF      TERMS**

**ABCA**
*Business      Corporations Act *

**affiliate**
*Securities      Act*

**Arrangement**
** **

**Aventura**

**Aventura      Shares**

**board      of      directors**
**board**

**"Clear"      **

**control**

**Current      Market Price of a Trust Unit**

**Distributable      Cash**

**Distribution**

**Distribution      Payment Date" **

**Distribution      Record Date**

**DRIP      Plan**

**Exchangeable      Shares**

**Exchangeable      Share Provisions**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Exchange      Ratio**

**"Glacier"**

**GLJ**

**GLJ      Report**

**Income      Tax      Act**
**Tax      Act**
*Income      Tax      Act*

**Insolvency      Event**
*Companies      Creditors'*
*Arrangement      Act*
*Bankruptcy      and      Insolvency Act *

**Meeting**

**Non-Resident**

**Notes**

**Partnership**

**Permitted**
**Investments**
* *

**Pro      Rata      Share**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Royalty**

**Royalty      Agreement**

**Special      Voting Right**

**Subsequent      Investment**

**Subsidiary**

**Support      Agreement**

**Trust**

**Trustee**

**Trust**
**Indenture**

**Trust      Subsidiary**

**Trust**
**Unit**
**Unit**

**Trust**
**Unit      Award      Plan**

**TSX**

**Unitholder      Rights Plan Agreement**

**Unitholders**

**Unit      Rights      Incentive Plan**

**Verenex**

**Vermilion**

**Voting      and      Exchange Agreement Trustee**

**Voting      and      Exchange Trust Agreement**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Conventions**

**Abbreviations**

| ***Oil                and Natural Gas Liquids*** |                                              | ***Natural                Gas*** |
|--------------------------------------------------|---------------------------------------------------|----------------------------------|
|                                             |                                              |                             |   |   |
| Bbl                                              | Barrel                                            |                             | Mcf | thousand                cubic feet |
| Bbls                                             | Barrels                                           |                             | Mmcf | million                cubic                feet |
| Mbbls                                            | thousand                barrels                   |                             | Bcf | billion                cubic                feet |
| Bbls/d                                           | barrels                per                day     |                             | Mcf/d | thousand                cubic feet per day |
| NGLs                                             | natural                gas                liquids |                             | Mmcf/d | million                cubic                feet per day |
| GJ                                               | Gigajoule                                         |                             | MMBTU | million                British Thermal Units |
| GJ/d                                             | gigajoule                per                day   |                             |   |   |

***Other***

| AECO-C    | Intra-Alberta                Nova Inventory Transfer Price (NIT net price)                                                                                                                                                                                                                                                                                               |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| API       | American                Petroleum Institute                                                                                                                                                                                                                                                                                                                              |
| °API | An                indication                of the specific gravity of crude oil measured on the API gravity                scale.                Liquid petroleum with a specified gravity of 28 °API or higher is                generally referred to as light crude oil                                                                                         |
| ARTC      | Alberta                Royalty Tax Credit                                                                                                                                                                                                                                                                                                                                |
| BOE       | barrel                of oil                equivalent of natural gas and crude oil on the basis of 1 BOE for                6                (unless otherwise stated) Mcf of natural gas (this conversion factor                is an                industry accepted norm and is not based on either energy content                or                current prices) |
| BOE/D     | barrel                of oil                equivalent per day                                                                                                                                                                                                                                                                                                           |
| m3        | cubic                metres                                                                                                                                                                                                                                                                                                                                              |
| MBOE      | 1,000                barrels                of oil equivalent                                                                                                                                                                                                                                                                                                            |
| mmboe     | million                barrels of oil equivalent                                                                                                                                                                                                                                                                                                                         |
| WTI       | West                Texas                Intermediate, the reference price paid in U.S. dollars at Cushing,                Oklahoma for crude oil of standard grade                                                                                                                                                                                                      |
| MW/h      | Megawatts                per                hour                                                                                                                                                                                                                                                                                                                         |

**Conversion**

| **To                Convert From** |   | **To**                      |   | **Multiply                By** |
|------------------------------------|--------|-----------------------------|--------|--------------------------------|
|                               |   |                        |   |                           |   |
| Mcf                                |   | Cubic                metres |   | 28.174                         |   |
| Cubic                metres        |   | Cubic                feet   |   | 35.494                         |   |
| Bbls                               |   | Cubic                metres |   | 0.159                          |   |
| Cubic                metres        |   | Bbls                oil     |   | 6.290                          |   |
| Feet                               |   | Metres                      |   | 0.305                          |   |
| Metres                             |   | Feet                        |   | 3.281                          |   |
| Miles                              |   | Kilometres                  |   | 1.609                          |   |
| Kilometres                         |   | Miles                       |   | 0.621                          |   |
| Acres                              |   | Hectares                    |   | 0.405                          |   |
| Hectares                           |   | Acres                       |   | 2.471                          |   |

*2005          Annual Information Form - Vermilion Energy Trust*

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**SPECIAL      NOTE REGARDING FORWARD LOOKING STATEMENTS**

|   | · | the                ability                of the Trust to obtain equipment, services and supplies in a timely                manner                to carry out its activities in Canada and                internationally; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                ability                of the Trust to market oil and natural gas successfully to current                and new                customers; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                timing                and costs of pipeline and storage facility construction and expansion                and                the ability to secure adequate product                transportation; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                timely                receipt of required regulatory                approvals; |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | · | the                ability                of the Trust to obtain financing on acceptable                terms; |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | currency,                exchange and interest rates; and |
|--------|--------|-----------------------------------------------------------|

|   | · | future                oil                and gas prices. |
|--------|--------|----------------------------------------------------------|

|   | · | the                ability                of management to execute its business                plan; |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | the                risks of                the oil and gas industry both domestically and internationally, such                as                operational risks in exploring for, developing and producing crude                oil and                natural gas and market demand; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | risks                and                uncertainties involving geology of oil and gas                deposits; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | · | risks                inherent in the Trust's marketing operations, including credit                risk; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | the                uncertainty of reserves estimates and reserves                life; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | the                uncertainty of estimates and projections relating to production,                costs and                expenses; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | · | potential                delays or changes in plans with respect to exploration or development                projects or capital expenditures; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                Trust's                ability to enter into or renew leases; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | fluctuations                in oil and gas prices, foreign currency exchange rates and interest                rates; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | health,                safety and environmental risks; |
|--------|--------|--------------------------------------------------------|

|   | · | uncertainties                as to the availability and cost of                financing; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | the                ability                of the Trust to add production and reserves through development and                exploration activities; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | general                economic and business conditions; |
|--------|--------|----------------------------------------------------------|

|   | · | the                possibility that government policies or laws may change or governmental                approvals may be delayed or withheld; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | uncertainty                in amounts and timing of royalty                payments; |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | risks                associated with existing and potential future law suits and regulatory                actions against the Trust; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | other                risks                and uncertainties described elsewhere in this annual information                form or                in the Trust's other filings with Canadian securities authorities. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

----

**PRESENTATION      OF OIL AND GAS RESERVES AND PRODUCTION INFORMATION**

*Standard      of      Disclosure for Oil and Gas Activities*

**NON-GAAP      MEASURES**

**The      actual      amount of cash that is distributed cannot be assured and future distributions      may vary.**

*2005          Annual Information Form - Vermilion Energy Trust*

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**VERMILION      ENERGY TRUST**

**General**

**Organizational      Structure of the Trust**

**Notes:**

| (1) | The                Unitholders own 100% of the Trust                Units. |
|-----|----------------------------------------------------------------------------|

| (2) | Cash                distributions are made to Unitholders monthly based on the Trust's                cash                flow. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (3) | Cash                flow                represents payments made by Vermilion to the Trust in respect of                principal                and interest payments on the Notes. In addition to such payments,                dividends may also be paid on the common shares of                Vermilion. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Cash                flow                represents payments made by the Partnership under the Royalty                Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (5) | The                Trust                will invest funds raised through any subsequent issuance of Trust                Units in                additional securities of Vermilion to enable Vermilion to make capital                expenditures. In addition, the Trust may reinvest a portion of the                income                received from Vermilion as well as any repayments of principal on                the                Notes in securities of Vermilion to enable Vermilion to make capital                expenditures. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

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**Summary      Description of the Business**

***Vermilion      Energy Trust***

|   | (a) | acquire                or                invest in securities of Vermilion and in the securities of any other                entity including without limitation, bodies corporate, partnerships                or                trusts, and borrowing funds or otherwise obtaining credit for that                purpose; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | acquire                royalties in respect of Canadian resource properties as defined in                the Tax                Act and making any deferred royalty purchase payments which may be                required with respect to such royalties; provided however that in                no event                shall the Trust invest in any royalties which constitute an interest                in                land or a covenant running with the properties with respect to which                such                royalties relate; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | dispose                of                any part of the property of the Trust, including, without limitation,                any                securities of Vermilion; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | temporarily                hold cash and investments for the purposes of paying the expenses                and the                liabilities of the Trust, making other Permitted Investments as                contemplated by the Trust Indenture, paying amounts payable by the                Trust                in connection with the redemption of any Trust Units, and making                distributions to Unitholders; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | pay                costs,                fees and expenses associated with the foregoing purposes or incidental                thereto. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

***Vermilion      Resources Ltd*.**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**History      of      Vermilion**

**Significant      Acquisition **

***Australia      Acquisition***

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Recent      Developments**

** **

**NARRATIVE      DESCRIPTION OF THE BUSINESS**

**Stated      Business Objectives**

**Description      of Properties**

***Canada      Assets***

*2005          Annual Information Form - Vermilion Energy Trust*

----

***France      Assets***

***Netherlands      Assets***

***Australia      Assets***

**STATEMENT      OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION**

**Reserves      and Future Net Revenue**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**It      should      not be assumed that the discounted future net production revenue estimated      by      the GLJ Report represents the fair market value of the reserves. Other      assumptions relating to the costs, prices for future production and other      matters are included in the GLJ Report. There is no assurance that the future      price and cost assumptions used in the GLJ Report will prove accurate and      variances could be material.**

***Oil      and      Gas Reserves - Based on Constant Prices and Costs***
***(8)***

|                                                           |   | **Light                and Medium Oil** |   |           |   | **Natural                Gas** |   | **Natural                Gas Liquids** |    | **BOEs**         |   |
|----------------------------------------------------------------|--------|-----------------------------------------|--------|----------------|--------|--------------------------------|--------|----------------------------------------|---------|------------------|--------|
|                                                           |   | **Gross****(1)**                        |   | **Net****(1)** |   | **Gross****(1)**               |   | **Net****(1)**                         |    | **Gross****(1)** |   | **Net****(1)** |   | **Gross****(1)** |   | **Net****(1)** |   |
|                                                           |   | **(mbbl)**                              |   | **(mbbl)**     |   | **(mmcf)**                     |   | **(mmcf)**                             |    | **(mbbl)**       |   | **(mbbl)** |   | **(mboe)** |   | **(mboe)** |   |
| Proved                Developed Producing(2)(5)                |   |                                    |   |           |   |                           |   |                                   |    |             |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 8,418  |           |   | 7,688                          |   |                                   | 74,369  |             |   | 59,245 |   |   | 3,269 |   |   | 2,154 |   |   | 24,082 |   |   | 19,716 |   |
| France                                                         |   |                                    | 21,740 |           |   | 19,319                         |   |                                   | 2,545   |             |   | 2,355 |   |   | - |   |   | - |   |   | 22,164 |   |   | 19,712 |   |
| Netherlands                                                    |   |                                    | -      |           |   | -                              |   |                                   | 64,845  |             |   | 64,845 |   |   | 99 |   |   | 99 |   |   | 10,907 |   |   | 10,907 |   |
| Australia                                                      |   |                                    | 11,335 |           |   | 11,335                         |   |                                   | -       |             |   | - |   |   | - |   |   | - |   |   | 11,335 |   |   | 11,335 |   |
| Total                                                          |   |                                    | 41,493 |           |   | 38,342                         |   |                                   | 141,759 |             |   | 126,445 |   |   | 3,368 |   |   | 2,253 |   |   | 68,488 |   |   | 61,670 |   |
| Proved                Developed Non-Producing(2)(6)            |   |                                    |   |           |   |                           |   |                                   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 64     |           |   | 61                             |   |                                   | 9,897   |             |   | 8,656 |   |   | 150 |   |   | 105 |   |   | 1,864 |   |   | 1,609 |   |
| France                                                         |   |                                    | 362    |           |   | 319                            |   |                                   | -       |             |   | - |   |   | - |   |   | - |   |   | 362 |   |   | 319 |   |
| Netherlands                                                    |   |                                    | -      |           |   | -                              |   |                                   | 355     |             |   | 355 |   |   | 1 |   |   | 1 |   |   | 60 |   |   | 60 |   |
| Australia                                                      |   |                                    | 1,080  |           |   | 1,080                          |   |                                   | -       |             |   | - |   |   | - |   |   | - |   |   | 1,080 |   |   | 1,080 |   |
| Total                                                          |   |                                    | 1,506  |           |   | 1,460                          |   |                                   | 10,252  |             |   | 9,011 |   |   | 151 |   |   | 106 |   |   | 3,366 |   |   | 3,068 |   |
| Proved                Undeveloped(2)(7)                        |   |                                    |   |           |   |                           |   |                                   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 318    |           |   | 278                            |   |                                   | 28,076  |             |   | 24,394 |   |   | 89 |   |   | 56 |   |   | 5,086 |   |   | 4,400 |   |
| France                                                         |   |                                    | 2,196  |           |   | 2,085                          |   |                                   | -       |             |   | - |   |   | - |   |   | - |   |   | 2,196 |   |   | 2,085 |   |
| Netherlands                                                    |   |                                    | -      |           |   | -                              |   |                                   | 157     |             |   | 157 |   |   | - |   |   | - |   |   | 26 |   |   | 26 |   |
| Australia                                                      |   |                                    | -      |           |   | -                              |   |                                   | -       |             |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Total                                                          |   |                                    | 2,514  |           |   | 2,363                          |   |                                   | 28,233  |             |   | 24,551 |   |   | 89 |   |   | 56 |   |   | 7,308 |   |   | 6,511 |   |
| Total                Proved(2)                                 |   |                                    |   |           |   |                           |   |                                   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 8,801  |           |   | 8,027                          |   |                                   | 112,343 |             |   | 92,295 |   |   | 3,508 |   |   | 2,315 |   |   | 31,033 |   |   | 25,725 |   |
| France                                                         |   |                                    | 24,298 |           |   | 21,723                         |   |                                   | 2,545   |             |   | 2,355 |   |   | - |   |   | - |   |   | 24,722 |   |   | 22,116 |   |
| Netherlands                                                    |   |                                    | -      |           |   | -                              |   |                                   | 65,356  |             |   | 65,356 |   |   | 100 |   |   | 100 |   |   | 10,993 |   |   | 10,993 |   |
| Australia                                                      |   |                                    | 12,414 |           |   | 12,414                         |   |                                   | -       |             |   | - |   |   | - |   |   | - |   |   | 12,414 |   |   | 12,414 |   |
| Total                                                          |   |                                    | 45,513 |           |   | 42,164                         |   |                                   | 180,244 |             |   | 160,006 |   |   | 3,608 |   |   | 2,415 |   |   | 79,162 |   |   | 71,248 |   |
| Total                Probable(3)                               |   |                                    |   |           |   |                           |   |                                   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 2,006  |           |   | 1,836                          |   |                                   | 63,489  |             |   | 51,287 |   |   | 1,978 |   |   | 1,299 |   |   | 14,566 |   |   | 11,683 |   |
| France                                                         |   |                                    | 10,877 |           |   | 9,897                          |   |                                   | 468     |             |   | 429 |   |   | - |   |   | - |   |   | 10,955 |   |   | 9,969 |   |
| Netherlands                                                    |   |                                    | -      |           |   | -                              |   |                                   | 18,886  |             |   | 18,886 |   |   | 30 |   |   | 30 |   |   | 3,178 |   |   | 3,178 |   |
| Australia                                                      |   |                                    | 4,758  |           |   | 4,758                          |   |                                   | -       |             |   | - |   |   | - |   |   | - |   |   | 4,758 |   |   | 4,758 |   |
| Total                                                          |   |                                    | 17,641 |           |   | 16,491                         |   |                                   | 82,843  |             |   | 70,602 |   |   | 2,008 |   |   | 1,329 |   |   | 33,457 |   |   | 29,588 |   |
| Total                Proved                Plus Probable(2)(3) |   |                                    |   |           |   |                           |   |                                   |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 10,807 |           |   | 9,863                          |   |                                   | 175,832 |             |   | 143,582 |   |   | 5,487 |   |   | 3,614 |   |   | 45,599 |   |   | 37,407 |   |
| France                                                         |   |                                    | 35,174 |           |   | 31,620                         |   |                                   | 3,014   |             |   | 2,784 |   |   | - |   |   | - |   |   | 35,676 |   |   | 32,084 |   |
| Netherlands                                                    |   |                                    | -      |           |   | -                              |   |                                   | 84,242  |             |   | 84,242 |   |   | 129 |   |   | 129 |   |   | 14,169 |   |   | 14,169 |   |
| Australia                                                      |   |                                    | 17,172 |           |   | 17,172                         |   |                                   | -       |             |   | - |   |   | - |   |   | - |   |   | 17,172 |   |   | 17,172 |   |
| Total                                                          |   |                                    | 63,153 |           |   | 58,655                         |   |                                   | 263,088 |             |   | 230,608 |   |   | 5,616 |   |   | 3,743 |   |   | 112,616 |   |   | 100,832 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

***Net      Present Values of Future Net Revenue - Based on Constant Prices and      Costs***
***(8)***

|                                                           |   | **Before                Deducting Income Taxes Discounted At** |      | **After                Deducting Income Taxes Discounted At** |   |
|----------------------------------------------------------------|--------|----------------------------------------------------------------|-----------|---------------------------------------------------------------|--------|
|                                                           |   | **0%**                                                         |      | **5%**                                                        |   | **10%** |   | **15%** |   | **20%** |   | **0%** |   | **5%** |   | **10%** |   | **15%** |   | **20%** |   |
|                                                           |   | **(M$)**                                                       |      | **(M$)**                                                      |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   |
| Proved                Developed Producing(2)(5)                |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 900,648   |                                                          |   | 674,881 |   |   | 546,530 |   |   | 463,849 |   |   | 405,944 |   |   | 900,648 |   |   | 674,881 |   |   | 546,530 |   |   | 463,849 |   |   | 405,944 |   |
| France                                                         |   |                                                           | 973,505   |                                                          |   | 650,904 |   |   | 495,039 |   |   | 404,408 |   |   | 344,970 |   |   | 654,905 |   |   | 443,513 |   |   | 340,380 |   |   | 279,815 |   |   | 239,735 |   |
| Netherlands                                                    |   |                                                           | 256,230   |                                                          |   | 212,326 |   |   | 183,678 |   |   | 163,207 |   |   | 147,656 |   |   | 172,469 |   |   | 142,418 |   |   | 122,658 |   |   | 108,497 |   |   | 97,741 |   |
| Australia                                                      |   |                                                           | 421,279   |                                                          |   | 359,520 |   |   | 308,855 |   |   | 269,066 |   |   | 237,966 |   |   | 237,097 |   |   | 212,113 |   |   | 186,113 |   |   | 163,744 |   |   | 145,485 |   |
| Total                                                          |   |                                                           | 2,551,662 |                                                          |   | 1,897,631 |   |   | 1,534,102 |   |   | 1,300,530 |   |   | 1,136,536 |   |   | 1,965,119 |   |   | 1,472,925 |   |   | 1,195,681 |   |   | 1,015,905 |   |   | 888,905 |   |
| Proved                Developed Non-Producing(2)(6)            |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 67,660    |                                                          |   | 54,137 |   |   | 45,029 |   |   | 38,517 |   |   | 33,641 |   |   | 67,660 |   |   | 54,137 |   |   | 45,029 |   |   | 38,517 |   |   | 33,641 |   |
| France                                                         |   |                                                           | 15,827    |                                                          |   | 11,327 |   |   | 8,647 |   |   | 6,900 |   |   | 5,679 |   |   | 10,596 |   |   | 7,655 |   |   | 5,879 |   |   | 4,709 |   |   | 3,884 |   |
| Netherlands                                                    |   |                                                           | 422       |                                                          |   | 529 |   |   | 603 |   |   | 653 |   |   | 686 |   |   | 284 |   |   | 354 |   |   | 402 |   |   | 433 |   |   | 453 |   |
| Australia                                                      |   |                                                           | 76,854    |                                                          |   | 61,868 |   |   | 51,839 |   |   | 44,469 |   |   | 38,762 |   |   | 45,128 |   |   | 36,111 |   |   | 30,395 |   |   | 26,235 |   |   | 22,989 |   |
| Total                                                          |   |                                                           | 160,763   |                                                          |   | 127,861 |   |   | 106,118 |   |   | 90,539 |   |   | 78,768 |   |   | 123,668 |   |   | 98,257 |   |   | 81,705 |   |   | 69,894 |   |   | 60,967 |   |
| Proved                Undeveloped(2)(7)                        |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 152,403   |                                                          |   | 100,303 |   |   | 68,532 |   |   | 47,957 |   |   | 33,966 |   |   | 152,404 |   |   | 100,303 |   |   | 68,532 |   |   | 47,958 |   |   | 33,966 |   |
| France                                                         |   |                                                           | 118,636   |                                                          |   | 80,031 |   |   | 60,405 |   |   | 48,383 |   |   | 40,183 |   |   | 76,267 |   |   | 50,476 |   |   | 37,279 |   |   | 29,180 |   |   | 23,661 |   |
| Netherlands                                                    |   |                                                           | 1,068     |                                                          |   | 848 |   |   | 668 |   |   | 528 |   |   | 419 |   |   | 566 |   |   | 371 |   |   | 241 |   |   | 150 |   |   | 83 |   |
| Australia                                                      |   |                                                           | -         |                                                          |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Total                                                          |   |                                                           | 272,107   |                                                          |   | 181,182 |   |   | 129,605 |   |   | 96,868 |   |   | 74,568 |   |   | 229,237 |   |   | 151,150 |   |   | 106,052 |   |   | 77,288 |   |   | 57,710 |   |
| Total                Proved(2)                                 |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 1,120,711 |                                                          |   | 829,320 |   |   | 660,091 |   |   | 550,323 |   |   | 473,551 |   |   | 1,120,712 |   |   | 829,320 |   |   | 660,091 |   |   | 550,323 |   |   | 473,551 |   |
| France                                                         |   |                                                           | 1,107,968 |                                                          |   | 742,262 |   |   | 564,092 |   |   | 459,691 |   |   | 390,832 |   |   | 741,768 |   |   | 501,644 |   |   | 383,538 |   |   | 313,704 |   |   | 267,280 |   |
| Netherlands                                                    |   |                                                           | 257,720   |                                                          |   | 213,703 |   |   | 184,950 |   |   | 164,388 |   |   | 148,762 |   |   | 173,319 |   |   | 143,143 |   |   | 123,301 |   |   | 109,080 |   |   | 98,277 |   |
| Australia                                                      |   |                                                           | 498,133   |                                                          |   | 421,388 |   |   | 360,694 |   |   | 313,535 |   |   | 276,728 |   |   | 282,225 |   |   | 248,224 |   |   | 216,508 |   |   | 189,979 |   |   | 168,474 |   |
| Total                                                          |   |                                                           | 2,984,532 |                                                          |   | 2,206,673 |   |   | 1,769,827 |   |   | 1,487,937 |   |   | 1,289,873 |   |   | 2,318,024 |   |   | 1,722,331 |   |   | 1,383,438 |   |   | 1,163,086 |   |   | 1,007,582 |   |
| Total                Probable(3)                               |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 488,488   |                                                          |   | 294,129 |   |   | 201,027 |   |   | 148,061 |   |   | 114,340 |   |   | 488,488 |   |   | 294,129 |   |   | 201,026 |   |   | 148,062 |   |   | 114,340 |   |
| France                                                         |   |                                                           | 520,503   |                                                          |   | 288,629 |   |   | 190,337 |   |   | 137,449 |   |   | 104,844 |   |   | 336,218 |   |   | 184,058 |   |   | 119,234 |   |   | 84,312 |   |   | 62,826 |   |
| Netherlands                                                    |   |                                                           | 118,817   |                                                          |   | 79,420 |   |   | 57,088 |   |   | 43,176 |   |   | 33,881 |   |   | 67,556 |   |   | 44,746 |   |   | 31,706 |   |   | 23,546 |   |   | 18,083 |   |
| Australia                                                      |   |                                                           | 203,765   |                                                          |   | 139,474 |   |   | 100,078 |   |   | 75,969 |   |   | 60,626 |   |   | 125,994 |   |   | 88,625 |   |   | 63,368 |   |   | 47,517 |   |   | 37,451 |   |
| Total                                                          |   |                                                           | 1,331,573 |                                                          |   | 801,652 |   |   | 548,530 |   |   | 404,655 |   |   | 313,691 |   |   | 1,018,256 |   |   | 611,558 |   |   | 415,334 |   |   | 303,437 |   |   | 232,700 |   |
| Total                Proved                Plus Probable(2)(3) |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 1,609,199 |                                                          |   | 1,123,450 |   |   | 861,118 |   |   | 698,384 |   |   | 587,891 |   |   | 1,609,200 |   |   | 1,123,450 |   |   | 861,117 |   |   | 698,384 |   |   | 587,891 |   |
| France                                                         |   |                                                           | 1,628,471 |                                                          |   | 1,030,891 |   |   | 754,428 |   |   | 597,140 |   |   | 495,676 |   |   | 1,077,986 |   |   | 685,702 |   |   | 502,772 |   |   | 398,016 |   |   | 330,106 |   |
| Netherlands                                                    |   |                                                           | 376,537   |                                                          |   | 293,123 |   |   | 242,038 |   |   | 207,565 |   |   | 182,643 |   |   | 240,875 |   |   | 187,889 |   |   | 155,007 |   |   | 132,626 |   |   | 116,360 |   |
| Australia                                                      |   |                                                           | 701,898   |                                                          |   | 560,862 |   |   | 460,772 |   |   | 389,504 |   |   | 337,354 |   |   | 408,219 |   |   | 336,849 |   |   | 279,876 |   |   | 237,496 |   |   | 205,925 |   |
| Total                                                          |   |                                                           | 4,316,105 |                                                          |   | 3,008,326 |   |   | 2,318,356 |   |   | 1,892,593 |   |   | 1,603,564 |   |   | 3,336,280 |   |   | 2,333,890 |   |   | 1,798,772 |   |   | 1,466,522 |   |   | 1,240,282 |   |

***Total      Future Net Revenue (Undiscounted) - Based on Constant Prices and      Costs***
***(8)***

|                                                           |   |                |      |                  |   |                                       |   |                                                 |      |                                                         |   |                                                              |   |                                    |    |                                                             |   |
|----------------------------------------------------------------|--------|---------------------|-----------|-----------------------|--------|--------------------------------------------|--------|------------------------------------------------------|-----------|--------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-----------------------------------------|---------|------------------------------------------------------------------|--------|
|                                                           |   | **Revenue****(M$)** |      | **Royalties****(M$)** |   | **Operating                Costs****(M$)** |   | **Capital                Development Costs****(M$)** |      | **Abandonment                and Reclamation Costs****(M$)** |   | **Future                Net Revenue Before Income Taxes****(M$)** |   | **Income                Taxes****(M$)** |    | **Future                Net Revenue After Income Taxes****(M$)** |   |
| Total                Proved(2)                                 |   |                |      |                  |   |                                       |   |                                                 |      |                                                         |   |                                                              |   |                                    |    |                                                             |   |
| Canada                                                         |   |                | 1,923,222 |                  |   | 292,396                                    |   |                                                 | 413,433   |                                                         |   | 77,443                                                            |   |                                    | 19,239  |                                                             |   | 1,120,712 |   |   | - |   |   | 1,120,712 |   |
| France                                                         |   |                | 1,545,133 |                  |   | 160,790                                    |   |                                                 | 244,519   |                                                         |   | 20,702                                                            |   |                                    | 11,153  |                                                             |   | 1,107,969 |   |   | 366,201 |   |   | 741,768 |   |
| Netherlands                                                    |   |                | 567,880   |                  |   | -                                          |   |                                                 | 229,156   |                                                         |   | 30,326                                                            |   |                                    | 50,677  |                                                             |   | 257,720 |   |   | 84,402 |   |   | 173,319 |   |
| Australia                                                      |   |                | 799,614   |                  |   | -                                          |   |                                                 | 217,975   |                                                         |   | 15,271                                                            |   |                                    | 68,234  |                                                             |   | 498,133 |   |   | 215,908 |   |   | 282,225 |   |
| Total                                                          |   |                | 4,835,849 |                  |   | 453,186                                    |   |                                                 | 1,105,083 |                                                         |   | 143,742                                                           |   |                                    | 149,303 |                                                             |   | 2,984,534 |   |   | 666,511 |   |   | 2,318,024 |   |
| Total                Proved                Plus Probable(2)(3) |   |                |      |                  |   |                                       |   |                                                 |      |                                                         |   |                                                              |   |                                    |    |                                                             |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                | 2,805,579 |                  |   | 454,182                                    |   |                                                 | 579,232   |                                                         |   | 140,778                                                           |   |                                    | 22,187  |                                                             |   | 1,609,200 |   |   | - |   |   | 1,609,200 |   |
| France                                                         |   |                | 2,250,314 |                  |   | 222,667                                    |   |                                                 | 314,990   |                                                         |   | 71,597                                                            |   |                                    | 12,589  |                                                             |   | 1,628,472 |   |   | 550,485 |   |   | 1,077,986 |   |
| Netherlands                                                    |   |                | 732,050   |                  |   | -                                          |   |                                                 | 263,113   |                                                         |   | 37,455                                                            |   |                                    | 54,944  |                                                             |   | 376,538 |   |   | 135,663 |   |   | 240,875 |   |
| Australia                                                      |   |                | 1,106,067 |                  |   | -                                          |   |                                                 | 317,214   |                                                         |   | 18,721                                                            |   |                                    | 68,234  |                                                             |   | 701,897 |   |   | 293,678 |   |   | 408,219 |   |
| Total                                                          |   |                | 6,894,010 |                  |   | 676,849                                    |   |                                                 | 1,474,549 |                                                         |   | 268,551                                                           |   |                                    | 157,954 |                                                             |   | 4,316,107 |   |   | 979,826 |   |   | 3,336,280 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

***Future      Net Revenue by Production Group - Based on Constant Prices and      Costs***
***(8)***

|                                                           |         |                                |                                                 |                                                                                                                               |   |
|----------------------------------------------------------------|--------------|-------------------------------------|------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                           |         | **Production                Group** |                                                 | **Future                Net Revenue****Before                Income Taxes****(Discounted                at 10% Per Year)****(M$)** |   |
| Total                Proved(2)                                 |         |                                | Light                and medium crude oil            |                                                                                                                               |   | 1,121,941 |   |
|                                                                |         |                                | Associated                gas and non-associated gas |                                                                                                                               |   | 647,886 |   |
|                                                           |         |                                |                                                 |                                                                                                                               |   |   |   |
| Total                Proved                Plus Probable(2)(3) |         |                                | Light                and medium crude oil            |                                                                                                                               |   | 1,440,842 |   |
|                                            |    |                                | Associated                gas and non-associated gas |                                                                                                                               |   | 877,514 |   |

***Oil      and      Gas Reserves - Based on Forecast Prices and Costs***
***(9)***

|                                                           |   | **Light                and Medium Oil** |   | **Natural                Gas** |   | **Natural                Gas Liquids** |   |           |    | **BOEs**         |   |
|----------------------------------------------------------------|--------|-----------------------------------------|--------|--------------------------------|--------|----------------------------------------|--------|----------------|---------|------------------|--------|
|                                                           |   | **Gross****(1)**                        |   | **Net****(1)**                 |   | **Gross****(1)**                       |   | **Net****(1)** |    | **Gross****(1)** |   | **Net****(1)** |   | **Gross****(1)** |   | **Net****(1)** |   |
|                                                           |   | **(mbbl)**                              |   | **(mbbl)**                     |   | **(mmcf)**                             |   | **(mmcf)**     |    | **(mbbl)**       |   | **(mbbl)** |   | **(mboe)** |   | **(mboe)** |   |
| Proved                Developed Producing(2)(5)                |   |                                    |   |                           |   |                                   |   |           |    |             |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 8,120  |                           |   | 7,399                                  |   |           | 73,420  |             |   | 58,437 |   |   | 3,228 |   |   | 2,137 |   |   | 23,585 |   |   | 19,276 |   |
| France                                                         |   |                                    | 21,529 |                           |   | 19,128                                 |   |           | 2,308   |             |   | 2,138 |   |   | - |   |   | - |   |   | 21,914 |   |   | 19,484 |   |
| Netherlands                                                    |   |                                    | -      |                           |   | -                                      |   |           | 64,669  |             |   | 64,669 |   |   | 98 |   |   | 98 |   |   | 10,876 |   |   | 10,876 |   |
| Australia                                                      |   |                                    | 10,655 |                           |   | 10,655                                 |   |           | -       |             |   | - |   |   | - |   |   | - |   |   | 10,655 |   |   | 10,655 |   |
| Total                                                          |   |                                    | 40,304 |                           |   | 37,182                                 |   |           | 140,397 |             |   | 125,244 |   |   | 3,326 |   |   | 2,235 |   |   | 67,030 |   |   | 60,291 |   |
| Proved                Developed Non-Producing(2)(6)            |   |                                    |   |                           |   |                                   |   |           |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 64     |                           |   | 61                                     |   |           | 9,891   |             |   | 8,653 |   |   | 150 |   |   | 105 |   |   | 1,863 |   |   | 1,608 |   |
| France                                                         |   |                                    | 362    |                           |   | 319                                    |   |           | -       |             |   | - |   |   | - |   |   | - |   |   | 362 |   |   | 319 |   |
| Netherlands                                                    |   |                                    | -      |                           |   | -                                      |   |           | 355     |             |   | 355 |   |   | 1 |   |   | 1 |   |   | 60 |   |   | 60 |   |
| Australia                                                      |   |                                    | 1,750  |                           |   | 1,750                                  |   |           | -       |             |   | - |   |   | - |   |   | - |   |   | 1,750 |   |   | 1,750 |   |
| Total                                                          |   |                                    | 2,176  |                           |   | 2,130                                  |   |           | 10,246  |             |   | 9,008 |   |   | 151 |   |   | 106 |   |   | 4,035 |   |   | 3,737 |   |
| Proved                Undeveloped(2)(7)                        |   |                                    |   |                           |   |                                   |   |           |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 318    |                           |   | 278                                    |   |           | 28,060  |             |   | 24,379 |   |   | 89 |   |   | 56 |   |   | 5,084 |   |   | 4,397 |   |
| France                                                         |   |                                    | 2,196  |                           |   | 2,085                                  |   |           | -       |             |   | - |   |   | - |   |   | - |   |   | 2,196 |   |   | 2,085 |   |
| Netherlands                                                    |   |                                    | -      |                           |   | -                                      |   |           | 157     |             |   | 157 |   |   | - |   |   | - |   |   | 26 |   |   | 26 |   |
| Australia                                                      |   |                                    | -      |                           |   | -                                      |   |           | -       |             |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Total                                                          |   |                                    | 2,514  |                           |   | 2,363                                  |   |           | 28,217  |             |   | 24,536 |   |   | 89 |   |   | 56 |   |   | 7,306 |   |   | 6,508 |   |
| Total                Proved(2)                                 |   |                                    |   |                           |   |                                   |   |           |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 8,503  |                           |   | 7,738                                  |   |           | 111,371 |             |   | 91,468 |   |   | 3,467 |   |   | 2,298 |   |   | 30,532 |   |   | 25,281 |   |
| France                                                         |   |                                    | 24,088 |                           |   | 21,531                                 |   |           | 2,308   |             |   | 2,138 |   |   | - |   |   | - |   |   | 24,473 |   |   | 21,887 |   |
| Netherlands                                                    |   |                                    | -      |                           |   | -                                      |   |           | 65,180  |             |   | 65,180 |   |   | 99 |   |   | 99 |   |   | 10,962 |   |   | 10,962 |   |
| Australia                                                      |   |                                    | 12,405 |                           |   | 12,405                                 |   |           | -       |             |   | - |   |   | - |   |   | - |   |   | 12,405 |   |   | 12,405 |   |
| Total                                                          |   |                                    | 44,996 |                           |   | 41,674                                 |   |           | 178,859 |             |   | 158,786 |   |   | 3,566 |   |   | 2,397 |   |   | 78,372 |   |   | 70,535 |   |
| Total                Probable(3)                               |   |                                    |   |                           |   |                                   |   |           |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 1,915  |                           |   | 1,747                                  |   |           | 63,042  |             |   | 50,909 |   |   | 1,970 |   |   | 1,300 |   |   | 14,392 |   |   | 11,532 |   |
| France                                                         |   |                                    | 10,860 |                           |   | 9,883                                  |   |           | 462     |             |   | 423 |   |   | - |   |   | - |   |   | 10,937 |   |   | 9,954 |   |
| Netherlands                                                    |   |                                    | -      |                           |   | -                                      |   |           | 18,782  |             |   | 18,782 |   |   | 30 |   |   | 30 |   |   | 3,160 |   |   | 3,160 |   |
| Australia                                                      |   |                                    | 3,792  |                           |   | 3,792                                  |   |           | -       |             |   | - |   |   | - |   |   | - |   |   | 3,792 |   |   | 3,792 |   |
| Total                                                          |   |                                    | 16,567 |                           |   | 15,422                                 |   |           | 82,286  |             |   | 70,114 |   |   | 2,000 |   |   | 1,330 |   |   | 32,281 |   |   | 28,438 |   |
| Total                Proved                Plus Probable(2)(3) |   |                                    |   |                           |   |                                   |   |           |    |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                    | 10,418 |                           |   | 9,485                                  |   |           | 174,413 |             |   | 142,378 |   |   | 5,437 |   |   | 3,598 |   |   | 44,924 |   |   | 36,813 |   |
| France                                                         |   |                                    | 34,948 |                           |   | 31,414                                 |   |           | 2,770   |             |   | 2,561 |   |   | - |   |   | - |   |   | 35,410 |   |   | 31,841 |   |
| Netherlands                                                    |   |                                    | -      |                           |   | -                                      |   |           | 83,962  |             |   | 83,962 |   |   | 129 |   |   | 129 |   |   | 14,123 |   |   | 14,123 |   |
| Australia                                                      |   |                                    | 16,197 |                           |   | 16,197                                 |   |           | -       |             |   | - |   |   | - |   |   | - |   |   | 16,197 |   |   | 16,197 |   |
| Total                                                          |   |                                    | 61,563 |                           |   | 57,096                                 |   |           | 261,145 |             |   | 228,901 |   |   | 5,566 |   |   | 3,727 |   |   | 110,654 |   |   | 98,974 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

***Net      Present Values of Future Net Revenue - Based on Forecast Prices and      Costs***
***(9)***

|                                                           |   | **Before                Deducting Income Taxes Discounted At** |      | **After                Deducting Income Taxes Discounted At** |   |
|----------------------------------------------------------------|--------|----------------------------------------------------------------|-----------|---------------------------------------------------------------|--------|
|                                                           |   | **0%**                                                         |      | **5%**                                                        |   | **10%** |   | **15%** |   | **20%** |   | **0%** |   | **5%** |   | **10%** |   | **15%** |   | **20%** |   |
|                                                           |   | **(M$)**                                                       |      | **(M$)**                                                      |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   | **(M$)** |   |
| Proved                Developed Producing(2)(5)                |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 665,976   |                                                          |   | 523,750 |   |   | 439,818 |   |   | 384,022 |   |   | 343,865 |   |   | 665,976 |   |   | 523,750 |   |   | 439,818 |   |   | 384,022 |   |   | 343,865 |   |
| France                                                         |   |                                                           | 759,618   |                                                          |   | 510,394 |   |   | 393,354 |   |   | 326,264 |   |   | 282,355 |   |   | 515,762 |   |   | 352,595 |   |   | 274,663 |   |   | 229,326 |   |   | 199,282 |   |
| Netherlands                                                    |   |                                                           | 128,480   |                                                          |   | 122,878 |   |   | 116,841 |   |   | 110,853 |   |   | 105,168 |   |   | 84,297 |   |   | 81,482 |   |   | 77,867 |   |   | 74,001 |   |   | 70,191 |   |
| Australia                                                      |   |                                                           | 240,226   |                                                          |   | 232,952 |   |   | 216,886 |   |   | 199,486 |   |   | 183,314 |   |   | 118,057 |   |   | 129,283 |   |   | 126,683 |   |   | 119,443 |   |   | 111,170 |   |
| Total                                                          |   |                                                           | 1,794,300 |                                                          |   | 1,389,974 |   |   | 1,166,899 |   |   | 1,020,625 |   |   | 914,702 |   |   | 1,384,092 |   |   | 1,087,110 |   |   | 919,031 |   |   | 806,792 |   |   | 724,508 |   |
| Proved                Developed Non-Producing(2)(6)            |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 50,620    |                                                          |   | 42,078 |   |   | 36,073 |   |   | 31,629 |   |   | 28,208 |   |   | 50,620 |   |   | 42,079 |   |   | 36,072 |   |   | 31,629 |   |   | 28,207 |   |
| France                                                         |   |                                                           | 12,378    |                                                          |   | 8,728 |   |   | 6,606 |   |   | 5,247 |   |   | 4,307 |   |   | 8,404 |   |   | 6,030 |   |   | 4,613 |   |   | 3,688 |   |   | 3,040 |   |
| Netherlands                                                    |   |                                                           | 35        |                                                          |   | 186 |   |   | 297 |   |   | 377 |   |   | 436 |   |   | 23 |   |   | 123 |   |   | 198 |   |   | 252 |   |   | 291 |   |
| Australia                                                      |   |                                                           | 65,553    |                                                          |   | 55,179 |   |   | 46,270 |   |   | 39,230 |   |   | 33,758 |   |   | 38,979 |   |   | 33,789 |   |   | 28,506 |   |   | 24,118 |   |   | 20,662 |   |
| Total                                                          |   |                                                           | 128,586   |                                                          |   | 106,171 |   |   | 89,246 |   |   | 76,483 |   |   | 66,709 |   |   | 98,026 |   |   | 82,021 |   |   | 69,389 |   |   | 59,687 |   |   | 52,200 |   |
| Proved                Undeveloped(2)(7)                        |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 89,175    |                                                          |   | 57,411 |   |   | 37,363 |   |   | 24,182 |   |   | 15,180 |   |   | 89,176 |   |   | 57,411 |   |   | 37,363 |   |   | 24,182 |   |   | 15,180 |   |
| France                                                         |   |                                                           | 98,983    |                                                          |   | 64,520 |   |   | 48,156 |   |   | 38,461 |   |   | 31,940 |   |   | 63,892 |   |   | 40,451 |   |   | 29,316 |   |   | 22,715 |   |   | 18,283 |   |
| Netherlands                                                    |   |                                                           | 654       |                                                          |   | 586 |   |   | 495 |   |   | 409 |   |   | 335 |   |   | 266 |   |   | 234 |   |   | 171 |   |   | 108 |   |   | 52 |   |
| Australia                                                      |   |                                                           | -         |                                                          |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Total                                                          |   |                                                           | 188,812   |                                                          |   | 122,517 |   |   | 86,014 |   |   | 63,052 |   |   | 47,455 |   |   | 153,334 |   |   | 98,096 |   |   | 66,850 |   |   | 47,005 |   |   | 33,515 |   |
| Total                Proved(2)                                 |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 805,771   |                                                          |   | 623,240 |   |   | 513,253 |   |   | 439,833 |   |   | 387,253 |   |   | 805,771 |   |   | 623,240 |   |   | 513,253 |   |   | 439,833 |   |   | 387,253 |   |
| France                                                         |   |                                                           | 870,979   |                                                          |   | 583,641 |   |   | 448,117 |   |   | 369,971 |   |   | 318,602 |   |   | 588,058 |   |   | 399,076 |   |   | 308,592 |   |   | 255,729 |   |   | 220,605 |   |
| Netherlands                                                    |   |                                                           | 129,169   |                                                          |   | 123,650 |   |   | 117,633 |   |   | 111,639 |   |   | 105,939 |   |   | 84,586 |   |   | 81,839 |   |   | 78,236 |   |   | 74,361 |   |   | 70,534 |   |
| Australia                                                      |   |                                                           | 305,779   |                                                          |   | 288,131 |   |   | 263,156 |   |   | 238,715 |   |   | 217,072 |   |   | 157,036 |   |   | 163,072 |   |   | 155,189 |   |   | 143,561 |   |   | 131,832 |   |
| Total                                                          |   |                                                           | 2,111,698 |                                                          |   | 1,618,662 |   |   | 1,342,159 |   |   | 1,160,158 |   |   | 1,028,866 |   |   | 1,635,451 |   |   | 1,267,227 |   |   | 1,055,270 |   |   | 913,484 |   |   | 810,224 |   |
| Total                Probable(3)                               |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 336,759   |                                                          |   | 203,988 |   |   | 139,338 |   |   | 102,482 |   |   | 79,041 |   |   | 336,758 |   |   | 203,987 |   |   | 139,338 |   |   | 102,482 |   |   | 79,040 |   |
| France                                                         |   |                                                           | 433,039   |                                                          |   | 224,417 |   |   | 142,989 |   |   | 101,268 |   |   | 76,250 |   |   | 279,868 |   |   | 142,557 |   |   | 88,561 |   |   | 60,830 |   |   | 44,237 |   |
| Netherlands                                                    |   |                                                           | 80,646    |                                                          |   | 56,117 |   |   | 41,531 |   |   | 32,112 |   |   | 25,638 |   |   | 60,392 |   |   | 40,547 |   |   | 28,796 |   |   | 21,326 |   |   | 16,295 |   |
| Australia                                                      |   |                                                           | 123,292   |                                                          |   | 97,693 |   |   | 76,190 |   |   | 60,631 |   |   | 49,672 |   |   | 73,063 |   |   | 61,402 |   |   | 48,298 |   |   | 38,166 |   |   | 30,931 |   |
| Total                                                          |   |                                                           | 973,736   |                                                          |   | 582,215 |   |   | 400,048 |   |   | 296,493 |   |   | 230,601 |   |   | 750,081 |   |   | 448,493 |   |   | 304,993 |   |   | 222,804 |   |   | 170,503 |   |
| Total                Proved                Plus Probable(2)(3) |   |                                                           |      |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                                                           | 1,142,530 |                                                          |   | 827,228 |   |   | 652,591 |   |   | 542,315 |   |   | 466,293 |   |   | 1,142,530 |   |   | 827,228 |   |   | 652,591 |   |   | 542,315 |   |   | 466,293 |   |
| France                                                         |   |                                                           | 1,304,017 |                                                          |   | 808,058 |   |   | 591,105 |   |   | 471,239 |   |   | 394,852 |   |   | 867,926 |   |   | 541,633 |   |   | 397,153 |   |   | 316,559 |   |   | 264,842 |   |
| Netherlands                                                    |   |                                                           | 209,815   |                                                          |   | 179,766 |   |   | 159,164 |   |   | 143,751 |   |   | 131,577 |   |   | 144,978 |   |   | 122,386 |   |   | 107,032 |   |   | 95,687 |   |   | 86,829 |   |
| Australia                                                      |   |                                                           | 429,071   |                                                          |   | 385,825 |   |   | 339,346 |   |   | 299,347 |   |   | 266,745 |   |   | 230,099 |   |   | 224,474 |   |   | 203,487 |   |   | 181,727 |   |   | 162,763 |   |
| Total                                                          |   |                                                           | 3,085,433 |                                                          |   | 2,200,877 |   |   | 1,742,206 |   |   | 1,456,652 |   |   | 1,259,467 |   |   | 2,385,533 |   |   | 1,715,721 |   |   | 1,360,263 |   |   | 1,136,288 |   |   | 980,727 |   |

***Total      Future Net Revenue (Undiscounted) Based on Forecast Prices and      Costs***
***(9)***

|                                                           |   |                |      |                  |   |                                       |   |                                                 |      |                                                         |   |                                                              |   |                                    |    |                                                             |   |
|----------------------------------------------------------------|--------|---------------------|-----------|-----------------------|--------|--------------------------------------------|--------|------------------------------------------------------|-----------|--------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-----------------------------------------|---------|------------------------------------------------------------------|--------|
|                                                           |   | **Revenue****(M$)** |      | **Royalties****(M$)** |   | **Operating                Costs****(M$)** |   | **Capital                Development Costs****(M$)** |      | **Abandonment                and Reclamation Costs****(M$)** |   | **Future                Net Revenue Before Income Taxes****(M$)** |   | **Income                Taxes****(M$)** |    | **Future                Net Revenue After Income Taxes****(M$)** |   |
| Total                Proved(2)                                 |   |                |      |                  |   |                                       |   |                                                 |      |                                                         |   |                                                              |   |                                    |    |                                                             |   |
| Canada                                                         |   |                | 1,628,488 |                  |   | 243,168                                    |   |                                                 | 473,704   |                                                         |   | 79,533                                                            |   |                                    | 26,313  |                                                             |   | 805,771 |   |   | - |   |   | 805,771 |   |
| France                                                         |   |                | 1,367,101 |                  |   | 143,218                                    |   |                                                 | 313,829   |                                                         |   | 20,922                                                            |   |                                    | 18,153  |                                                             |   | 870,979 |   |   | 282,920 |   |   | 588,058 |   |
| Netherlands                                                    |   |                | 482,175   |                  |   | -                                          |   |                                                 | 258,945   |                                                         |   | 34,763                                                            |   |                                    | 59,298  |                                                             |   | 129,169 |   |   | 44,582 |   |   | 84,586 |   |
| Australia                                                      |   |                | 665,888   |                  |   | -                                          |   |                                                 | 252,866   |                                                         |   | 15,409                                                            |   |                                    | 91,835  |                                                             |   | 305,779 |   |   | 148,744 |   |   | 157,036 |   |
| Total                                                          |   |                | 4,143,652 |                  |   | 386,386                                    |   |                                                 | 1,299,344 |                                                         |   | 150,627                                                           |   |                                    | 195,599 |                                                             |   | 2,111,698 |   |   | 476,246 |   |   | 1,635,451 |   |
| Total                Proved                Plus Probable(2)(3) |   |                |      |                  |   |                                       |   |                                                 |      |                                                         |   |                                                              |   |                                    |    |                                                             |   |   |   |   |   |   |   |   |   |
| Canada                                                         |   |                | 2,392,288 |                  |   | 376,810                                    |   |                                                 | 695,420   |                                                         |   | 144,049                                                           |   |                                    | 33,479  |                                                             |   | 1,142,530 |   |   | - |   |   | 1,142,530 |   |
| France                                                         |   |                | 2,023,293 |                  |   | 202,794                                    |   |                                                 | 420,825   |                                                         |   | 73,136                                                            |   |                                    | 22,521  |                                                             |   | 1,304,017 |   |   | 436,091 |   |   | 867,926 |   |
| Netherlands                                                    |   |                | 620,174   |                  |   | -                                          |   |                                                 | 301,121   |                                                         |   | 41,919                                                            |   |                                    | 67,319  |                                                             |   | 209,815 |   |   | 64,837 |   |   | 144,978 |   |
| Australia                                                      |   |                | 877,485   |                  |   | -                                          |   |                                                 | 330,081   |                                                         |   | 18,928                                                            |   |                                    | 99,405  |                                                             |   | 429,071 |   |   | 198,973 |   |   | 230,099 |   |
| Total                                                          |   |                | 5,913,240 |                  |   | 579,604                                    |   |                                                 | 1,747,447 |                                                         |   | 278,032                                                           |   |                                    | 222,724 |                                                             |   | 3,085,433 |   |   | 699,901 |   |   | 2,385,533 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

***Future      Net Revenue by Production Group Based on Forecast Prices and      Costs***
***(9)***

|                                                           |   | **Production                Group** |                                                 | **Future                Net Revenue****Before                Income Taxes****(Discounted                at 10% Per Year)****(M$)** |   |
|----------------------------------------------------------------|--------|-------------------------------------|------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|--------|
| Total                Proved(2)                                 |   |                                | Light                and medium crude oil            |                                                                                                                               |   | 863,079 |   |
|                                                                |   |                                | Associated                gas and non-associated gas |                                                                                                                               |   | 479,080 |   |
|                                                           |   |                                |                                                 |                                                                                                                               |   |   |   |
| Total                Proved                Plus Probable(2)(3) |   |                                | Light                and medium crude oil            |                                                                                                                               |   | 1,104,061 |   |
|                                                           |   |                                | Associated                gas and non-associated gas |                                                                                                                               |   | 638,145 |   |

**Notes:**

| (1) | "Gross                Reserves" are Vermilion's working interest (operating or non-operating)                share before deducting of royalties and without including any royalty                interests of Vermilion. "Net Reserves" are Vermilion's working interest                (operating or non-operating) share after deduction of royalty obligations,                plus Vermilion's royalty interests in                reserves. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | "Proved"                reserves are those reserves that can be estimated with a high degree                of                certainty to be recoverable. It is likely that the actual remaining                quantities recovered will exceed the estimated proved                reserves. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | "Probable"                reserves are those additional reserves that are less certain to be                recovered than proved reserves. It is equally likely that the actual                remaining quantities recovered will be greater or less than the sum                of the                estimated proved plus probable                reserves. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | "Developed"                reserves are those reserves that are expected to be recovered from                existing wells and installed facilities or, if facilities have not                been                installed, that would involve a low expenditure (e.g. when compared                to the                cost of drilling a well) to put the reserves on                production. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | "Developed                Producing" reserves are those reserves that are expected to be recovered                from completion intervals open at the time of the estimate. These                reserves                may be currently producing or, if shut-in, they must have previously                been                on production, and the date of resumption of production must be known                with                reasonable certainty. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | "Developed                Non-Producing" reserves are those reserves that either have not been                on                production, or have previously been on production, but are shut in,                and                the date of resumption of production is                unknown. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | "Undeveloped"                reserves are those reserves expected to be recovered from known                accumulations where a significant expenditure (for example, when                compared                to the cost of drilling a well) is required to render them capable                of                production. They must fully meet the requirements of the reserves                classification (proved, probable, possible) to which they are                assigned. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | The                product                prices used in the constant price and cost evaluations in the GLJ                Report                were as follows: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Oil:                          | $68.27 | Cdn/Bbl                Light, Sweet Crude at Edmonton | Gas:                            | $9.71  | Cdn/mmbtu                AECO-C Spot              |
|-------------------------------|--------|-------------------------------------------------------|---------------------------------|--------|---------------------------------------------------|
| Pentanes                Plus: | $71.67 | Cdn/Bbl                at                Edmonton     | Propane:                        | $43.69 | Cdn/Bbl                at                Edmonton |
| Butane:                       | $50.52 | Cdn/Bbl                at                Edmonton     | Netherlands                Gas: | $8.60  | Cdn/mcf                                           |
|                          |   |                                                  | Wandoo                Crude:    | $64.41 | Cdn/bbl                                           |

| (9) | The                pricing                assumptions used in the GLJ Report with respect to net values of                future                net revenue (forecast) as well as the inflation rates used for operating                and capital costs are set forth below. The Natural Gas Liquids price                is an                aggregate of the individual natural gas liquids prices used in the                Total                Proved plus Probable evaluation. GLJ is an independent qualified                reserves                evaluator appointed pursuant to                NI 51-101. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|     |   |                                                    |   |                                                                     |   |                                                               |   |  ________                                                              |   |  ________                                |   |  ________                                    |   |                                       |   |                                   |   |                                        |   |                |   |
|----------|--------|---------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------|--------|---------------------------------------------------|--------|--------------------------------------------|--------|----------------------------------------|--------|----------------------------------------|--------|----------------|--------|
|     |   |                                                    |   |                                                                     |   |                                                               |   |                                                                        |   |                                          |   |                                              |   | **Natural                Gas**             |   | **Natural                Gas**         |   | **Inflation**                          |   | **Exchange**   |   |
|     |   | **Light                and Medium Crude Oil**           |   | **Crude                Oil**                                             |   | **Crude                Oil**                                       |   | **Natural                Gas**                                              |   | **Netherlands**                               |   | **Liquids**                                       |   | **Rate**                                   |   | **Rate**                               |   |
| **Year** |   | **WTI****Cushing                Oklahoma****($US/bbl)** |   | **Edmonton****Par                Price****40****o****API****($Cdn/bbl)** |   | **Cromer                Medium****29.3****o****API****($Cdn/bbl)** |   | **Brent                Blend FOB****North                Sea****($US/bbl)** |   | **Australia****Wandoo****Field****($US/bbl)** |   | **AECO                Gas Price****($Cdn/mmbtu)** |   | **Wellhead****Gas****Price****($Cdn/mcf)** |   | **FOB****Field****Gate****($Cdn/bbl)** |   | **Percent****Per                Year** |   | **($US/$Cdn)** |   |
| Forecast |   |                                                    |   |                                                                     |   |                                                               |   |                                                                        |   |                                          |   |                                              |   |                                       |   |                                   |   |                                   |   |           |   |
| 2006     |   |                                                    | 57.00  |                                                                     |   | 66.25                                                              |   |                                                                        | 55.75  |                                          |   | 55.50                                             |   |                                       | 51.78  |                                   |   | 10.60                                  |   |           | 8.14   |   |   | 54.43 |   |   | 2.0 |   |   | 0.85 |   |
| 2007     |   |                                                    | 55.00  |                                                                     |   | 64.00                                                              |   |                                                                        | 55.25  |                                          |   | 53.50                                             |   |                                       | 49.97  |                                   |   | 9.25                                   |   |           | 8.01   |   |   | 52.79 |   |   | 2.0 |   |   | 0.85 |   |
| 2008     |   |                                                    | 51.00  |                                                                     |   | 59.25                                                              |   |                                                                        | 51.25  |                                          |   | 49.50                                             |   |                                       | 46.33  |                                   |   | 8.00                                   |   |           | 7.57   |   |   | 48.77 |   |   | 2.0 |   |   | 0.85 |   |
| 2009     |   |                                                    | 48.00  |                                                                     |   | 55.75                                                              |   |                                                                        | 48.25  |                                          |   | 46.50                                             |   |                                       | 43.61  |                                   |   | 7.50                                   |   |           | 7.06   |   |   | 45.68 |   |   | 2.0 |   |   | 0.85 |   |
| 2010     |   |                                                    | 46.50  |                                                                     |   | 54.00                                                              |   |                                                                        | 46.75  |                                          |   | 45.00                                             |   |                                       | 42.25  |                                   |   | 7.20                                   |   |           | 6.73   |   |   | 44.13 |   |   | 2.0 |   |   | 0.85 |   |

***Reconciliations      of Changes in Reserves and Future Net Revenue***

*2005          Annual Information Form - Vermilion Energy Trust*

----

***Reconciliation      of Company Net Reserves by Principal Product Type - Based on Forecast Prices      and      Costs***

|                                               |   | **Light                and Medium Oil** |   | **Associated                and Non-Associated Gas** |   | **Natural                Gas Liquids**                |   |
|----------------------------------------------------|--------|-----------------------------------------|--------|------------------------------------------------------|--------|-------------------------------------------------------|--------|
|                                               |   | **Net                Proved****(mbbl)** |   | **Net                Probable****(Mbbl)**            |   | **Net                Proved Plus Probable****(Mbbl)** |   | **Net                Proved****(mmcf)** |   | **Net                Probable****(mmcf)** |   | **Net                Proved Plus Probable****(mmcf)** |   | **Net                Proved****(mbbl)** |   | **Net                Probable****(mbbl)** |   | **Net                Proved Plus Probable****(mbbl)** |   |
| **CANADA**                                         |   |                                    |   |                                                 |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At                December                31, 2004 |   |                                    | 9,043  |                                                 |   | 2,857                                                 |   |   | 11,900 |   |   | 72,231 |   |   | 37,988 |   |   | 110,219 |   |   | 2,325 |   |   | 1,149 |   |   | 3,474 |   |
| Extensions                                         |   |                                    | 53     |                                                 |   | (53                                                   | )      |   | - |   |   | 10,369 |   |   | 3,876 |   |   | 14,245 |   |   | - |   |   | - |   |   | - |   |
| Improved                Recovery                   |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | 1,593 |   |   | 2 |   |   | 1,595 |   |   | 49 |   |   | 18 |   |   | 67 |   |
| Technical                Revisions                 |   |                                    | (363   | )                                                    |   | (1,057                                                | )      |   | (1,420 | ) |   | 695 |   |   | 969 |   |   | 1,665 |   |   | 343 |   |   | 142 |   |   | 485 |   |
| Discoveries                                        |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Acquisitions                                       |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | 16,959 |   |   | 8,301 |   |   | 25,260 |   |   | - |   |   | - |   |   | - |   |
| Dispositions                                       |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | (227 | ) |   | (227 | ) |   | - |   |   | (9 | ) |   | (9 | ) |
| Economic                Factors                    |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Production                                         |   |                                    | (995   | )                                                    |   | -                                                     |   |   | (995 | ) |   | (10,379 | ) |   | - |   |   | (10,379 | ) |   | (419 | ) |   | - |   |   | (419 | ) |
| At                December                31, 2005 |   |                                    | 7,738  |                                                 |   | 1,747                                                 |   |   | 9,485 |   |   | 91,468 |   |   | 50,909 |   |   | 142,378 |   |   | 2,298 |   |   | 1,300 |   |   | 3,598 |   |
| **FRANCE**                                         |   |                                    |   |                                                 |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At                December                31, 2004 |   |                                    | 21,558 |                                                 |   | 8,783                                                 |   |   | 30,341 |   |   | 1,999 |   |   | 820 |   |   | 2,819 |   |   | - |   |   | - |   |   | - |   |
| Extensions                                         |   |                                    | 342    |                                                 |   | 1,193                                                 |   |   | 1,535 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Improved                Recovery                   |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Technical                Revisions                 |   |                                    | 1,450  |                                                 |   | (93                                                   | )      |   | 1,357 |   |   | 536 |   |   | (397 | ) |   | 139 |   |   | - |   |   | - |   |   | - |   |
| Discoveries                                        |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Acquisitions                                       |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Dispositions                                       |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Economic                Factors                    |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Production                                         |   |                                    | (1,819 | )                                                    |   | -                                                     |   |   | (1,819 | ) |   | (397 | ) |   | - |   |   | (397 | ) |   | - |   |   | - |   |   | - |   |
| At                December                31, 2005 |   |                                    | 21,531 |                                                 |   | 9,883                                                 |   |   | 31,414 |   |   | 2,138 |   |   | 423 |   |   | 2,561 |   |   | - |   |   | - |   |   | - |   |
| **NETHERLANDS**                                    |   |                                    |   |                                                 |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At                December                31, 2004 |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | 74,775 |   |   | 15,941 |   |   | 90,716 |   |   | 112 |   |   | 24 |   |   | 136 |   |
| Extensions                                         |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | 2,102 |   |   | 2,102 |   |   | - |   |   | 4 |   |   | 4 |   |
| Improved                Recovery                   |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Technical                Revisions                 |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | 219 |   |   | 739 |   |   | 958 |   |   | 2 |   |   | 2 |   |   | 4 |   |
| Discoveries                                        |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Acquisitions                                       |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Dispositions                                       |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Economic                Factors                    |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Production                                         |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | (9,814 | ) |   | - |   |   | (9,814 | ) |   | (15 | ) |   | - |   |   | (15 | ) |
| At                December                31, 2005 |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | 65,180 |   |   | 18,782 |   |   | 83,962 |   |   | 99 |   |   | 30 |   |   | 129 |   |
| **AUSTRALIA**                                      |   |                                    |   |                                                 |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At                December                31, 2004 |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Extensions                                         |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Improved                Recovery                   |   |                                    | 1,200  |                                                 |   | -                                                     |   |   | 1,200 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Technical                Revisions                 |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Discoveries                                        |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Acquisitions                                       |   |                                    | 12,442 |                                                 |   | 3,792                                                 |   |   | 16,234 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Dispositions                                       |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Economic                Factors                    |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Production                                         |   |                                    | (1,237 | )                                                    |   | -                                                     |   |   | (1,237 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| At                December                31, 2005 |   |                                    | 12,405 |                                                 |   | 3,792                                                 |   |   | 16,197 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| **TOTAL                VERMILION**                 |   |                                    |   |                                                 |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At                December                31, 2004 |   |                                    | 30,601 |                                                 |   | 11,640                                                |   |   | 42,241 |   |   | 149,005 |   |   | 54,749 |   |   | 203,754 |   |   | 2,437 |   |   | 1,173 |   |   | 3,610 |   |
| Extensions                                         |   |                                    | 395    |                                                 |   | 1,140                                                 |   |   | 1,535 |   |   | 10,369 |   |   | 5,978 |   |   | 16,347 |   |   | - |   |   | 4 |   |   | 4 |   |
| Improved                Recovery                   |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | 1,593 |   |   | 2 |   |   | 1,595 |   |   | 49 |   |   | 18 |   |   | 67 |   |
| Technical                Revisions                 |   |                                    | 2,287  |                                                 |   | (1,150                                                | )      |   | 1,137 |   |   | 1,450 |   |   | 1,311 |   |   | 2,762 |   |   | 345 |   |   | 144 |   |   | 489 |   |
| Discoveries                                        |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Acquisitions                                       |   |                                    | 12,442 |                                                 |   | 3,792                                                 |   |   | 16,234 |   |   | 16,959 |   |   | 8,301 |   |   | 25,260 |   |   | - |   |   | - |   |   | - |   |
| Dispositions                                       |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | (227 | ) |   | (227 | ) |   | - |   |   | (9 | ) |   | (9 | ) |
| Economic                Factors                    |   |                                    | -      |                                                 |   | -                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Production                                         |   |                                    | (4,051 | )                                                    |   | -                                                     |   |   | (4,051 | ) |   | (20,590 | ) |   | - |   |   | (20,590 | ) |   | (434 | ) |   | - |   |   | (434 | ) |
| At                December                31, 2005 |   |                                    | 41,674 |                                                 |   | 15,422                                                |   |   | 57,096 |   |   | 158,786 |   |   | 70,114 |   |   | 228,901 |   |   | 2,397 |   |   | 1,330 |   |   | 3,727 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Reconciliation      of Changes in Net Present Values of Future Net Revenue Discounted at 10%**

**Based      on      Constant Prices and Costs**

|                                                                                                                            |   | **After                Tax 2005** |     |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|----------|
|                                                                                                                            |   | **(M$)**                          |     |
| **Canada**                                                                                                                      |   |                              |     |
| Estimated                Future Net Revenue at December 31, 2004                                                                |   |                              | 420,831  |   |
| Sales                and                Transfers of Oil and Gas Produced, Net of Production Costs and                Royalties |   |                              | (163,225 | ) |
| Net                Change in                Prices, Production Costs and Royalties Related to Future                Production  |   |                              | 270,364  |   |
| Development                Costs During the Period                                                                              |   |                              | 44,000   |   |
| Changes                in                Estimated Future Development Costs                                                     |   |                              | (40,355  | ) |
| Extensions                and Improved Recovery                                                                                 |   |                              | 31,440   |   |
| Discoveries                                                                                                                     |   |                              | -        |   |
| Acquisitions                of Reserves                                                                                         |   |                              | 48,277   |   |
| Dispositions                of Reserves                                                                                         |   |                              | -        |   |
| Technical                Reserves Revisions                                                                                     |   |                              | 9,310    |   |
| Accretion                of                Discount                                                                             |   |                              | 42,083   |   |
| Net                Change in                Income Taxes                                                                        |   |                              | -        |   |
| All                Other                Changes                                                                                 |   |                              | (2,634   | ) |
| Estimated                Future Net Revenue at December 31, 2005                                                                |   |                              | 660,091  |   |
| **France**                                                                                                                      |   |                              |     |   |
| Estimated                Future Net Revenue at December 31, 2004                                                                |   |                              | 220,691  |   |
| Sales                and                Transfers of Oil and Gas Produced, Net of Production Costs and                Royalties |   |                              | (101,466 | ) |
| Net                Change in                Prices, Production Costs and Royalties Related to Future                Production  |   |                              | 223,072  |   |
| Development                Costs during the Period                                                                              |   |                              | 36,900   |   |
| Changes                in                Estimated Future Development Costs                                                     |   |                              | (13,148  | ) |
| Extensions                and Improved Recovery                                                                                 |   |                              | 10,932   |   |
| Discoveries                                                                                                                     |   |                              | -        |   |
| Acquisitions                of Reserves                                                                                         |   |                              | -        |   |
| Dispositions                of Reserves                                                                                         |   |                              | -        |   |
| Technical                Reserves Revisions                                                                                     |   |                              | 47,157   |   |
| Accretion                of                Discount                                                                             |   |                              | 32,291   |   |
| Net                Change in                Income Taxes                                                                        |   |                              | (91,740  | ) |
| All                Other                Changes                                                                                 |   |                              | 18,849   |   |
| Estimated                Future Net Revenue at December 31, 2005                                                                |   |                              | 383,538  |   |
| **Netherlands**                                                                                                                 |   |                              |     |   |
| Estimated                Future Net Revenue at December 31, 2004                                                                |   |                              | 129,714  |   |
| Sales                and                Transfers of Oil and Gas Produced, Net of Production Costs and                Royalties |   |                              | (46,402  | ) |
| Net                Change in                Prices, Production Costs and Royalties Related to Future                Production  |   |                              | 102,137  |   |
| Development                Costs during the Period                                                                              |   |                              | 12,000   |   |
| Changes                in                Estimated Future Development Costs                                                     |   |                              | (17,289  | ) |
| Extensions                and Improved Recovery                                                                                 |   |                              | -        |   |
| Discoveries                                                                                                                     |   |                              | -        |   |
| Acquisitions                of Reserves                                                                                         |   |                              | -        |   |
| Dispositions                of Reserves                                                                                         |   |                              | -        |   |
| Technical                Reserves Revisions                                                                                     |   |                              | 656      |   |
| Accretion                of                Discount                                                                             |   |                              | 19,119   |   |
| Net                Change in                Income Taxes                                                                        |   |                              | (3,755   | ) |
| All                Other                Changes                                                                                 |   |                              | (72,879  | ) |
| Estimated                Future Net Revenue at December 31, 2005                                                                |   |                              | 123,301  |   |
| **Australia**                                                                                                                   |   |                              |     |   |
| Estimated                Future Net Revenue at December 31, 2004                                                                |   |                              | -        |   |
| Sales                and                Transfers of Oil and Gas Produced, Net of Production Costs and                Royalties |   |                              | (66,900  | ) |
| Net                Change in                Prices, Production Costs and Royalties Related to Future                Production  |   |                              | -        |   |
| Development                Costs during the Period                                                                              |   |                              | 900      |   |
| Changes                in                Estimated Future Development Costs                                                     |   |                              | (900     | ) |
| Extensions                and Improved Recovery                                                                                 |   |                              | -        |   |
| Discoveries                                                                                                                     |   |                              | -        |   |
| Acquisitions                of Reserves                                                                                         |   |                              | 386,261  |   |
| Dispositions                of Reserves                                                                                         |   |                              | -        |   |
| Technical                Reserves Revisions                                                                                     |   |                              | 41,333   |   |
| Accretion                of                Discount                                                                             |   |                              | -        |   |
| Net                Change in                Income Taxes                                                                        |   |                              | (151,586 | ) |
| All                Other                Changes                                                                                 |   |                              | 7,400    |   |
| Estimated                Future Net Revenue at December 31, 2005                                                                |   |                              | 216,508  |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Undeveloped      Reserves**

**Future      Development Costs**

|                                                                             |   |                                                                                                 |   |                                                                                                 |   |                                                                                                               |   |
|----------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|--------|
|                                                                             |   | **Total                  Proved Estimated Using****Constant                  Prices and Costs (M$)** |   | **Total                  Proved Estimated Using****Forecast                  Prices and Costs (M$)** |   | **Total                  Proved Plus Probable Estimated Using****Forecast                  Prices and Costs (M$)** |   |
| **Canada**                                                                       |   |                                                                                                 |   |                                                                                                 |   |                                                                                                               |   |
| 2006                                                                             |   |                                                                                                 | 29,500 |                                                                                                 |   | 29,500                                                                                                             |   |   | 56,542 |   |
| 2007                                                                             |   |                                                                                                 | 25,184 |                                                                                                 |   | 25,687                                                                                                             |   |   | 54,756 |   |
| 2008                                                                             |   |                                                                                                 | 17,360 |                                                                                                 |   | 18,062                                                                                                             |   |   | 25,913 |   |
| 2009                                                                             |   |                                                                                                 | 20     |                                                                                                 |   | 21                                                                                                                 |   |   | - |   |
| 2010                                                                             |   |                                                                                                 | -      |                                                                                                 |   | -                                                                                                                  |   |   | 76 |   |
| Remainder                                                                        |   |                                                                                                 | 5,379  |                                                                                                 |   | 6,263                                                                                                              |   |   | 6,762 |   |
| Total                  for all                  years undiscounted               |   |                                                                                                 | 77,443 |                                                                                                 |   | 79,533                                                                                                             |   |   | 144,049 |   |
| Total                  for all                  years discounted at 10% per year |   |                                                                                                 | 65,903 |                                                                                                 |   | 67,165                                                                                                             |   |   | 124,577 |   |
| **France**                                                                       |   |                                                                                                 |   |                                                                                                 |   |                                                                                                               |   |   |   |   |
| 2006                                                                             |   |                                                                                                 | 14,260 |                                                                                                 |   | 14,260                                                                                                             |   |   | 22,020 |   |
| 2007                                                                             |   |                                                                                                 | 5,592  |                                                                                                 |   | 5,703                                                                                                              |   |   | 27,098 |   |
| 2008                                                                             |   |                                                                                                 | -      |                                                                                                 |   | -                                                                                                                  |   |   | 23,029 |   |
| 2009                                                                             |   |                                                                                                 | 274    |                                                                                                 |   | 291                                                                                                                |   |   | 291 |   |
| 20010                                                                            |   |                                                                                                 | -      |                                                                                                 |   | -                                                                                                                  |   |   | - |   |
| Remainder                                                                        |   |                                                                                                 | 576    |                                                                                                 |   | 668                                                                                                                |   |   | 698 |   |
| Total                  for all                  years undiscounted               |   |                                                                                                 | 20,702 |                                                                                                 |   | 20,922                                                                                                             |   |   | 73,136 |   |
| Total                  for all                  years discounted at 10% per year |   |                                                                                                 | 18,925 |                                                                                                 |   | 19,073                                                                                                             |   |   | 63,175 |   |
| **Netherlands**                                                                  |   |                                                                                                 |   |                                                                                                 |   |                                                                                                               |   |   |   |   |
| 2006                                                                             |   |                                                                                                 | 1,998  |                                                                                                 |   | 1,998                                                                                                              |   |   | 8,907 |   |
| 2007                                                                             |   |                                                                                                 | 693    |                                                                                                 |   | 707                                                                                                                |   |   | 713 |   |
| 2008                                                                             |   |                                                                                                 | 644    |                                                                                                 |   | 669                                                                                                                |   |   | 680 |   |
| 2009                                                                             |   |                                                                                                 | 631    |                                                                                                 |   | 669                                                                                                                |   |   | 686 |   |
| 2010                                                                             |   |                                                                                                 | 10,574 |                                                                                                 |   | 11,443                                                                                                             |   |   | 11,465 |   |
| Remainder                                                                        |   |                                                                                                 | 15,786 |                                                                                                 |   | 19,277                                                                                                             |   |   | 19,468 |   |
| Total                  for all                  years undiscounted               |   |                                                                                                 | 30,326 |                                                                                                 |   | 34,763                                                                                                             |   |   | 41,919 |   |
| Total                  for all                  years discounted at 10% per year |   |                                                                                                 | 16,247 |                                                                                                 |   | 18,110                                                                                                             |   |   | 24,823 |   |
| **Australia**                                                                    |   |                                                                                                 |   |                                                                                                 |   |                                                                                                               |   |   |   |   |
| 2006                                                                             |   |                                                                                                 | 10,662 |                                                                                                 |   | 10,662                                                                                                             |   |   | 10,662 |   |
| 2007                                                                             |   |                                                                                                 | 3,164  |                                                                                                 |   | 3,227                                                                                                              |   |   | 6,746 |   |
| 2008                                                                             |   |                                                                                                 | 682    |                                                                                                 |   | 709                                                                                                                |   |   | 709 |   |
| 2009                                                                             |   |                                                                                                 | 763    |                                                                                                 |   | 811                                                                                                                |   |   | 811 |   |
| 2010                                                                             |   |                                                                                                 | -      |                                                                                                 |   | -                                                                                                                  |   |   | - |   |
| Remainder                                                                        |   |                                                                                                 | -      |                                                                                                 |   |                                                                                                               |   |   | - |   |
| Total                  for all                  years undiscounted               |   |                                                                                                 | 15,271 |                                                                                                 |   | 15,409                                                                                                             |   |   | 18,928 |   |
| Total                  for all                  years discounted at 10% per year |   |                                                                                                 | 13,992 |                                                                                                 |   | 14,102                                                                                                             |   |   | 17,153 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Oil      and Gas      Properties and Wells**

|            |   |                      |   | **Oil**                 |   | **Natural                  Gas** |   |
|-----------------|--------|---------------------------|--------|-------------------------|--------|----------------------------------|--------|
|            |   | **Gross****(1)****Wells** |   | **Net****(2)****Wells** |   | **Gross****(1)****Wells**        |   | **Net****(2)****Wells** |   |
| **Canada**      |   |                      |   |                    |   |                             |   |   |   |
| Producing       |   |                      | 305    |                    |   | 206                              |   |   | 360 |   |   | 257 |   |
| Non-producing   |   |                      | 72     |                    |   | 51                               |   |   | 141 |   |   | 99 |   |
| **France**      |   |                      |   |                    |   |                             |   |   |   |   |   |   |   |
| Producing       |   |                      | 130    |                    |   | 118                              |   |   | - |   |   | - |   |
| Non-producing   |   |                      | 24     |                    |   | 14                               |   |   | - |   |   | - |   |
| **Netherlands** |   |                      |   |                    |   |                             |   |   |   |   |   |   |   |
| Producing       |   |                      | -      |                    |   | -                                |   |   | 52 |   |   | 41 |   |
| Non-producing   |   |                      | -      |                    |   | -                                |   |   | 16 |   |   | 13 |   |
| **Australia**   |   |                      |   |                    |   |                             |   |   |   |   |   |   |   |
| Producing       |   |                      | 16     |                    |   | 10                               |   |   | - |   |   | - |   |
| Non-producing   |   |                      | -      |                    |   | -                                |   |   | - |   |   | - |   |
| **Total**       |   |                      |   |                    |   |                             |   |   |   |   |   |   |   |
| Producing       |   |                      | 451    |                    |   | 334                              |   |   | 412 |   |   | 298 |   |
| Non-producing   |   |                      | 96     |                    |   | 65                               |   |   | 157 |   |   | 112 |   |

**Notes:**

| (1) | "Gross"                refers to the total wells in which Vermilion has an interest, directly                or                indirectly. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | "Net"                refers                to the total wells in which Vermilion has an interest, directly or                indirectly, multiplied by the percentage working interest owned by                Vermilion, directly or indirectly,                therein. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Costs      Incurred**

|        |   | **Corporate                  Acquisition** |   | **Property                  Acquisition Costs** |   | **Exploration                  Costs** |   | **Development                  Costs** |   |
|-------------|--------|--------------------------------------------|--------|-------------------------------------------------|--------|----------------------------------------|--------|----------------------------------------|--------|
|        |   | **(M$)**                                   |   | **(M$)**                                        |   | **(M$)**                               |   | **(M$)**                               |   |
|        |   |                                       |   | **Proved****Properties**                        |   | **Unproved****Properties**             |   |                                   |   |   |   |
| Canada      |   |                                       | 91,613 |                                            |   | -                                      |   |                                   | -      |   |   | 5,515 |   |   | 43,894 |   |
| France      |   |                                       | -      |                                            |   | -                                      |   |                                   | -      |   |   | 8,045 |   |   | 42,604 |   |
| Netherlands |   |                                       | -      |                                            |   | -                                      |   |                                   | -      |   |   | - |   |   | 12,434 |   |
| Australia   |   |                                       | -      |                                            |   | 94,967                                 |   |                                   | -      |   |   | - |   |   | 1,038 |   |
| Total       |   |                                       | 91,613 |                                            |   | 94,967                                 |   |                                   | -      |   |   | 13,560 |   |   | 99,970 |   |

**Exploration      and Development Activities **

|                                 |   | **Development                Wells** |   |
|--------------------------------------|--------|--------------------------------------|--------|
|                                 |   | **Gross****(1)**                     |   | **Net****(2)** |   |
| **Canada**                           |   |                                 |   |   |   |
| Oil                Wells             |   |                                 | 1      |   |   | 0.5 |   |
| Gas                Wells             |   |                                 | 19     |   |   | 10.7 |   |
| Standing                             |   |                                 | 44     |   |   | 18.6 |   |
| Dry                Holes             |   |                                 | 2      |   |   | 0.6 |   |
| Total                Completed Wells |   |                                 | 66     |   |   | 30.4 |   |
| **France**                           |   |                                 |   |   |   |   |   |
| Oil                Wells             |   |                                 | 4      |   |   | 4.0 |   |
| Gas                Wells             |   |                                 | -      |   |   | - |   |
| Standing                             |   |                                 | -      |   |   | - |   |
| Dry                Holes             |   |                                 | -      |   |   | - |   |
| Total                Completed Wells |   |                                 | 4      |   |   | 4.0 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

|                                 |   | **Development                Wells** |   |
|--------------------------------------|--------|--------------------------------------|--------|
|                                 |   | **Gross****(1)**                     |   | **Net****(2)** |   |
| **Netherlands**                      |   |                                 |   |   |   |
| Oil                Wells             |   |                                 | -      |   |   | - |   |
| Gas                Wells             |   |                                 | -      |   |   | - |   |
| Standing                             |   |                                 | -      |   |   | - |   |
| Dry                Holes             |   |                                 | -      |   |   | - |   |
| Total                Completed Wells |   |                                 | -      |   |   | - |   |
| **Australia**                        |   |                                 |   |   |   |   |   |
| Oil                Wells             |   |                                 | -      |   |   | - |   |
| Gas                Wells             |   |                                 | -      |   |   | - |   |
| Standing                             |   |                                 | -      |   |   | - |   |
| Dry                Holes             |   |                                 | -      |   |   | - |   |
| Total                Completed Wells |   |                                 | -      |   |   | - |   |
| **Total                Vermilion**   |   |                                 |   |   |   |   |   |
| Oil                Wells             |   |                                 | 5      |   |   | 4.5 |   |
| Gas                Wells             |   |                                 | 19     |   |   | 10.7 |   |
| Standing                             |   |                                 | 44     |   |   | 18.6 |   |
| Dry                Holes             |   |                                 | 2      |   |   | 0.6 |   |
| Total                Completed Wells |   |                                 | 70     |   |   | 34.4 |   |

**Notes:**

| (1) | "Gross"                refers to the total acres in which Vermilion has an interest, directly                or                indirectly. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | "Net"                refers                to the total acres in which Vermilion has an interest, directly or                indirectly, multiplied by the percentage working interest owned by                Vermilion, directly or indirectly                therein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Properties      with No Attributed Reserves**

|        |   | **Undeveloped                Land**   |      |
|-------------|--------|---------------------------------------|-----------|
| **Area**    |   | **Gross                Acres****(1)** |      | **Net                Acres****(2)** |   |
| Alberta     |   |                                  | 349,480   |   |   | 239,495 |   |
| France      |   |                                  | 1,149,683 |   |   | 288,530 |   |
| Netherlands |   |                                  | 208,808   |   |   | 121,872 |   |
| Australia   |   |                                  | -         |   |   | - |   |
| Total       |   |                                  | 1,707,971 |   |   | 649,897 |   |

**Notes:**

| (1) | "Gross"                refers to the total acres in which Vermilion has an interest, directly                or                indirectly. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | "Net"                refers                to the total acres in which Vermilion has an interest, directly or                indirectly, multiplied by the percentage working interest owned by                Vermilion, directly or indirectly                therein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Abandonment      and Reclamation Costs**

| **Country** |   | **Undiscounted                (M$)** |    | **Discounted                10% (M$)** |   |
|-------------|--------|--------------------------------------|---------|----------------------------------------|--------|
| Canada      |   |                                 | 26,313  |                                   |   | 7,387 |   |
| France      |   |                                 | 18,153  |                                   |   | 3,058 |   |
| Netherlands |   |                                 | 59,298  |                                   |   | 29,338 |   |
| Australia   |   |                                 | 91,835  |                                   |   | 20,961 |   |
| Total       |   |                                 | 195,599 |                                   |   | 60,744 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

| **Country** |   | **Facilities                Undiscounted (M$)** |   | **Discounted                10% (M$)** |   |
|-------------|--------|-------------------------------------------------|--------|----------------------------------------|--------|
| Canada      |   |                                            | 8,335  |                                   |   | 218 |   |
| France      |   |                                            | 27,039 |                                   |   | 560 |   |
| Netherlands |   |                                            | 14,393 |                                   |   | 1,952 |   |
| Australia   |   |                                            | 46,181 |                                   |   | 8,051 |   |
| Total       |   |                                            | 95,948 |                                   |   | 10,781 |   |

| **Country** |   | **Undiscounted                (M$)** |   | **Discounted                10% (M$)** |   |
|-------------|--------|--------------------------------------|--------|----------------------------------------|--------|
| Canada      |   |                                 | 2,015  |                                   |   | 1,503 |   |
| France      |   |                                 | 752    |                                   |   | 525 |   |
| Netherlands |   |                                 | 7,625  |                                   |   | 5,117 |   |
| Australia   |   |                                 | -      |                                   |   | - |   |
| Total       |   |                                 | 10,392 |                                   |   | 7,145 |   |

**Tax      Horizon**

**Production      Estimates**

|        |   | **Light                and Medium Oil** |   | **Natural                Gas** |   | **Natural                Gas Liquids** |   | **BOE**    |   |
|-------------|--------|-----------------------------------------|--------|--------------------------------|--------|----------------------------------------|--------|------------|--------|
|        |   | **(mbbls)**                             |   | **(mmcf)**                     |   | **(mbbls)**                            |   | **(mboe)** |   |
| Canada      |   |                                    | 1,008  |                           |   | 14,353                                 |   |       | 480    |   |   | 3,880 |   |
| France      |   |                                    | 2,166  |                           |   | 382                                    |   |       | -      |   |   | 2,230 |   |
| Netherlands |   |                                    | -      |                           |   | 9,739                                  |   |       | 15     |   |   | 1,638 |   |
| Australia   |   |                                    | 1,572  |                           |   | -                                      |   |       | -      |   |   | 1,572 |   |
| Total       |   |                                    | 4,746  |                           |   | 24,474                                 |   |       | 495    |   |   | 9,320 |   |

**Production      History**

*2005          Annual Information Form - Vermilion Energy Trust*

----

|                                                       |   | **Three                Months Ended** |   | **Three                Months Ended** |   | **Three                Months Ended** |   | **Three                Months Ended** |   |
|------------------------------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|
|                                                       |   | **March                31, 2005**     |   | **June                30, 2005**      |   | **September                30, 2005** |   | **December                31, 2005**  |   |
| **Canada**                                                 |   |                                  |   |                                  |   |                                  |   |                                  |   |
| Average                Daily                Production     |   |                                  |   |                                  |   |                                  |   |                                  |   |
| Light                and                Medium Oil (bbl/d) |   |                                  | 3,856  |                                  |   | 3,254                                 |   |                                  | 3,402  |   |   | 3,163 |   |
| Natural                Gas                (mmcf/d)         |   |                                  | 38.90  |                                  |   | 37.38                                 |   |                                  | 38.22  |   |   | 39.08 |   |
| Natural                Gas                Liquids (bbl/d)  |   |                                  | 1,638  |                                  |   | 1,512                                 |   |                                  | 1,303  |   |   | 1,359 |   |
| Average                Net                Prices Received  |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 49.24  |                                  |   | 49.90                                 |   |                                  | 53.68  |   |   | 51.36 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 7.51   |                                  |   | 8.07                                  |   |                                  | 9.78   |   |   | 12.35 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | 49.72  |                                  |   | 53.62                                 |   |                                  | 59.13  |   |   | 64.73 |   |
| Royalties                                                  |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 12.34  |                                  |   | 11.22                                 |   |                                  | 13.22  |   |   | 11.71 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 1.58   |                                  |   | 1.36                                  |   |                                  | 1.99   |   |   | 2.61 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | 13.26  |                                  |   | 16.48                                 |   |                                  | 19.93  |   |   | 17.82 |   |
| Transportation                                             |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 0.09   |                                  |   | 0.04                                  |   |                                  | 0.04   |   |   | 0.05 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 0.22   |                                  |   | 0.16                                  |   |                                  | 0.15   |   |   | 0.13 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Production                Costs                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 8.01   |                                  |   | 7.40                                  |   |                                  | 5.08   |   |   | 13.72 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 1.04   |                                  |   | 1.36                                  |   |                                  | 1.02   |   |   | 0.89 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | 5.55   |                                  |   | 4.56                                  |   |                                  | 9.12   |   |   | 11.04 |   |
| Netback                Received                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 28.80  |                                  |   | 31.24                                 |   |                                  | 35.34  |   |   | 25.88 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 4.67   |                                  |   | 5.19                                  |   |                                  | 6.62   |   |   | 8.72 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | 30.91  |                                  |   | 32.58                                 |   |                                  | 30.08  |   |   | 35.87 |   |
| **France**                                                 |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Average                Daily                Production     |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil (bbl/d) |   |                                  | 5,342  |                                  |   | 5,067                                 |   |                                  | 5,636  |   |   | 5,861 |   |
| Natural                Gas                (mmcf/d)         |   |                                  | 1.30   |                                  |   | 1.16                                  |   |                                  | 1.32   |   |   | 1.41 |   |
| Natural                Gas                Liquids (bbl/d)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Average                Net                Prices Received  |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 66.17  |                                  |   | 49.51                                 |   |                                  | 55.59  |   |   | 48.17 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 5.40   |                                  |   | 5.03                                  |   |                                  | 6.47   |   |   | 7.25 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Royalties                                                  |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 5.48   |                                  |   | 5.90                                  |   |                                  | 5.68   |   |   | 5.41 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 0.30   |                                  |   | 0.27                                  |   |                                  | 0.27   |   |   | 0.24 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Transportation                                             |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 4.47   |                                  |   | 3.44                                  |   |                                  | 2.81   |   |   | 2.77 |   |
| Natural                Gas                ($/mcf)          |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Production                Costs                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 7.66   |                                  |   | 7.15                                  |   |                                  | 6.59   |   |   | 3.87 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 3.59   |                                  |   | 4.05                                  |   |                                  | 2.73   |   |   | 5.07 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Netback                Received                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | 48.56  |                                  |   | 33.02                                 |   |                                  | 40.51  |   |   | 36.12 |   |
| Natural                Gas                ($/mcf)          |   |                                  | 1.51   |                                  |   | 0.71                                  |   |                                  | 3.47   |   |   | 1.94 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| **Netherlands**                                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Average                Daily                Production     |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil (bbl/d) |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                (mmcf/d)         |   |                                  | 31.25  |                                  |   | 22.67                                 |   |                                  | 30.00  |   |   | 30.88 |   |
| Natural                Gas                Liquids (bbl/d)  |   |                                  | 17     |                                  |   | 11                                    |   |                                  | 18     |   |   | 67 |   |
| Average                Net                Prices Received  |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                ($/mcf)          |   |                                  | 6.43   |                                  |   | 6.65                                  |   |                                  | 6.76   |   |   | 7.53 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | 45.23  |                                  |   | 55.54                                 |   |                                  | 70.02  |   |   | 66.92 |   |
| Royalties                                                  |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                ($/mcf)          |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Production                Costs                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                ($/mcf)          |   |                                  | 1.48   |                                  |   | 2.12                                  |   |                                  | 1.57   |   |   | 1.43 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Netback                Received                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                ($/mcf)          |   |                                  | 4.95   |                                  |   | 4.53                                  |   |                                  | 5.19   |   |   | 6.10 |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | 45.23  |                                  |   | 55.54                                 |   |                                  | 70.02  |   |   | 66.92 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

|                                                       |   | **Three                Months Ended** |   | **Three                Months Ended** |   | **Three                Months Ended** |   | **Three                Months Ended** |   |
|------------------------------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|---------------------------------------|--------|
|                                                       |   | **March                31, 2005**     |   | **June                30, 2005**      |   | **September                30, 2005** |   | **December                31, 2005**  |   |
| **Australia****(1)**                                       |   |                                  |   |                                  |   |                                  |   |                                  |   |
| Average                Daily                Production     |   |                                  |   |                                  |   |                                  |   |                                  |   |
| Light                and                Medium Oil (bbl/d) |   |                                  | -      |                                  |   | 4,498                                 |   |                                  | 4,710  |   |   | 4,294 |   |
| Natural                Gas                (mmcf/d)         |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                Liquids (bbl/d)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Average                Net                Prices Received  |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | 53.48                                 |   |                                  | 72.64  |   |   | 68.64 |   |
| Natural                Gas                ($/mcf)          |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Royalties                                                  |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | 19.77                                 |   |                                  | 20.75  |   |   | 22.76 |   |
| Natural                Gas                ($/mcf)          |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Transportation                                             |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | 0.05                                  |   |                                  | 0.05   |   |   | - |   |
| Natural                Gas                ($/mcf)          |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Production                Costs                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | 8.68                                  |   |                                  | 7.87   |   |   | 10.84 |   |
| Natural                Gas                ($/mcf)          |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Netback                Received                            |   |                                  |   |                                  |   |                                  |   |                                  |   |   |   |   |   |
| Light                and                Medium Oil ($/bbl) |   |                                  | -      |                                  |   | 24.98                                 |   |                                  | 43.97  |   |   | 35.04 |   |
| Natural                Gas                ($/mcf)          |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |
| Natural                Gas                Liquids ($/bbl)  |   |                                  | -      |                                  |   | -                                     |   |                                  | -      |   |   | - |   |

**Note:**

| (1) | Vermilion                acquired its interests in Australia on March 31, 2005. As such,                information in this table is for the period March 31, 2005 to December                31,                2005. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Marketing**

| **Oil**                                      |   | **Funded                Cost** |                              | **bbls/d** |   | **US$/bbl** |   |
|----------------------------------------------|--------|--------------------------------|-----------------------------------|------------|--------|-------------|--------|
| Collar                -                WTI   |   |                           |                              |       |   |        |   |
| Q1                2006                       |   | $                              | US0.50                - $1.00/bbl |       |   | 1,250       |   | $ | 53.00                - $72.75 |   |
| Q2                2006                       |   | $                              | US1.50/bbl                        |       |   | 250         |   | $ | 53.00                - $73.90 |   |
| Collar                -                BRENT |   |                           |                              |       |   |        |   |   |   |   |
| 2006                                         |   | $                              | US1.00/bbl                        |       |   | 1,000       |   | $ | 53.00                - $67.70 |   |
| Q3                2006                       |   | $                              | US1.00/bbl                        |       |   | 250         |   | $ | 52.00                - $68.50 |   |
| Q4                2006                       |   | $                              | US1.50/bbl                        |       |   | 250         |   | $ | 53.00                - $69.80 |   |
|                                         |   |                           |                              |       |   |        |   |   |   |   |
| **Natural                Gas**               |   |                           | **Funded                Cost**    |       |   | **GJ/d**    |   |   | **C$/GJ** |   |
| Collar                                       |   |                           |                              |       |   |        |   |   |   |   |
| Q1                2006                       |   | $                              | 0.25/GJ                           |       |   | 2,500       |   | $ | 9.50                - $16.00 |   |
| Feb-Mar                2006                  |   |                           | costless                          |       |   | 2,500       |   | $ | 11.00                - $20.74 |   |
| April-Oct                2006                |   | $                              | 0.25/GJ                           |       |   | 2,500       |   | $ | 8.00                - $15.00 |   |
| PUT                                          |   |                           |                              |       |   |        |   |   |   |   |
| Q1                2006                       |   | $                              | 0.23/GJ                           |       |   | 5,000       |   | $ | 10.50 |   |
|                                         |   |                           |                              |       |   |        |   |   |   |   |
| **Power                Swap**                |   |                           |                              |       |   | **mw/h**    |   |   | **C$/mwh** |   |
| 2006                                         |   |                           |                              |       |   | 2.0         |   | $ | 48.50 |   |
| 2006                to                2008   |   |                           |                              |       |   | 2.0         |   | $ | 65.17 |   |

*2005          Annual Information Form - Vermilion Energy Trust*

----

**ADDITIONAL      INFORMATION RESPECTING VERMILION ENERGY TRUST**

**Trust      Units**

**Special      Voting Rights**

**Unitholders'      Limited Liability**

*2005          Annual Information Form - Vermilion Energy Trust*

----

*Income      Trusts      Liability Act*

**Issuance      of      Trust Units**

**Cash      Distributions**

***Record      of Cash Distributions***

| **Period**                                                                      |   | **Distribution                Amount for Period per Trust Unit** |   |
|---------------------------------------------------------------------------------|--------|------------------------------------------------------------------|--------|
| 2003                -                January 22 to December 31                  |   | $                                                                | 1.87   |   |
| 2004                -                January to December                        |   | $                                                                | 2.04   |   |
| 2005                -                January to December                        |   | $                                                                | 2.04   |   |
| 2006                -                January to February                        |   | $                                                                | 0.34   |   |
| Total                Cash                Distribution since January 22, 2003(1) |   | $                                                                | 6.29   |   |

| (1) | On                March 15,                2006, the Trust announced that it would pay a cash distribution of                $0.17                per Trust Unit to Unitholders of record as of March 31, 2006 on April                13,                2006 (the “March Distribution”). The Total Cash Distributions since                January 22, 2003 does not include the March                Distribution. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Redemption      Right**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Non-Resident      Unitholders**

**Meetings      of      Unitholders**

**Trustee**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Delegation      of Authority, Administration and Trust Governance**

**Amendments      to the Trust Indenture**

|   | (a) | ensuring                the                Trust's continuing compliance with applicable laws or requirements                of any                governmental agency or authority of Canada or of any                province; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | ensuring                that                the Trust will satisfy the provisions of each of subsections 108(2)                and 132(6) of the Tax Act as from time to time amended or                replaced; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | ensuring                that                such additional protection is provided for the interests of Unitholders                as                the Trustee may consider expedient; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | removing                or                curing any conflicts or inconsistencies between the provisions of                the                Trust Indenture or any supplemental indenture and any other agreement                of                the Trust or any offering document pursuant to which securities of                the                Trust are issued with respect to the Trust, or any applicable law                or                regulation of any jurisdiction, provided that in the opinion of the                Trustee the rights of the Trustee and of the Unitholders are not                prejudiced thereby; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | curing,                correcting or rectifying any ambiguities, defective or inconsistent                provisions, errors, mistakes or omissions, provided that in the opinion                of                the Trustee the rights of the Trustee and of the Unitholders are                not                prejudiced thereby. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Takeover      Bid**

**Termination      of the Trust**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Reporting      to Unitholders**

**Distribution      Reinvestment and Optional Trust Unit Purchase Plan**

**Unitholder      Rights Plan**

***Purpose      of the Plan***

*2005          Annual Information Form - Vermilion Energy Trust*

----

***Summary      of the Plan***

***Term***

***Issue      of Rights***

***Rights      Exercise Privilege***

*2005          Annual Information Form - Vermilion Energy Trust*

----

***Permitted      Lock-Up Agreement***

|   | (a) | the                terms of                the agreement are publicly disclosed and a copy of the agreement                is                publicly available; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                Unitholder who has agreed to tender voting shares to the takeover                bid (the                "Lock-Up Bid") made by the other party to the agreement is permitted                to                terminate its obligation under the agreement in order to tender voting                shares to another takeover bid or transaction where: (i) the offer                price                or value of the consideration payable under the other takeover bid                or                transaction is greater than the price or value of the consideration                per                share at which the Unitholder has agreed to deposit or tender voting                shares to the Lock-Up Bid or is equal to or greater than a specified                minimum which is not more than 7% higher than the offer price under                the                Lock-Up Bid; and (ii) if the number of voting shares offered to be                purchased under the Lock-Up Bid is less than all of the voting units                held                by Unitholders (excluding Trust Units held by the offeror), the number                of                voting units offered to be purchased under the other takeover bid                or                transaction (at an offer price not lower than in the Lock-Up Bid)                is                greater than the number of voting units offered to be purchased under                the                Lock-Up Bid or is equal to or greater than a specified number which                is not                more than 7% higher than the number of voting units offered to be                purchased under the Lock-Up Bid;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | no                break-up                fees or other penalties that exceed in the aggregate the greater                of 2.5%                of the price or value of the consideration payable under the Lock-Up                Bid                and 50% of the increase in consideration resulting from another takeover                bid or transaction shall be payable by the Unitholder if the Unitholder                fails to deposit or tender voting units to the Lock-Up                Bid. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Certificates      and Transferability***

***Permitted      Bid Requirements***

|   | (a) | the                takeover                bid must be made by means of a takeover bid                circular; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (b) | the                takeover                bid is made to all holders of voting units as registered on the books                of                the Trust, other than the offeror; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                takeover                bid contains, and the take-up and payment for securities tendered                or                deposited is subject to, an irrevocable and unqualified provision                that no                voting shares will be taken up or paid for pursuant to the takeover                bid                prior to the close of business on the date which is not less than                45 days                following the date of the takeover bid and only if at such date more                than                50% of the voting units held by independent Unitholders shall have                been                deposited or tendered pursuant to the takeover bid and not                withdrawn; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                takeover                bid contains an irrevocable and unqualified provision that unless                the                takeover bid is withdrawn, voting units may be deposited pursuant                to such                takeover bid at any time during the period of time between the date                of the                takeover bid and the date on which voting units may be taken up and                paid                for and that any voting units deposited pursuant to the takeover                bid may                be withdrawn until taken up and paid for;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

----

|   | (e) | the                takeover                bid contains an irrevocable and unqualified provision that if, on                the date                on which voting units may be taken up and paid for, more than 50%                of the                voting units held by independent Unitholders shall have been deposited                pursuant to the takeover bid and not withdrawn, the offeror will                make a                public announcement of that fact and the takeover bid will remain                open for                deposits and tenders of voting units for not less than ten business                days                from the date of such public                announcement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Waiver      and Redemption***

***Exemptions      for Investment Advisors***

***Board      of Directors***

***Amendment***

*2005          Annual Information Form - Vermilion Energy Trust*

----

**ADDITIONAL      INFORMATION RESPECTING VERMILION RESOURCES LTD.**

**Management      of Vermilion**

| **Name                and Municipality of Residence**                                               |   | **Office                Held**                                                   |   | **Year                First Elected or Appointed as Director** |   | **Principal                Occupation During the Past Five Years**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                |   |                                                                             |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Lorenzo                DonadeoCalgary,                Alberta                                       |   | President                and                Chief Executive Officer and Director |   | 1994                                                           |   | Since                2003,                President and Chief Executive Officer of Vermilion; from 2000 to                2003 Vice                President and Chief Operating Officer of Vermilion; from 1995 to                2000,                Executive Vice President of Vermilion.                                                                                                                                                                                                                                                                                                |
|                                                                                                |   |                                                                             |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Jeffrey                S.                Boyce                (3)(4)Calgary,                Alberta |   | Director                                                                         |   | 1994                                                           |   | Since                2003,                President and Chief Executive Officer of Clear Energy Inc., a public                oil                and gas company; from 1994 to 2003, President and Chief Executive                Officer                of Vermilion.                                                                                                                                                                                                                                                                                                                        |
|                                                                                                |   |                                                                             |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| W.                Kenneth                Davidson (1)(2)Oakville,                Ontario            |   | Director                                                                         |   | 2005                                                           |   | Since                2002,                Director of Millar Western Forest Products Ltd.; from 1996 to 2001,                Co-Chief Executive Officer of Gordon Capital Corporation, an investment                banking firm.                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                |   |                                                                             |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Claudio                A.                GhersinichCalgary,                Alberta                  |   | Director                                                                         |   | 1994                                                           |   | Since                2005,                Executive Director of Carrera Investments Corp., a private investment                company; from 2003 to 2005, Executive Vice President, Business Development                of Vermilion; from 2000 to 2003 Executive Vice President, New Ventures                of                Vermilion.                                                                                                                                                                                                                                                   |
|                                                                                                |   |                                                                             |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Joseph                F.                Killi(1)(2)Calgary,                Alberta                  |   | Director                                                                         |   | 1999                                                           |   | Since                2006,                Chairman of Parkbridge Lifestyle Communities Inc., a public real                estate                company; from 1998 to 2005 Chief Executive Officer of Parkbridge                Lifestyle                Communities Inc.; from 1993 to present, President of Rosebridge Capital                Corp. Inc., a private real estate investment company and previously                Chief                Operating Officer and Chief Financial Officer of Trizec Corporation                Ltd.,                a public real estate company. |
|                                                                                                |   |                                                                             |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Larry                J.                Macdonald(1)(2)(3)(4) Calgary,                Alberta   |   | Director                and                Chairman of the Board                 |   | 2002                                                           |   | Since                2003                Chief Executive Officer, Point Energy Ltd., a private oil and gas                company;                from 2000 to 2003 Chairman and Chief Executive Officer, Pointwest                Energy                Inc., a private oil and gas company.                                                                                                                                                                                                                                                                                                 |
|                                                                                                |   |                                                                             |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| William                F.                Madison(1)(3)(4)Houston,                Texas              |   | Director                                                                         |   | 2004                                                           |   | Since                2003                Chairman of the Montana Tech Foundation from 1965 to 2000 Mr. Madison                worked in increasingly senior positions with Marathon Oil Company,                a                public oil and gas company, where he retired as Senior Vice President                Worldwide Production.                                                                                                                                                                                                                                                   |
|                                                                                                |   |                                                                             |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| John                D.                DonovanCalgary,                Alberta                        |   | Executive                Vice President Business Development                     |   | N/A                                                            |   | Since                2005,                Executive Vice President, Business Development of Vermilion; from                2002 to                2005 Senior Vice President of Harrison Lovegrove, oil and gas consultants;                from 1978 to 2002, various positions with ConocoPhillips, a public                oil and                gas company.                                                                                                                                                                                                                             |

*2005          Annual Information Form - Vermilion Energy Trust*

----

| **Name                and Municipality of Residence**                               |   | **Office                Held**                                      |   | **Year                First Elected or Appointed as Director** |   | **Principal                Occupation During the Past Five Years**                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Curtis                W.                HicksCalgary,                Alberta        |   | Executive                Vice President and Chief Financial Officer |   | N/A                                                            |   | Since                2004                Executive Vice President and Chief Financial Officer of Vermilion;                from                2003 to 2004 Vice President, Finance and Chief Financial Officer                of                Vermilion; from 2000 to 2003, Vice President Finance and Chief Financial                Officer of NAL Oil & Gas Trust, a public oil and gas trust; from 1998                to 2000, Chief Executive Officer of Caravan Oil & Gas Ltd, a public                oil and gas company. |
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| G.R.                (Bob)                Mac DougallCalgary,                Alberta |   | Executive                Vice President and Chief Operating Officer |   | N/A                                                            |   | Since                2006                Executive Vice President and Chief Operating Officer of Vermilion;                from                2004 to 2006, Chief Operating Officer of Vermilion; from 1999 to                2004,                General Manager of production and operations of Chevron Texaco Western                Canada producing oil and gas properties.                                                                                                                                                            |
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Keith                D.                HartmanCalgary,                Alberta       |   | Vice                President Exploitation                          |   | N/A                                                            |   | Since                2006,                Vice President Exploitation of Vermilion; from 2004 to 2006, Director                of                Exploitation of Vermilion; from 2001 to 2004, Project Manager and                Manager                of Production Optimization of Chevron Texaco Western Canada producing                oil                and gas properties.                                                                                                                                                          |
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Raj                C.                PatelCalgary,                Alberta           |   | Vice                President Marketing                             |   | N/A                                                            |   | Since                2001,                Vice President, Marketing of Vermilion; from 1996 to 2000, President                of                Access Energy Management, a private consulting company.                                                                                                                                                                                                                                                                                                                                       |
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Douglas                W.                ReynoldsCalgary,                Alberta    |   | Vice                President Land and New Ventures                 |   | N/A                                                            |   | Since                2004                Vice President, Land and New Ventures of Vermilion; from 2002 to                2004,                Vice President, Land of Vermilion; from 2000 to 2002, Senior Landman                and                Land Manager for Foothills N.E. B.C. and Hamburg Areas for Burlington                Resources Canada Ltd., a public oil and gas company.                                                                                                                                                |
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Daniel                GouletBiscarosse,                France                       |   | Diréctéur                General of Vermilion REP S.A.S.  |   | N/A                                                            |   | Since                2003                Diréctéur General of Vermilion REP S.A.S., a subsidiary of the Trust; from                2000 to 2003, Production and Engineering Manager of Vermilion REP                S.A.S.                                                                                                                                                                                                                                                                                                          |
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Gregory                T.                HayHarlingen,                Netherlands   |   | Managing                Director, Vermilion Netherlands             |   | N/A                                                            |   | Since                2004,                Managing Director of Vermilion Oil & Gas Netherlands B.V., a                subsidiary of the Trust; from 2001 to 2003, Managing Director of                Wintershall Noordze BV, an oil and gas company and Clyde Nederland                BV, an                oil and gas company, the Hague, Netherlands; from 1997 to 2001, General                Manager, Wintershall, Tripoli, Libya, an oil and gas                company.                                                         |
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Bruce                D.                LakePerth,                Australia          |   | Managing                Director, Vermilion Australia               |   | N/A                                                            |   | Since                2005,                Managing Director of Vermilion Oil & Gas Australia Pty Ltd., a                subsidiary of the Trust; from 1996 to 2005, Operations Manager for                Apache                Energy Limited’s Australian oil and gas operations.                                                                                                                                                                                                                                                 |
|                                                                                |   |                                                                |   |                                                           |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Charles                W.                BerardCalgary,                Alberta      |   | Corporate                Secretary                                  |   | N/A                                                            |   | Partner                at                Macleod Dixon llp,                Barristers                & Solicitors.                                                                                                                                                                                                                                                                                                                                                                                                                        |

**Notes:      **

| (1) | Member                of the                Audit Committee |
|-----|-------------------------------------------------------------|

| (2) | Member                of the                Governance and Human Resources                Committee |
|-----|-----------------------------------------------------------------------------------------------------|

| (3) | Member                of the                Health, Safety and Environment                Committee |
|-----|-----------------------------------------------------------------------------------------------------|

| (4) | Member                of the                Reserves Committee |
|-----|----------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

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**AUDIT      COMMITTEE MATTERS**

**Audit      Committee Charter**

**Composition      of the Audit Committee**

|  **Name**                                       |   | **Independent** |   | **Financial                Literate** |   | **Relevant                Education and Experience**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|------------------------------------------------------|--------|-----------------|--------|---------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                 |   |            |   |                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| W.                Kenneth                Davidson    |   | Yes             |   | Yes                                   |   | Mr.                Davidson                holds Bachelor of Science degrees in Mathematics and Business and                a                Masters in Business Administration degree. Mr. Davidson has obtained                significant financial experience and exposure to accounting and complex                financial issues as a director, officer or consultant to a number                of                companies involved in the banking and securities areas of the financial                services sector.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                 |   |            |   |                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Joseph                F.                Killi(Chair) |   | Yes             |   | Yes                                   |   | Mr. Killi                holds a Bachelor of Science degree, a Bachelor of Commerce degree                and a                Chartered Accountant designation. As a Chartered Accountant, Mr.                Killi                attained experience in preparing, auditing, analyzing and evaluating                financial statements. Mr. Killi has an understanding of the                accounting principles used by the Trust as well as the implications                of                those accounting principles on the Trust's financial results. Mr.                Killi                has also obtained significant financial experience and exposure to                accounting and financial issues in a number of senior positions with                Parkbridge Lifestyle Communities Inc., Rosebridge Capital Corp. Inc.                and                Trizec Corporation and in his role as a director and audit committee                member of other public and private companies. |
|                                                 |   |            |   |                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Larry                J.                Macdonald     |   | Yes             |   | Yes                                   |   | Mr.                Macdonald                holds a Bachelor of Science degree. In 2005, Mr. Macdonald attended a                financial literacy course at the University of Toronto's Rotman's                School                of Management in conjunction with the Institute of Corporate Directors.                In                addition, Mr. Macdonald has obtained financial experience and exposure                to                accounting and financial issues in a number of senior officer positions                with Point Energy Ltd., Pointwest Energy Inc., Westpoint Energy Inc.                and                Anderson Exploration Ltd. and as a director, audit committee member                and                officer of a number of other public and private companies as well                as                not-for-profit organizations.                                                                                                                                     |
|                                                 |   |            |   |                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| William                F.                Madison     |   | Yes             |   | Yes                                   |   | Mr.                Madison                holds a Bachelor of Science in Petroleum Engineering. Mr. Madison                attended                the Harvard Program for Management Development. Mr. Madison has obtained                financial experience and exposure to accounting and financial issues                as                the Chairman of Montana Tech Foundation and as a senior executive                of                Marathon Oil Company and as a director, audit committee member and                officer                of other public and private                companies.                                                                                                                                                                                                                                                                                                                                                                                                                     |

**External      Audit Service Fees**

| **Item**                                            |   | **2005** |    | **2004** |   |
|-----------------------------------------------------|--------|----------|---------|----------|--------|
| Audit                fees(1)                        |   | $        | 545,737 |     | $      | 411,936 |   |
| Audit                related                fees(2) |   | $        | 154,565 |     | $      | 145,275 |   |

**Notes:**

| (1) | Audit                fees                consisted of professional services rendered by Deloitte & Touche                llp                for the                audit of the Trust's financial statements for the years ended December                31,                2005 and 2004, fees for the review of the quarterly financial statements                and services provided in connection with statutory and regulatory                filings                or engagements. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Audit                related                fees are for assurance and related services reasonably related to                the                performance of the audit or review of the annual financial statements                and                are not reported under the heading "Audit                Fees". |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

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**Vermilion      Share Capital**

***Common      Shares***

***Exchangeable      Shares***

*2005          Annual Information Form - Vermilion Energy Trust*

----

|   | (a) | pay                any                dividend on the common shares or any other shares ranking junior                to the                Exchangeable Shares, other than stock dividends payable in common                shares                or any other shares ranking junior to the Exchangeable                Shares; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | redeem,                purchase or make any capital distribution in respect of the common                shares                or any other shares ranking junior to the Exchangeable                Shares; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | redeem                or                purchase any other shares of Vermilion ranking equally with the                Exchangeable Shares with respect to the payment of dividends or on                any                liquidation distribution; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | amend                the                articles or by-laws of Vermilion in any manner that would affect                the                rights or privileges of the holders of Exchangeable                Shares. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any                determination by the Trust to institute voluntary liquidation, dissolution                or winding-up proceedings in respect of the Trust or to effect any                other                distribution of assets of the Trust among the Unitholders for the                purpose                of winding up its affairs; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                earlier                of, the Trust's receiving notice of and the Trust's otherwise becoming                aware of, any threatened or instituted claim, suit, petition or other                proceedings with respect to the involuntary liquidation, dissolution                or                winding up of the Trust or to effect any other distribution of assets                of                the Trust among the Unitholders for the purpose of winding up its                affairs                in each case where the Trust has failed to contest in good faith                such                proceeding within 30 days of becoming aware                thereof. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

----

|   | (a) | will,                on the                tenth anniversary of the Effective Date, subject to extension of                such date                by the board of directors of Vermilion (the "Automatic Redemption                Date"),                redeem all but not less than all of the then outstanding Exchangeable                Shares for a redemption price per Exchangeable Share equal to the                value of                that number of Trust Units equal to the Exchange Ratio as at the                last                business day prior to that Redemption Date (as that term is defined                below)                (the "Redemption Price"), to be satisfied by the delivery of such                number                of Trust Units; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | may,                at any                time when the aggregate number of issued and outstanding Exchangeable                Shares is less than 500,000 (other than Exchangeable Shares held                by the                Trust and its subsidiaries and as such shares may be adjusted from                time to                time) (the "De Minimus Redemption Date" and, collectively with the                Automatic Redemption Date, a "Redemption Date"), redeem all but not                less                than all of the then outstanding Exchangeable Shares for the Redemption                Price per Exchangeable Share (unless contested in good faith by the                Trust). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Voting      and      Exchange Trust Agreement**

***Voting      Rights***

*2005          Annual Information Form - Vermilion Energy Trust*

----

***Optional      Exchange Right***

|   | (a) | an                Insolvency                Event; or |
|--------|-----|-------------------------------------------------------|

|   | (b) | circumstances                in which the Trust or Trust Subsidiary may exercise a Call Right,                but                elect not to exercise such Call                Right; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**S**
**upport      Agreement**

***The      Trust Support Obligation***

*2005          Annual Information Form - Vermilion Energy Trust*

----

|   | (a) | the                Trust                will take all actions and do all things necessary to ensure that                Vermilion                is able to pay to the holders of the Exchangeable Shares the Liquidation                Amount in the event of a liquidation, dissolution or winding-up of                Vermilion, the Retraction Price in the event of the giving of a Retraction                Request by a holder of Exchangeable Shares, or the Redemption Price                in the                event of a redemption of Exchangeable Shares by Vermilion;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                Trust                will not vote or otherwise take any action or omit to take any action                causing the liquidation, dissolution or winding-up of                Vermilion. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | additional                Trust Units or securities convertible into Trust                Units; |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (b) | rights,                options or warrants for the purchase of Trust Units;                or |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (c) | units                or                securities of the Trust other than Trust Units, evidences of indebtedness                of the Trust or other assets of the                Trust; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Delivery      of Trust Units***

**Notes**

*2005          Annual Information Form - Vermilion Energy Trust*

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***Terms      and Issue of Notes***

***Ranking***

*pari      passu*

***Events      of Default***

**Royalty      Agreement**

*2005          Annual Information Form - Vermilion Energy Trust*

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**MARKET      **
**FOR**
**,      PRICE      RANGE AND TRADING VOLUME OF SECURITIES**

| **2005**                                    |   | **High** |     | **Low** |   | **Volume                (000's)** |   |
|---------------------------------------------|--------|----------|----------|---------|--------|-----------------------------------|--------|
| January                                     |   | $        | 21.62    |    | $      | 19.67                             |   |   | 3,931 |   |
| February                                    |   | $        | 23.50    |    | $      | 21.22                             |   |   | 6,400 |   |
| March                                       |   | $        | 23.99    |    | $      | 20.61                             |   |   | 4,714 |   |
| April                                       |   | $        | 23.25    |    | $      | 20.14                             |   |   | 3,669 |   |
| May                                         |   | $        | 23.53    |    | $      | 20.21                             |   |   | 3,623 |   |
| June                                        |   | $        | 24.20    |    | $      | 22.50                             |   |   | 3,306 |   |
| July                                        |   | $        | 25.85    |    | $      | 23.39                             |   |   | 3,363 |   |
| August                                      |   | $        | 27.34    |    | $      | 24.00                             |   |   | 3,407 |   |
| September                                   |   | $        | 29.67    |    | $      | 26.10                             |   |   | 3,734 |   |
| October                                     |   | $        | 29.49    |    | $      | 22.83                             |   |   | 4,971 |   |
| November                                    |   | $        | 29.89    |    | $      | 25.05                             |   |   | 3,879 |   |
| December                                    |   | $        | 30.42    |    | $      | 28.42                             |   |   | 4,746 |   |
| **2006**                                    |   |     | **High** |    |   | **Low**                           |   |   | **Volume                (000's** | **)** |
| January                                     |   | $        | 31.07    |    | $      | 29.55                             |   |   | 3,061 |   |
| February                                    |   | $        | 31.21    |    | $      | 26.51                             |   |   | 4,230 |   |
| March                1 to                15 |   | $        | 33.27    |    | $      | 30.40                             |   |   | 2,805 |   |

**CONFLICTS      OF INTEREST**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**INTEREST      OF      MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

**LEGAL      PROCEEDINGS**

**MATERIAL      CONTRACTS**

**INTERESTS      OF EXPERTS**

**TRANSFER      AGENT AND REGISTRAR**

**RISK      FACTORS**

**Reserve      Estimates**

**Volatility      of Oil and Natural Gas Prices**

**Changes      in      Legislation**

**Investment      Eligibility**

*2005          Annual Information Form - Vermilion Energy Trust*

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**Competition**

**Operational      Matters**

**Environmental      Concerns**

**Kyoto      Protocol**

*2005          Annual Information Form - Vermilion Energy Trust*

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**Debt      Service**

**Delay      in      Cash Distributions**

**T**
**axation      of      Vermilion**

**Depletion      of Reserves**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Net      Asset      Value**

**R**
**eturn      of      Capital**

**Nature      of      Trust Units**

*Canada      Deposit      Insurance Corporation Act*

**Unitholders      Limited Liability**

*Income      Trust*
*Liability      Act*
*Securities      Act*

**Statutory      Remedies**

*Bankruptcy      and      Insolvency Act*
*Companies'      Creditors Arrangement Act*
*Winding      Up      and*
*Restructuring      Act*

*2005          Annual Information Form - Vermilion Energy Trust*

----

**Variations      in Interest Rates and Foreign Exchange Rates**

**Mutual      Fund      Trust Status**

|   | · | By                virtue of                its status as a mutual fund trust, the Trust has been accepted for                registration as a "registered investment" for registered retirement                savings plans ("RRSPs"), registered retirement income funds ("RRIFs"),                deferred profit sharing plans and registered education savings plans                (“RESPs”) (collectively, "Exempt Plans"). As such, Trust Units are                qualified investments for Exempt Plans and if the Trust's status                as a                "registered investment" is revoked in any year by virtue of ceasing                to be                a "mutual fund trust", the Trust Units would remain as qualified                investments for Exempt Plans and RESPs until the end of the year                following                such year. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Where                at the                end of any month an Exempt Plan holds Trust Units that are not qualified                investments, the Exempt Plan must, in respect of that month, pay                a tax                under Part XI.1 of the Tax Act equal to 1 percent of the fair market                value                of the Trust Units at the time such Trust Units were acquired by                the                Exempt Plan. An RRSP or RRIF holding Trust Units that are not qualified                investments would become taxable on income attributable to the Trust                Units                while they are not qualified investments (including the entire amount                of                any capital gain arising on a disposition of the non-qualified                investment). RESPs which hold Trust Units that are not qualified                investments may have their registration revoked by the Canada Customs                and                Revenue Agency. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                Trust                would be taxed on certain types of income distributed to Unitholders,                including income generated by the royalty held by the Trust. Payment                of                this tax may have adverse consequences for some Unitholders, particularly                Unitholders that are not residents of Canada and residents of Canada                that                are otherwise exempt from Canadian income                tax. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                Trust                would cease to be eligible for the capital gains refund mechanism                available under the Tax Act. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Trust                Units                held by Unitholders that are not residents of Canada would become                taxable                Canadian property. These non-resident holders would be subject to                Canadian                income tax on any gains realized on a disposition of Trust Units                held by                them. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ADDITIONAL      INFORMATION**

*2005          Annual Information Form - Vermilion Energy Trust*

----

**SCHEDULE      "A"**

**REPORT      ON      RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR (FORM      51-101F2)**

| 1. | We                have                prepared an evaluation of the Company’s reserves data as at December 31,                2005. The reserves data consist of the                following: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | (i) | proved                and                proved plus probable oil and gas reserves estimated as at December                31,                2005, using forecast prices and costs; and |
|--------|-----|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii) | the                related                estimated future net revenue; and |
|--------|--------|------|-----------------------------------------------------------------------------|

|   | (b) | (i) | proved                oil                and gas reserves estimated as at December 31, 2005, using constant                prices                and costs; and |
|--------|-----|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii) | the                related                estimated future net revenue. |
|--------|--------|------|-------------------------------------------------------------------------|

| 2. | The                reserves                data are the responsibility of the Company’s management. Our                responsibility is to express an opinion on the reserves data based                on our                evaluation. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Those                standards require that we plan and perform an evaluation to obtain                reasonable assurance as to whether the reserves data are free of                material                misstatement. An evaluation also includes assessing whether the reserves                data are in accordance with principles and definitions in the COGE                Handbook. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The                following                table sets forth the estimated future net revenue (before deduction                of                income taxes) attributed to proved plus probable reserves, estimated                using                forecast prices and costs and calculated using a discount rate of                10                percent, included in the reserves data of the Company evaluated by                us for                the year ended December 31, 2005, and identifies the respective portions                thereof that we have audited, evaluated and reviewed and reported                on to                the Company's board of directors: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                    |   | **Description                and**     |                             | **Location                of Reserves** |   | **Net                Present Value of Future Net Revenue**       |   |
|---------------------------------------------------------|--------|----------------------------------------|----------------------------------|-----------------------------------------|--------|------------------------------------------------------------------|--------|
| **Independent**                                         |   | **Preparation                Date of** |                             | **(Country                or Foreign**  |   | **(before                income taxes, 10% discount rate - $M)** |   |
| **Qualified                Reserves Evaluator**         |   | **Evaluation                Report**   |                             | **Geographic                Area)**     |   | **Audited**                                                      |   | **Evaluated** |   | **Reviewed** |   | **Total** |   |
| GLJ                Petroleum                Consultants |   |                                   | February                17, 2006 |                                    |   | Australia                                                        |   |   | - |   | $ | 339.3 |   |   | - |   | $ | 339.3 |   |
| GLJ                Petroleum                Consultants |   |                                   | February                17, 2006 |                                    |   | Canada                                                           |   |   | - |   | $ | 652.6 |   |   | - |   | $ | 652.6 |   |
| GLJ                Petroleum                Consultants |   |                                   | February                17, 2006 |                                    |   | France                                                           |   |   | - |   | $ | 591.1 |   |   | - |   | $ | 591.1 |   |
| GLJ                Petroleum                Consultants |   |                                   | February                17, 2006 |                                    |   | Netherlands                                                      |   |   | - |   | $ | 159.2 |   |   | - |   | $ | 159.2 |   |
| TOTAL                                                   |   |                                   |                             |                                    |   |                                                             |   |   | - |   | $ | 1,742.2 |   |   | - |   | $ | 1,742.2 |   |

| 5. | In                our                opinion, the reserves data respectively evaluated by us have, in                all                material respects, been determined and are in accordance with the                COGE                Handbook. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | We                have no                responsibility to update our reports referred to in paragraph 4 for                events                and circumstances occurring after their respective preparation                dates. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Because                the                reserves data are based on judgements regarding future events, actual                results will vary and the variations may be material. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “*Jodi                L.                Anhorn*”                           |   |
|----------------------------------------------------------------------------------------|--------|
| Jodi                L.                Anhorn, M. Sc., P. Eng. VP Corporate Evaluations |   |

*2005          Annual Information Form - Vermilion Energy Trust*

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**SCHEDULE      "B"**

**REPORT      OF      MANAGEMENT AND DIRECTORS ON OIL AND GAS DISCLOSURE (FORM      51-101F3)**

*Terms      to which      a meaning is ascribed in National Instrument 51-101 have the same meaning      herein.*

|   | (a) | (1) | Proved                and                Proved plus probable oil and gas reserves estimated as at December                31,                2005 using forecast prices and costs;                and |
|--------|-----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii) | the                related                estimated future net revenue; and |
|--------|--------|------|-----------------------------------------------------------------------------|

|   | (b) | (2) | Proved                oil                and gas reserves estimated as at December 31, 2005 using constant                prices                and costs; and |
|--------|-----|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (ii) | the                related                estimated future net revenue. |
|--------|--------|------|-------------------------------------------------------------------------|

|   | (a) | reviewed                the                Company's procedures for providing information to the independent                qualified reserves evaluators; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | met                with the                independent qualified reserves evaluator(s) to determine whether                any                restrictions affected the ability of the independent qualified reserves                evaluators to report without reservation;                and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | reviewed                the                reserves data with Management and the independent qualified reserves                evaluators. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                content                and filing with securities regulatory authorities of the reserves                data and                other oil and gas information; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                filing of                the report of the independent qualified reserves evaluator(s) on                the                reserves data; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                content                and filing of this report. |
|--------|-----|----------------------------------------------------------------------|

| *“Lorenzo                Donadeo”*                      |   |
|---------------------------------------------------------------------|--------|
| President                and                Chief Executive Officer |   |
|                                                                |   |
| *“Curtis                Hicks”*                         |   |
| Executive                Vice President and Chief Financial Officer |   |
|                                                                |   |
| *“Larry                J.                Macdonald”*    |   |
| Director                                                            |   |
|                                                                |   |
| *“William                F. Madison”*                   |   |
| Director                                                            |   |
| March                15,                2006                        |   |

*2005          Annual Information Form - Vermilion Energy Trust*

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**SCHEDULE      "C"**

**AUDIT      COMMITTEE TERMS OF REFERENCE**

| **I.** | **PURPOSE** |
|--------|-------------|

|   | **A.** | the                financial                information that will be provided to the unitholders and                others; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | **B.** | the                systems                of internal controls, management and the Board of Directors have                established; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | **C.** | all                audit                processes. |
|--------|--------|----------------------------------------------------|

|   | **D.** | Primary                responsibility for the financial reporting, information systems,                risk                management and internal controls of Vermilion Energy Trust (“Vermilion” or                the “Trust”) is vested in management and is overseen by the                Board. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **II.** | **COMPOSITION                AND OPERATIONS** |
|---------|-----------------------------------------------|

|   | **A.** | The                  Committee                  shall be composed of not fewer than three directors and not more                  than five                  directors, all of whom are independent **1**directors                  of                  Vermilion. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **B.** | All                  Committee                  members shall be “financially literate”**2** and                  at least                  one member shall have "accounting or related financial expertise".                  The                  Committee may include a member who is not financially literate,                  provided                  he or she attains this status within a reasonable period of time                  following                  his or her appoint and providing the Board has determined that                  including                  such member will not materially adversely affect the ability of                  the                  Committee to act                  independently. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **C.** | The                Committee                shall operate in a manner that is consistent with the Committee Guidelines                outlined in Tab 8 of the Board                Manual. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **D.** | Vermilion’s                auditors shall be advised of the names of the committee members and                will                receive notice of and be invited to attend meetings of the Audit                Committee, and to be heard at those meetings on matters relating                to the                Auditor's duties. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **E.** | The                Committee                has the authority to communicate with the external auditors as it                deems                appropriate to consider any matter that the Committee or auditors                determine should be brought to the attention of the Board or                unitholders. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **F.** | The                Committee                shall meet at least four times each                year. |
|--------|--------|------------------------------------------------------------------------------------------------------|

| **III.** | **DUTIES                AND RESPONSIBILITIES** |
|----------|------------------------------------------------|

|   | **A.** | **Financial                Statements and Other Financial                Information** |
|--------|--------|----------------------------------------------------------------------------------------|

|   | i) | review                and                recommend approval of Vermilion’s annual financial statements and MD&A                and report to the Board of Directors before the statements are approved                by                the Board of Directors; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | review                and                approve for release Vermilion’s quarterly financial statements and press                release; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | Independence                  requirements, including those specifically for Audit Committee                  members,                  are described in the Appendix to Tab 6, Board Operating                  Guidelines. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | The                  Board has                  adopted the definition of “financial literacy”, contained in Multilateral                  Instrument 52-110, Audit Committees, which requires that an                  individual                  has the ability to read and understand a set of financial statements                  that                  present a breadth and level of complexity of accounting issues                  that are                  generally comparable to the breadth and complexity of the issues                  that can                  reasonably be expected to be raised by the issuer's financial                  statements. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

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**AUDIT          COMMITTEE TERMS OF REFERENCE (CONTINUED)**

|   | iii) | satisfy                itself that adequate procedures are in place for the review of the                public                disclosure of financial information extracted or derived from Vermilion’s                financial statements, other than the public disclosure referred to                in                items (i) and (ii) above, and periodically assess the adequacy of                those                procedures; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv) | review                the                Annual Information Form and any Prospectus/Private Placement                Memorandums. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | v) | the                appropriateness of accounting policies and financial reporting practices                used by Vermilion; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------|

|   | vi) | any                significant proposed changes in financial reporting and accounting                policies and practices to be adopted by Vermilion;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | vii) | any                new or                pending developments in accounting and reporting standards that may                affect                Vermilion. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **B.** | **Risk                Management, Internal Control and Information Systems** |
|--------|--------|------------------------------------------------------------------------------|

|   | i) | review                the                Trust’s risk management controls and                policies; |
|--------|----|--------------------------------------------------------------------------------------------------------------|

|   | ii) | obtain                reasonable assurance that the information systems are reliable and                the                systems of internal controls are properly designed and effectively                implemented through discussions with and reports from management,                the                internal auditor and external auditor;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii) | review                management steps to implement and maintain appropriate internal control                procedures including a review of                policies. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **C.** | **External                Audit** |
|--------|--------|-----------------------------------|

|   | i) | review                and                recommend to the Board, for unitholder approval, engagement and                compensation of the external                auditor; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | review                the                annual external audit plan, including but not limited to the                following: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | a) | engagement                letter |
|--------|----|----------------------------------|

|   | b) | objectives                and scope of the external audit                work; |
|--------|----|--------------------------------------------------------------------------------|

|   | c) | procedures                for quarterly review of financial                statements; |
|--------|----|----------------------------------------------------------------------------------------|

|   | d) | materiality                limit; |
|--------|----|-----------------------------------|

|   | e) | areas                of                audit risk; |
|--------|----|----------------------------------------------------|

|   | f) | staffing; |
|--------|----|-----------|

|   | g) | timetable;                and |
|--------|----|-------------------------------|

|   | h) | proposed                fees. |
|--------|----|-------------------------------|

|   | iii) | meet                with the                external auditor to discuss the Trust's quarterly and annual financial                statements and the auditor's report including the appropriateness                of                accounting policies and underlying                estimates; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv) | maintain                oversight the External Auditor’s work and advise the Board, including but                not limited to: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | the                resolution of any disagreements between management and the External                Auditor regarding financial                reporting; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | any                significant accounting or financial reporting                issue; |
|--------|----|----------------------------------------------------------------------------------------|

|   | c) | the                auditors'                evaluation of Vermilion's system of internal controls, procedures                and                documentation; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005          Annual Information Form - Vermilion Energy Trust*

----

**AUDIT          COMMITTEE TERMS OF REFERENCE (CONTINUED)**

|   | d) | the                post                audit or management letter containing any findings or recommendation                of                the external auditor, including management’s response thereto and the                subsequent follow-up to any identified internal control weaknesses; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | any                other                matters the external auditor brings to the Committee’s attention;                and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------|

|   | f) | assess                the                performance and consider the annual appointment of external auditors                for                recommendation to the Board. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | v) | review                the                auditor’s report on all material subsidiaries; |
|--------|----|-----------------------------------------------------------------------------------------------|

|   | vi) | review                and                receive assurances on the independence of the external                auditor; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | vii) | review                and                pre-approve any non-audit services to be provided by the external                auditor's firm or its affiliates (including estimated fees), and                consider                the impact on the independence of the external audit;                and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | viii) | meet                periodically, and at least annually, with the external auditor without                management present. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------|

|   | **D.** | **Compliance** |
|--------|--------|----------------|

|   | i) | Ensure                that                the External Auditor’s fees are disclosed by category in the Annual                Information Form in compliance with regulatory                requirements; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | Disclose                any                specific policies or procedures has adopted for pre-approving non-audit                services by the External Auditor including affirmation that they                meet                regulatory requirements; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii) | Assist                the                Governance and Human Resources Committee with preparing the Trust’s                governance disclosure by ensuring it has current and accurate information                on: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | the                independence of each Committee member relative to regulatory requirements                for audit committees; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | b) | the                state of                financial literacy of each Committee member, including the name of                any                member(s) currently in the process of acquiring financial literacy                and                when they are expected to attain this status;                and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | the                education                and experience of each Committee member relevant to his or her                responsibilities as Committee                member. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iv) | Disclose                if                the Trust has relied upon any exemptions to the requirements for                Audit                Committees under regulatory                requirements. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **E.** | **Other** |
|--------|--------|-----------|

|   | i) | establish                and                periodically review implementation of procedures                for: |
|--------|----|------------------------------------------------------------------------------------------------------------------|

|   | a) | the                receipt,                retention and treatment of complaints received by the Trust regarding                accounting, internal accounting controls, or auditing matters;                and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | the                confidential, anonymous submission by employees of concerns regarding                questionable accounting or auditing                matters; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii) | review                and                approve the Trust’s hiring policies regarding partners, employees and                former partners and employees of the present and former External                Auditor; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | iii) | review                insurance coverage of significant business risks and                uncertainties; |
|--------|------|----------------------------------------------------------------------------------------------------------|

|   | iv) | review                material litigation and its impact on financial reporting; |
|--------|-----|----------------------------------------------------------------------------------|

|   | v) | review                policies and procedures for the review and approval of officers’ expenses                and perquisites; and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | vi) | review                the                terms of reference for the Committee annually and make recommendations                to                the Board as required. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **IV.** | **ACCOUNTABILITY** |
|---------|--------------------|

|   | **A.** | The                Committee                Chair has the responsibility to make periodic reports to the Board,                as                requested, on financial matters relative to the                Trust. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **B.** | The                Committee                shall report its discussions to the Board by maintaining minutes                of its                meetings and providing an oral report at the next Board                meeting. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*2005      Annual Information Form - Vermillion Energy Trust*

----