Our History

2009

December

• Verenex Energy Inc. closed the sale of the company to the Libyan Investment Authority for total cash consideration of $7.2882 per share.  Vermilion Energy Trust received funds in excess of $136 million for its equity position in Verenex.

November

• Entered into voting agreement supporting the definitive arrangement agreement between Verenex and the Libyan Investment Authority

October

• Announced a $225 million Equity Offering

June 

• Announced the acquisition of an 18.5% non-operated interest in the Corrib natural gas project in Ireland.  Vermilion expects this project will increase overall production and financial results by more than 30% once production commences which is expected to occur between late 2010 and the end of 2011.

May

• Vermilion launched a new, investor-friendly website during the quarter to further improve communication with our stakeholders.

March

• Reported record production of 32,741 boe/d and record funds from operations of $574 million for 2008.
• Reduced development capital program by 35% to $120 million for 2009 from 2008 level of $186 million to preserve balance sheet and to maintain monthly distribution level at $0.19 per unit.

February

• Announced planned sale of Verenex to CNPCI for $10.00 per share
• VET holds 18.761 million shares of VNX representing approximately 42%
• Total book value of VNX shares owned by VET is $64 million
• Expected net gain of $188 million

2008

December

• Drilled and completed first ever infill wells on the Wandoo Platform, offshore Australia, adding 2,000 boe/d to production

January

• Acquired small producing property in core Drayton Valley region of Alberta representing 1,000 boe/d for $44 million

2007

December

• Increased monthly distribution to $0.19 per unit

September

• Completed the drilling of the Aquitaine Maritime exploration prospect offshore the coast of France
• This high potential reservoir was drilled at a minimal after-tax cost to Vermilion
• Despite locating a competent reservoir body, no hydrocarbons were present in the structure
• Though unsuccessful, Vermilion first offshore drill was a technical milestone for the firm

June

• Acquired 40% of Wandoo field representing 3,000 boe/d for $126.2 million including acquired working capital deficiency

2006

July

• Acquired Exxon's remaining producing properties onshore France representing 3,500 boe/d for $171.4 million including acquired working capital deficiency, and a partner's 10% interest in those properties at similar metrics adding a total of 3,900 boe/d of new light oil production to Vermilion

2005

October

• Acquired Glacier Energy following a successful delineation drilling program that outlined Vermilion's CBM assets in central Alberta
• Production estimated at 1,300 boe/d at a cost of $84 million

March

• Acquired 60% of Wandoo field and platform offshore northwest shelf Australia representing 4,800 boe/d for $95 million including acquired working capital deficiency
• Gained approval to operate offshore Australia by November 2005
• Expanded the fluid processing capacity of the platform from 114,000 boe/d to approximately 150,000 boe/d

2004

July

• Launched Verenex Energy Inc. (VNX) as a way to build non-dilutive capital following success of Avenutra
• VNX IPO at $2.50 per share
• VNX was a successful bidder in Libya's first auction of rights to exploration properties, winning access to a 1.5 million acres block in the Ghadames Basin

June

• Launched a joint venture with Glacier Energy, one of Alberta's top coalbed methane teams to develop CBM assets on Vermilion lands in central Alberta
• Traded a 50% working interest in Vermilion lands for a 38% equity position in Glacier

May

• Acquired Netherlands production of 5,900 boe/d for $85.5 million including acquired working capital deficiency
• Sought international properties again because of high WCSB property prices
• Sold a 72% stake in Aventura Energy to British Gas for net proceeds of $165 million representing a double of Vermilion's total investment in Aventura

2003

December

• Issued 6.6 million units at $14.10 per unit for net proceeds of $82.0 million

January - Vermilion Energy Trust

• Converted to Vermilion Energy Trust – total units issued and outstanding equal 57.5 million including exchangeable shares
• Spun-out Clear Energy Inc. and 1,600 boe/d of production to Vermilion shareholders
• Began paying monthly distributions of $0.17 per unit in February 2003