Vermilion Energy Trust Announces Agreement to Acquire Working Interest in Corrib Field in Ireland

CALGARY, Alberta--(Business Wire)--
Vermilion Energy Trust ("Vermilion" or the "Trust") (VET.UN - TSX) announces
that it has entered into an agreement to acquire Marathon Oil Corporation`s
("Marathon") 18.5% non-operated interest in the Corrib field located
approximately 83 kilometres off the northwest coast of Ireland. Vermilion will
pay US$100 million to Marathon on closing of the transaction, which is expected
to occur before the end of 2009, subject to Government and regulatory approvals.
Vermilion will also make an additional payment to Marathon, the amount of which
will vary dependent on the date when first commercial gas (`first gas`) from the
field is achieved. This amount will range from approximately US$300 million to
US$135 million. Currently, first gas is expected by the end of 2011, and the
expected additional payment due pursuant to the terms of the agreement would be
between US$190 and $200 million. The deal structure, with a deferred payment,
will help mitigate some of the risks associated with first gas timing. Given the
advanced stage of the project, the risk of major cost overruns is considered
manageable. The transaction structure also increases Vermilion`s flexibility to
finance the acquisition from available cash flow and thereby maximizing the
accretion metrics. Pursuant to the agreement, Vermilion will assume its share of
future capital expenditure obligations in order to reach first gas, which are
anticipated to range up to US$300 million net to the acquired interest. These
capital costs are primarily for the completion of the facilities necessary to
bring this gas on-stream.

Asset Overview

The Corrib field is expected to produce gross volumes in excess of 300 million
cubic feet per day of natural gas for a period of two to four years before
experiencing natural declines of 20%. Net production to Vermilion is initially
anticipated at approximately 9,000 boe/d. Current net reserves attributable to
Vermilion from the Corrib field have been estimated by the Trust`s independent
reserve engineers at 17.5 million boe effective as at January 1, 2009, although
Vermilion believes that future development and/or production performance could
increase reserves up to 35 million boe`s, according to internally prepared
estimates of the ultimate potential.

The Corrib field, which is estimated to contain approximately 1.0 Tcf of natural
gas in place, lies in 350 metre water depth and will initially produce from five
wells, all of which have been completed and tested and are currently being tied
into a subsea template. The wells will be tied into an onshore gas treatment
facility that is 75% completed and then into Ireland`s natural gas grid. Several
other prospects on the exploration license have been identified that could
further extend the life of these assets if successfully drilled and completed.
One of these prospects, North Corrib, is being considered for drilling in 2010
after recently obtaining partner approval. The cost to drill these prospects
would be approximately US$10 million per well, net to Vermilion, providing
significant upside opportunity at relatively low cost.

Ireland provides an attractive fiscal environment and a stable political
climate, key criteria in Vermilion`s ongoing asset acquisition program. Over 90%
of Ireland`s natural gas is supplied via the U.K. and Corrib is an essential
addition to the in-country supply chain, especially during peak winter demand
periods. Current forward pricing for Irish gas is robust and the after tax
netbacks and cash flow from this asset are expected to be strong, further
enhancing Vermilion`s existing top quartile key performance indicators. The
Corrib asset, combined with a good fiscal environment and an attractive pricing
scenario, will further enhance Vermilion`s asset base and is anticipated to
deliver strong, accretive returns.

Strategic Impact

Once on-stream, the production from Corrib is expected to increase Vermilion`s
total annualized production by approximately 30% and generate significant
operating cash flow. This acquisition positions Vermilion well for an eventual
conversion to a corporation and the execution of its 2010 to 2015 strategic
plan. The Corrib transaction also fits well with Vermilion`s European strategy
and will provide Vermilion with another strong foothold in attractive European
energy markets and a path of identifiable growth over the next few years. With
Corrib, Vermilion`s European operation is anticipated to produce in excess of
20,000 boe per day of high netback light sweet oil and natural gas. The Corrib
asset represents a departure for Vermilion as it is non-operated, however,
Vermilion is looking forward to playing an active role in the Corrib joint
venture consortium comprising Shell E&P Ireland Limited ("Shell"), (Operator -
45.5% working interest) and Statoil Hydro ("Statoil") (36% working interest).

Shell is one of the most experienced operators in the world with over 40 years
of operating experience in northwest Europe and Statoil is a renowned
international operator in its own right. Vermilion is pleased to be able to
enhance its international networks through an association with these top class
companies.

The Corrib gas field is forecast to supply up to 60% of Ireland`s gas at peak
supply. In addition, construction of the project has created significant
employment opportunities which will ultimately result in the creation of 130
full time jobs. Vermilion is pleased to be joining the Corrib consortium and is
committed to being a key contributor to Ireland`s oil and gas industry over the
long-term.

Vermilion will hold a conference call and webcast to review this transaction on
June 24, 2009 at 9:00 a.m. mountain standard time. To participate, you may call
toll free 1.877.407.9205 (North America) or 1.201.689.8054 (International). The
conference call will also be available on replay by calling 1.877.660.6853
(North America) or 1.201.612.7415 (International) using account number 286 and
conference ID number 326293. The replay will be available until midnight eastern
time on July 2, 2009. You may also listen to the webcast and view the
presentation slides by clicking
http://www.investorcalendar.com/IC/CEPage.asp?ID=146539 or visit our website at
www.vermilionenergy.com and go to events and presentations under investor
relations.

About Vermilion

Vermilion adheres to a value creation strategy through the execution of asset
optimization programs and strategic acquisitions, and focuses on the development
and optimization of mature producing properties in Western Canada, Western
Europe and Australia. Vermilion also exposes its unitholders to significant
upside opportunities through a combination of equity sponsorship in new ventures
and managed participation in high impact projects. Management and directors of
the Trust hold approximately 9% of the outstanding units and are dedicated to
consistently delivering superior rewards for all its stakeholders. Vermilion
Energy Trust trades on the Toronto Stock Exchange under the symbol VET.UN.

FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking information or
statements.More particularly and without limitation, this press release contains
forward-looking statements and information concerning the timing of the making
of and the conditions to completion of the Offer, potential additional reserves,
anticipated levels of natural gas production, future capital costs, future
natural gas prices and netbacks.

The forward-looking statements and information are based on certain key
expectations and assumptions made by Vermilion including expectations and
assumptions concerning the timing of and satisfaction of the conditions in the
Offer, receipt of all third party approvals, the timing of the completion of
required production facilities, future capital costs and natural gas prices,
potential additional reserves and netbacks.Although Vermilion believes that the
expectations and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be placed on the
forward-looking statements and information because Vermilion can give no
assurance that they will prove to be correct.

Since forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a
number of factors and risks.Accordingly, readers should not place undue reliance
on the forward-looking statements and information contained in this material
change report concerning these times.

The forward-looking statements and information contained in this press release
are made as of the date hereof and Vermilion undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.

BOE`s may be misleading, particularly if used in isolation on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the well head.

Possible reserves are those additional reserves that are less certain to be
recovered than probable reserves.There is a 10% probability that the quantities
actually recovered will equal or exceed the sum of proved plus probable plus
possible reserves.

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Vermilion Energy Trust
Lorenzo Donadeo
President & CEO
or
Paul Beique
VP Capital Markets
TEL 403-269-4884
investor_relations@vermilionenergy.com
www.vermilionenergy.com

Copyright Business Wire 2009