<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>31
<FILENAME>ex99_28form40-f.txt
<DESCRIPTION>EXHIBIT 99.28
<TEXT>
                                                                   EXHIBIT 99.28
                                                                   -------------


[GRAPHIC OMITTED]
[LOGO - VERMILION ENERGY TRUST]



                                  PRESS RELEASE
            VERMILION ENERGY TRUST ANNOUNCES EXCHANGEABLE SHARE RATIO
                     FOR IMMEDIATE RELEASE - MARCH 15, 2004

Vermilion Energy Trust (VET.UN-TSX) is pleased to announce the increase to the
Exchange Ratio of the Exchangeable Shares of Vermilion Resources Ltd. from
1.15563 to 1.16656. The increase will be effective on March 15, 2004. A "Notice
of Retraction" must be received by Computershare by March 22, 2004 to receive
this exchange ratio. All notices received after this date will receive the
exchange ratio to be determined on April 15, 2004.

The following are the details used in the calculation of the Exchange ratio:

<TABLE>
<S>                                                                                     <C>
Record Date of Vermilion Energy Trust Distribution                                      February 27, 2004
Opening Exchange Ratio                                                                  1.15563
Vermilion Energy Trust Distribution per Unit                                            $0.17

10-day Weighted Average Trading Price ("Current Market Price")                          $17.96603
(Including the Last Business Day Prior to the Distribution Payment Date)

Increase in the Exchange Ratio                                                          0.01093
Effective Date of the Increase in the Exchange Ratio                                    March 15, 2004
Exchange Ratio as of the Effective Date                                                 1.16656
</TABLE>

The increase in the exchange ratio is calculated by multiplying the Vermilion
Energy Trust Distribution per Unit by the previous months exchange ratio and
dividing by the Current Market Price of VET.UN.

A holder of Vermilion Resources Ltd. Exchangeable Shares can exchange all or a
portion of their holdings at any time for Vermilion Trust Units by completing a
Retraction Request form. You can obtain a copy by contacting Computershare Trust
Company of Canada at (403) 267-6894.

For further information please contact:

Paul Beique
Director Investor Relations
2800, 400 - 4th Avenue S.W.
Calgary, Alberta  T2P 0J4
Phone:   (403) 269-4884
Fax:     (403) 264-6306
IR Toll Free:  1-866-895-8101
info@vermilionenergy.com
www.vermilionenergy.com


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