<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>40
<FILENAME>ex99_37form40-f.txt
<DESCRIPTION>EXHIBIT 99.37
<TEXT>
                                                                   EXHIBIT 99.37
                                                                   -------------


[GRAPHIC OMITTED]
[LOGO - VERMILION ENERGY TRUST]

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                 NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
                    OR FOR DISTRIBUTION IN THE UNITED STATES
================================================================================


                        VERMILION ENERGY TRUST ANNOUNCES
                          BOUGHT DEAL EQUITY FINANCING
                        PRESS RELEASE - NOVEMBER 19, 2003


CALGARY, ALBERTA (TSX - VET.UN) - Vermilion Energy Trust ("Vermilion" or the
"Trust") is pleased to announce it has entered into an agreement with a
syndicate of underwriters to sell 5,500,000 Trust Units at $14.10 per unit to
raise gross proceeds of $77,550,000.

The underwriting syndicate led by CIBC World Markets Inc., includes BMO Nesbitt
Burns Inc., RBC Capital Markets, TD Securities Inc., National Bank Financial
Inc., Canaccord Capital Corporation, Scotia Capital Inc. and FirstEnergy Capital
Corp. Vermilion has granted the underwriters an option, exercisable in whole or
in part, no later than 48 hours prior to the closing, to purchase up to an
additional 550,000 Trust Units at the same offering price. Should the option be
fully exercised, the total gross proceeds of the issue would be $85,305,000. The
offering will be made in all provinces of Canada and is expected to close on or
about December 10, 2003, subject to regulatory approval.

The net proceeds from the financing will be used to partially repay outstanding
borrowings under Vermilion's credit facilities, and for general purposes
including funding Vermilion's ongoing capital expenditure and acquisition
program.

VERMILION IS AN INTERNATIONAL ENERGY TRUST THAT BENEFITS FROM GEOGRAPHICALLY
DIVERSE PRODUCTION. WHILE 73% OF PRODUCTION VOLUMES COME FROM HIGH QUALITY OIL
AND GAS RESERVES IN CANADA, THE TRUST ALSO PRODUCES HIGH VALUE, LIGHT OIL IN
FRANCE. THE TRUST ALSO HOLDS A 72.2% INTEREST IN AVENTURA ENERGY INC., A
TRINIDAD-BASED OPERATION. THE TRUST'S OBJECTIVE IS TO DELIVER STABLE
DISTRIBUTIONS AND MAINTAIN A STRONG BALANCE SHEET WHILE REINVESTING CAPITAL TO
MAXIMIZE PRODUCTION AND ASSET VALUE FOR UNITHOLDERS. VERMILION TRADES ON THE
TORONTO STOCK EXCHANGE UNDER THE SYMBOL VET.UN. FOR FURTHER INFORMATION ON
VERMILION, PLEASE VISIT WWW.VERMILIONENERGY.COM.

THE SECURITIES OFFERED HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), AND MAY
NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, U.S. PERSONS EXCEPT IN CERTAIN TRANSACTIONS EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT.

ADVISORY: THE TORONTO STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE
INFORMATION CONTAINED HEREIN. CERTAIN INFORMATION REGARDING VERMILION MAY
CONSTITUTE FORWARD-LOOKING FINANCIAL AND OPERATIONAL INFORMATION INCLUDING
EARNINGS, CASH FLOW, PRODUCTION AND CAPITAL EXPENDITURE PROJECTIONS. THESE
PROJECTIONS ARE BASED ON THE TRUST'S EXPECTATIONS AND ARE SUBJECT TO A NUMBER OF
RISKS AND UNCERTAINTIES THAT COULD MATERIALLY AFFECT THE RESULTS. THESE RISKS
INCLUDE, BUT ARE NOT LIMITED TO, FUTURE COMMODITY PRICES, EXCHANGE RATES,
INTEREST RATES, GEOLOGICAL RISK, RESERVE RISK, POLITICAL RISK, ENVIRONMENTAL
RISK, PRODUCT DEMAND AND TRANSPORTATION RESTRICTIONS. AS A CONSEQUENCE, ACTUAL
RESULTS MAY DIFFER MATERIALLY FROM THOSE ANTICIPATED IN THE FORWARD-LOOKING
INFORMATION.

FOR FURTHER INFORMATION PLEASE CONTACT:
LORENZO DONADEO, P. ENG.
PRESIDENT & CHIEF EXECUTIVE OFFICER
(403) 269-4884
OR:
CURTIS W. HICKS, CA
VICE PRESIDENT, FINANCE & CFO
(403) 781-9424
 OR:
PAUL BEIQUE
DIRECTOR, INVESTOR RELATIONS
(403) 781-9449


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