Distribution Date: any date that Distributable Cash is distributed to Trust Unitholders, generally the 15th day of the month following any Distribution Record Date (or, if that’s not a business day, on the next business day).

Distribution Record Date: the last day of each month.

Cash Yield: The ratio of actual or estimated cash distributions per unit to current unit price (expressed as a percentage).

Enterprise value: measure of what the market believes a Company's ongoing operations are worth. Enterprise value is equal to Vermilion's market capitalization + debt - cash and cash equivalents.

Established Reserves: proved plus one-half of the probable reserves for assets in Canada and France. For Aventura Energy Inc. assets, Established Reserves are proved plus risked probable reserves.

Ex-Distribution Date: holders of units purchased prior to the Ex-Distribution Date are entitled to the declared distribution paid on the 15th of the next month. Ex-Distribution Date is two business days prior to the Distribution Record Date.

Exchange Ratio: the exchange ratio used to determine the number of Trust Units holders of Exchangeable Shares are entitled to receive upon an exchange of Exchangeable Shares.

Exchangeable Shares: the Exchangeable Shares of Vermilion Resources Ltd. may, based on their particular circumstances, provide certain tax efficiencies.

Marketable Reserves: net working interest of sales reserves.

Net Asset Value (NAV): the dollar value of Vermilion based on the value of the underlying assets of the Trust minus its liabilities.

Netback: the dollar value of a barrel of oil or barrel-of-oil equivalent determined by sales price less operating cost, royalties, and general and administrative cost.

Non-Resident: (a) a person who is not a resident of Canada for the purposes of the Tax Act; or (b) a partnership that is not a Canadian partnership for the purposes of the Tax Act.

Operating Cost: the cost to produce a barrel of oil or barrel-of-oil equivalent

Reserve Life Index: the remaining life of our reserves, measured in years, by dividing the quantity of reserves by the total production of oil, natural gas and natural gas liquids during the calendar year.

Return on average unitholders’ equity: net income attributable to unitholders divided by average unitholders’ equity.

10-Day Weighted-Average Trading Price: determined by averaging the dollar trading value of the Trust Units for the 10 trading days preceding the Distribution Payment Date and dividing that amount by the average of the number of Trust Units traded on the stock exchange during the same period. This 10-day weighted-average trading price will be used in conjunction with the Distribution Reinvestment Plan and the Optional Trust Unit Purchase Plan.