EXHIBIT 99.38 ------------- [GRAPHIC OMITTED] [LOGO - VERMILION ENERGY TRUST] PRESS RELEASE VERMILION ENERGY TRUST ANNOUNCES EXCHANGEABLE SHARE RATIO FOR IMMEDIATE RELEASE - NOVEMBER 14, 2003 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 1.10569 to 1.11834. The increase will be effective on November 14, 2003. A "Notice of Retraction" must be received by Computershare by November 19, 2003 to receive this exchange ratio. All notices received after this date will receive the exchange ratio to be determined on December 15, 2003. The following are the details used in the calculation of the Exchange ratio: Record Date of Vermilion Energy Trust Distribution October 31, 2003 Opening Exchange Ratio 1.10569 Vermilion Energy Trust Distribution per Unit $0.17 10-day Weighted Average Trading Price ("Current Market Price") $14.85788 (Including the Last Business Day Prior to the Distribution Payment Date) Increase in the Exchange Ratio 0.01265 Effective Date of the Increase in the Exchange Ratio November 14, 2003 Exchange Ratio as of the Effective Date 1.11834 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