EXHIBIT 99.46
                                                                   -------------


[GRAPHIC OMITTED]
[LOGO - VERMILION ENERGY TRUST]



                                  PRESS RELEASE
               VERMILION ENERGY TRUST ANNOUNCES CASH DISTRIBUTION
                                 AUGUST 20, 2003


Vermilion Energy Trust (the "Trust") (VET.UN - TSX) is pleased to announce the
cash distribution of $0.17 per trust unit payable on September 15, 2003 to all
unitholders of record on August 29, 2003. The ex-distribution date for this
payment is August 27, 2003.

The Trust 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 that provides capital appreciation potential for the Trust
unitholders. 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 Energy Trust trades on The Toronto
Stock Exchange under the symbol VET.UN.

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