Investor Relations

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Vault's third quarter results are as follows:


Financial	Three Months Ended September 30,		Nine Months Ended September 30,
	2007	2006	2007	2006
($ thousands, except per volume and per Trust unit)
Petroleum and natural gas revenue ^⁽¹⁾	30, 680	32, 158	94, 831	104, 642
Funds flow from operations	9, 149	9, 102	30, 997	40, 180
per Trust unit - basic	0.25	0.26	0.85	1.18
per Trust unit - diluted	0.23	0.23	0.76	1.03
Net income (loss)	(68, 410)	(13, 841)	(75, 703)	(12, 514)
per Trust unit - basic	(1.87)	(0.40)	(2.08)	(0.37)
per Trust unit - diluted	(1.87)	(0.40)	(2.08)	(0.37)
Distributions	9,333	12, 105	27, 896	35, 478
Payout Ratio	102%	133%	90%	88%
Capital Expenditures	5, 468	6, 433	24, 647	32, 550
Bank debt	80,000	43, 505	80, 000	43, 505

Working capital deficit	10, 917	24, 659	10, 917	24, 659

Trust units outstanding^(thousands)
weighted average- basic	36, 594	34, 927	36, 435	34, 109
-diluted	39, 024	37, 766	39, 003	37, 632

end of period- basic	36,610	35,289	36, 610	35, 289


OPERATions (units as noted)	Three Months Ended September 30,		Nine Months Ended September 30 ,
	2007	2006	2007	2006
Average daily production
Natural gas - (mcf)	26, 222	27, 388	27, 047	28, 765
Crude oil (bbls)	2, 092	1, 982	2, 195	2, 349
Natural gas liquids (bbls)	381	382	399	422
Total (BOE)	6, 844	6, 929	7, 102	7, 565

Average sales price ⁽²⁾
Natural gas ($ per mcf)	5.01	5.87	6.14	6.36
Crude oil ($ per bbl)	75.34	77.96	68.27	71.12
Natural gas liquids ($ per bbl)	64.31	68.43	53.35	69.08

Netback per BOE ($ per BOE)
Petroleum and natural gas revenue	48.72	50.45	48.89	50.67
Royalties	7.08	8.87	8.61	9.00
Production expense	17.60	21.08	16.01	15.72
Operating netback	24.04	20.50	24.27	25.95

Wells drilled - gross(net)	5 (2.8)	1 (1.0)	11 (6.5)	7 (4.7)

(1) Petroleum and natural gas revenues are shown net of transportation costs.

(2) Net of oil and gas transportation costs.