Stock Profile: Vermilion Resources Symbol: VRM (TSE)

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Stats as of 3/30/01

• H/L Ratio: 2.11 • RS: 95.2 • Shares: 53,073,282 • P/E: 9.40 • Price: $11.00

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Calgary-based Vermilion Resources has built a reputation as a value finder by locating and developing long-life reserve assets in Canada and France. And in late 1999 the company expanded by acquiring a major interest in a company developing opportunities in Latin America.

It follows a three stage growth strategy. First the company sets out to exploit and increase the netback from an operation with the goal of reducing costs and doubling the asset value. Then it consolidates assets and acquires complementary assets. And the third phase involves exploration to extend current fields.

The company's Alberta interests are centred around Utikuma, Chip Lake and the Caroline district. Its French operations are based in the Paris and Aquitaine basins. It is, in fact, the third largest oil producer in France.

With strong growth in production as well as better prices, the company has turned in several strong quarters. Vermilion management believes the company is undervalued and in October, undertook a normal course issuer bid to buy back up to 5% of its shares by October of 2001.

Quarterly Earnings per Share

Annual Earnings per Share