Vault Energy Trust

Vault Energy Trust

March 26, 2007 10:51 ET

Vault Energy Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(CCNMatthews - March 26, 2007) - Vault Energy Trust ("Vault") (TSX:VNG.UN) today announces that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by Vault of its intention to make a normal course issuer bid through the facilities of the TSX.

The notice provides that Vault may, during the twelve month period commencing March 28, 2007 and ending March 27, 2008 purchase up to 3,525,000 trust units of the Trust ("Trust Units") in total, being approximately 10% of the public float of the issued and outstanding Trust Units. Purchases from all sources in any thirty day period will not exceed 2% of the issued and outstanding Trust Units at the time of purchase. Purchases will be effected through the facilities of the TSX. Currently there are 36,387,153 Trust Units outstanding. Trust Units purchased under the normal course issuer bid will be cancelled. The price that Vault will pay for any such Trust Units will be the market price at the time of acquisition. Management of Vault will determine the actual number of Trust Units that may be purchased and the timing of any such purchases, subject to compliance with TSX guidelines.

Vault believes that its Trust Units have been trading in price ranges that do not adequately reflect their value in relation to the business of Vault and its future business prospects. As a result, depending upon future price movements and other factors, Vault believes that its outstanding Trust Units may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Trust Units by increasing their proportionate interest in Vault.

In conjunction with the normal course issuer bid, Vault also announces the suspension of its Distribution Reinvestment and Optional Unit Purchase Plan effective the May 15, 2007 distribution date.

Vault Energy Trust is a conventional oil and gas income trust. Vault units are traded on the Toronto Stock Exchange (TSX) under the symbol "VNG.UN". Convertible debentures of Vault trade on the TSX under the symbols"VNG.DB", and "VNG.DB.A".

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