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PRESS RELEASE
FOR IMMEDIATE RELEASE
MAY 15, 2003

CALGARY, MAY 15, 2003 - (VKR.UN) Viking Energy Royalty Trust (the "Trust") announces that it has declared Unitholder distributions of $0.12 per Unit for the month of May 2003. The distribution will be paid on June 16, 2003, to Unitholders of record on May 30, 2003 with the ex-distribution date being May 28, 2003. Including this amount, distributions paid in 2003 will be $0.58, and the trailing twelve-month distributions will be $1.28 per Unit.

Viking Energy Royalty Trust is an open-end investment Trust that generates income from long-life oil and natural gas producing properties in Alberta and Saskatchewan. The beneficiaries of Viking are the holders of the Trust Units who receive monthly distributions of the cash flow from the income. The Trust currently has 80,515,348 Units outstanding which trade on the Toronto Stock Exchange ("TSX") under the symbol "VKR.UN". Also listed on the TSX are the Trust's $74.3-million principal amount of 10.5-per-cent convertible unsecured subordinated debentures which trade under the symbol "VKR.DB".

For further information contact:

A. Kirk Purdy                           Viking Energy Royalty Trust
President and CEO                       Suite 400, 330-5th Avenue S.W.
                                        Calgary, Alberta, T2P 0L4
Wayne King
Executive Vice-President and CFO
                                        Ph:  (403) 268-3175
     or                                 Toll Free:  1-877-292-2527

Diane Phillips                          Email: vikingin@viking-roy.com
Investor Relations

To find out more about Viking Energy Royalty Trust visit our website at www.vikingenergy.com