WHmm...tough call. Both have very similar values. Trading at around 6.1 times forward earnings and 1.5 times sales. Both have a checkered history with the dividend, yet both will be generating considerable cash flows with oil prices at these levels.
Both have posted similar performance in terms of ROE and ROA but ERF has proven to be more efficient with better ROIC and operational margins. On the flip side VET has a slightly better debt profile.
The biggest difference however, is in expected growth rates. Enerplus has is expected to increase revenue and EPS by ~7% and 21% this coming year (over Fiscal 2021 which isn't over yet). For it's part, analyst are expecting Vermillion to to post negative growth of -12% and -16% respectively. I say this with one large caveat - both seem to have an inconsistent history of meeting estimates. Vermillion has missed annual revenue and EBTIDA estimates over the past two year and while Enerplus has met revenue estimates it missed on EBITDA. It is also worth noting that ERF has positive 3YR FCF growth, while VET is actually in the negative. Once again, this alludes to Energplus' better efficiency as alluded to earlier. It is also worth noting that ERF has a growing production profile while VET's has been negative and is expected to be negative this year. That being said, the Corrib acquisition should bump VET's production over 2021 numbers, but it has not yet closed. It is likely that analysts estimates will be revised upwards once that deal is closed and they receive more clarity on the timing of everything.
All things considered, since both are trading at similar valuations and both have mixed performance, if I were to buy one today, I'd likely go with Enerplus which has the higher expected growth rates and better efficiencies. In all honesty however, it is a very difficult position as both are very similar.
Mat