Enerplus Resources Fund, Calgary, (Toronto, NYSE: ERF) plans to acquire privately held, U.S.-based Sleeping Giant LLC for US$91.6 million including estimated debt and working capital. The transaction is expected to close in mid-October and will be funded through existing credit facilities. The assets to be acquired include additional working interests in the Sleeping Giant light crude oil project in Montana, which increases the company's ownership in this project to approximately 70% working interest. The properties have current production of approximately 1,700 barrels of oil equivalent per day (90% oil). The acquisition also includes some 7.1 million barrels of oil equivalent of proved plus probable gross working interest reserves. This acquisition represents Enerplus' first transaction in the U.S. since the purchase of Lyco Energy Corp.
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