2010-09-28-2010-09-22-2010-10-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
405MM
Description

Acquired Kirby steam-assisted gravity drainage oil sands lease covering 43,000 acres, gaining 497 MMbbls bitumen contingent resources.

Enerplus Resources Fund, Calgary, (Toronto: ERF-UN, NYSE: ERF) has closed the sale of its Kirby steam-assisted gravity drainage oil sands lease in northeastern Alberta to an undisclosed buyer for C$405 million.

The assets include nearly 43,000 acres on three lease areas within this region. The lease is near rail, highway and export pipeline access. The assets featured a best estimate as of year-end 2009 of 497 million barrels of bitumen of contingent resources.

Enerplus acquired 100% working interest in the lease in 2007 for C$203 million and since that time have invested an additional C$58 million to further delineate and identify the bitumen resource on the lease. The company plans to use the sale proceeds to pay outstanding debt.

TD Securities Inc. was financial advisor to Enerplus.