Our increasing complement of technical staff helps unlock value from our assets.

OUR POTENTIAL

Enerplus has focused on building a large, diversified portfolio of economic, conventional and non-conventional capital projects that will support our operations in the years ahead through the addition of production and reserves. We currently have a conventional opportunity set of approximately $2 billion of capital projects representing approximately 2,500 net wells. The non-conventional opportunities are estimated at approximately $1 billion of capital projects associated with oil sands excluding any investments relating to an upgrader solution. This represents about five years of conventional future development potential at current capital spending levels assuming no new acquisitions, land deals, or new opportunity identification on our existing properties.

Our opportunity set includes significant potential across our entire asset base and capital projects which are both technically and economically viable at today's commodity prices:

• Weighted 60% to natural gas and 40% to oil
• Resource plays comprise over 50% of the total
• Includes approximately $500 million of opportunity included in our third party reserve engineering reports
• $1 billion of "base" projects which we project to have a greater than 80% chance of technical success
• Approximately $500 million of risk-adjusted opportunities that have less than an 80% chance of success

We have excluded those projects from our opportunity set that are early stage ideas with greater technical/economic uncertainty.

This opportunity set has grown significantly over the last few years as a result of strong commodity prices and the following focused efforts:

• Increasing our technical abilities and staffing levels have added the necessary expertise in-house to recognize and unlock the value of our assets in the future.
• Over the last two years we have spent 15 - 20% of our capital expenditures program (about $150 million) on long-term investment opportunities which were not expected to increase cash flow in the current year, including approximately $70 million on oil sands. Almost $50 million was spent on new land and seismic, and $30 million was spent on exploration activities. We have a number of evolving grassroots resource plays being evaluated in 2007 as well as approximately $30 million of new development projects as a result of the investments made in 2005 and 2006.