Canada’s Oil Sands are the world’s largest known hydrocarbon source, according to the Alberta Energy and Utilities Board, and are estimated to contain about 177 billion barrels of recoverable oil with existing technology. Development of the Oil Sands started in the late 1960’s and has grown to over one million barrels of oil produced daily and there’s more to come. With crude oil demand in North America expected to reach 28 million barrels per day, the Oil Sands could meet about 14 per cent – four million barrels – of this demand.

Enerplus has plans to bring on approximately 60,000 barrels per day of future Oil Sands production over the next 10 years and we see our oil sands business as a key growth area in addition to our on-going conventional activity. We currently have line of sight to more than 460 million barrels of contingent Oil Sands resources in addition to the 57 million barrels of proved and probable Oil Sands reserves we currently have on our books. This puts us as a producer in an enviable position of owning a significant asset base that will add value for years to come.

Evolution of Enerplus Oil Sands

2002:  Acquired 16% working interest in Joslyn Creek Oil Sands project for
$16 million.

2005:  Total SA acquired our partner Deer Creek Energy Limited for $1.7 billion

2006:  Sale of 1% economic interest in Joslyn for equity interest in
Laricina Energy Ltd.

2007:  Acquired 100% working interest in the Kirby Oil Sands Partnership,
SAGD project.

• Kirby SAGD Project - 100% Working Interest - click here for more information on Kirby project
  • Operated SAGD project
  • 244 million barrels of "best estimate" contingent resource with upside potential within additional undeveloped acreage
• Joslyn Lease - 15% Working Interest - click here for more information on Joslyn Lease
  • Non-operated SAGD and Mining project (Total SA the operator)
  • 57 MMBOE of proved plus probable reserves booked to SAGD operations
  • Independent "best estimates" indicate approximately 223 million barrels contingent resource associated with the North and South mine projects
• Laricina Energy Ltd. - Equity Ownership - click here for more information on Laricina

  • Minority equity investment with an Area of Mutual Interest Agreement
  • Invested approximately $3 million in 2006 to acquire a non-operated working interest in several land positions with SAGD development potential

Click here for further information on oil sands.

Click here for further information on oil sands mining.

Click here for further information on SAGD.