In 2005, we formed a joint venture with Laricina, a private oil sands company focused on SAGD development in the Athabasca oil sands fairway, that is led by the former Chief Executive Officer of Deer Creek Energy Limited. As part of this joint venture, Enerplus swapped a 1% working interest in the Joslyn Lease for approximately 20% equity value in Laricina. We now estimate that we own approximately 12% of the total outstanding equity of Laricina. Included in the sale was an area of mutual interest agreement which was designed to allow Enerplus and Laricina to jointly pursue additional in-situ oil sands ventures, this agreement has now expired. We have participated in four land acquisitions with Laricina, and in 2007 invested approximately $8 million in an effort to delineate the potential on these lands.

Laricina Energy Limited - www.laricinaenergy.com