Tight oil reservoirs are already discovered oil pools with relatively low permeability where multi-fractured horizontal wells or other technologies are required to economically develop the property. Examples include the Bakken formation in Williston Basin (North Dakota, Montana and Southeastern Saskatchewan).

The Sleeping Giant oil project is located within the Williston Basin in Richland County in northeast Montana and produces light, sweet crude oil, associated gas, and negligible water from the Middle Bakken formation. It is our single largest crude oil producing property. Since our acquisition of this property in 2005, we have replaced approximately 13.3 MMBOE of produced reserves and have increased reserves by almost 4.1 MMBOE to bring proved plus probable reserves for this play type to approximately 40.6 MMBOE.

Key Statistics:

• 9% of proved plus probable reserves
• 11% of daily production
• Reserve Life Index of 11 years
• 2009 development capital program of $38 million (focused on our Sleeping Giant refrac program and new growth plays in both Canada and the US)
  *as of March 31, 2009

Inside Enerplus: Waking the Sleeping Giant Calgary Herald article, May 13, 2008

For further information on all of our resource plays, click here.

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