CALGARY, Jan. 30 /CNW/ - Enerplus Resources Fund ("Enerplus") announces
that the monthly cash distribution payable on February 20, 2009 to all
Enerplus unitholders of record on February 10, 2009 has been lowered to $0.18
per unit from the previous amount of $0.25 per unit. The ex-distribution date
for this payment is February 6, 2009.
Enerplus currently has one of the strongest balance sheets in the oil and
gas sector. Over the past two months, crude oil and natural gas prices have
continued to decrease. With this continued commodity price downturn, combined
with on-going uncertainty in the capital markets, we believe it is prudent to
reduce distributions to unitholders at this time.
We believe this will preserve our balance sheet advantage and continue to
keep us in a position to improve our asset base through acquisitions. It is
our intention to minimize increases in our debt levels outside of any
acquisition activities within the context of current spot prices (which are in
the range of US$40-$45/bbl for WTI crude oil, CDN$5.00-$5.50/mcf for AECO
natural gas, and 1.22 for the CDN/USD exchange rate).
The CDN$0.18 per unit distribution is equivalent to approximately US$0.15
per unit if converted using a Canadian/US dollar exchange ratio of 1.22. The
U.S. dollar equivalent distribution will be based upon the actual Canadian/US
exchange rate applied on the payment date and will be net of any Canadian
withholding taxes that may apply.
Holders of Enerplus Exchangeable Limited Partnership Class B units
(formerly Focus Limited Partnership Class B units) of record on February 10,
2009 will be eligible to receive a distribution of CDN$0.0765 per unit on
February 20, 2009 based on the exchange ratio of 0.425 of an Enerplus trust
unit for each Enerplus Exchangeable Limited Partnership Class B unit.
Gordon J. Kerr
President & Chief Executive Officer
Enerplus Resources Fund
Except for the historical and present factual information contained
herein, the matters set forth in this news release, including words such as
"expects", "projects", "plans" and similar expressions, are forward-looking
information that represents management of Enerplus' internal projections,
expectations or beliefs concerning, among other things, future operating
results and various components thereof or the economic performance of
Enerplus. The projections, estimates and beliefs contained in such
forward-looking statements necessarily involve known and unknown risks and
uncertainties, which may cause Enerplus' actual performance and financial
results in future periods to differ materially from any projections of future
performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, among other things, those
described in Enerplus' filings with the Canadian and U.S. securities
authorities. Accordingly, holders of Enerplus Trust Units and potential
investors are cautioned that events or circumstances could cause results to
differ materially from those predicted.
For further information:
For further information: Investor Relations at 1-800-319-6462 or e-mail