Enerplus Completes Kirby Acquisition and Equity Offering

On April 10, 2007 Enerplus Resources Fund acquired a 90 per cent interest in the Kirby Oil Sands Partnership, a privately held partnership that owns a prospective oil sands development in the Athabasca oil sands fairway of Alberta. The total consideration paid by Enerplus for the 90 per cent interest was $182.5 million, consisting of $127.8 million in cash and the issuance of 1,104,945 trust units of Enerplus at a price of $49.55 per unit. Enerplus concurrently completed a $210.6 million Canadian equity offering through a syndicate of underwriters led by CIBC World Markets Inc.

Blake, Cassels & Graydon LLP acted for Enerplus on the transactions with a team that consisted of Brock Gibson and Chad Schneider (M&A and securities), Chris Christopher, Jana Kooperberg and Kristen Lewicki (M&A and energy) and Ron Mar and Ted Thiessen (tax).

Kirby was represented by Macleod Dixon LLP with a team that included Dave Guichon, Kent Kufeldt and David Craddock (M&A and energy). The underwriting syndicate for Enerplus' public offering was represented by Burnet, Duckworth & Palmer LLP with a team that included Allan Twa, Q.C., Jay Reid and James Kidd (securities) and David Ross (tax).