|                ANNUAL      INFORMATION FORM   For      the year ended December 31, 2007     March 13,      2008     |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                  | Page   |   |                                                                                             | Page           |
|---------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------|----------------|
| GLOSSARY      OF TERMS                                                                | iii    |   | Equity      Investments                                                                          | 49             |
| ABBREVIATIONS      AND CONVERSIONS                                                    | vi     |   | Health,      Safety and Environment                                                              | 49             |
| PRESENTATION      OF ENERPLUS’ OIL AND GAS RESERVES, RESOURCES AND              |   |   | Insurance                                                                                        | 51             |
|     PRODUCTION      INFORMATION                                   | vii    |   | Personnel                                                                                        |        51 |
| PRESENTATION      OF ENERPLUS’ FINANCIAL INFORMATION                            | xi     |   | INFORMATION      RESPECTING ENERPLUS RESOURCES FUND                                              | 52             |
| FORWARD-LOOKING      STATEMENTS AND INFORMATION                                       | xi     |   | Description      of the Trust Units and the Trust Indenture                                      | 52             |
| STRUCTURE      OF ENERPLUS RESOURCES FUND                                             | 1      |   | Description      of the Royalty Agreements and Other Payments Made to the    Fund                | 59             |
| GENERAL      DEVELOPMENT OF ENERPLUS RESOURCES FUND                                   | 3      |   | Management      and Corporate Governance                                                         | 60             |
| Historical      Overview                                                              | 3      |   | Unitholder      Rights Plan                                                                      | 60             |
| Developments      in the Past Three Years                                             | 3      |   | DEBT      OF ENERPLUS                                                                            | 61             |
| Events      Subsequent to December 31, 2007                                      | 5      |   | Bank      Credit Facility                                                                        | 61             |
| OPERATIONAL      INFORMATION                                                          | 7      |   | Senior      Unsecured Notes                                                                      | 62             |
| Overview                                                                              | 7      |   | DISTRIBUTIONS      TO UNITHOLDERS                                                                | 63             |
| Description      of Principal Properties and Operations                               | 7      |   | Cash      Distributions                                                                          | 63             |
| Summary      of Principal Production Locations                                        | 9      |   | Distribution      History                                                                        | 64             |
| Costs      Incurred in 2007 and Summary of Capital Expenditures                       | 9      |   | Canadian      Tax Reporting Matters                                                              | 64             |
| Exploration      and Development Activities                                           | 10     |   | U.S.      Tax Reporting Matters                                                                  | 64             |
| Oil      and Natural Gas Wells and Unproved Properties                                | 11     |   | INDUSTRY      CONDITIONS                                                                         | 66             |
| Enerplus’      Play Types                                                       | 11     |   | RISK      FACTORS                                                                                | 73             |
| Quarterly      Production History                                                     | 21     |   | MARKET      FOR SECURITIES                                                                       | 91             |
| Quarterly      Netback History                                                        | 22     |   | DIRECTORS      AND OFFICERS                                                                      | 92             |
| Abandonment      and Reclamation Costs                                                | 24     |   | INTEREST      OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS                                  | 95             |
| Tax      Horizon                                                                      | 24     |   | MATERIAL      CONTRACTS AND DOCUMENTS AFFECTING THE RIGHTS OF                                    |           |
| Marketing      Arrangements and Forward Contracts                                     | 24     |   |     SECURITYHOLDERS                                                          | 95             |
| OIL      AND NATURAL GAS RESERVES                                                     | 26     |   | INTERESTS      OF EXPERTS                                                                        | 96             |
| Overview      of Reserves                                                             | 26     |   | REGISTRAR      AND TRANSFER AGENT                                                                | 96             |
| Summary      of Aggregate Enerplus Reserves                                           | 27     |   | ADDITIONAL      INFORMATION                                                                      | 96             |
| Summary      of Conventional Oil and Natural Gas Reserves                             | 29     |   | APPENDIX      “A”  - REPORT ON RESERVES DATA BY INDEPENDENT    QUALIFIED        |           |
| Summary      of Joslyn Project Bitumen Reserves                                       | 38     |   |     RESERVES      EVALUATOR OR AUDITOR                                       | A-1            |
| Reconciliation      of Reserves                                                       | 41     |   | APPENDIX      “B”  - REPORT ON RESERVES DATA BY INDEPENDENT    QUALIFIED        |           |
| Undeveloped      Reserves                                                             | 45     |   |     RESERVES      EVALUATOR OR AUDITOR                                       | B-1            |
| Significant      Factors or Uncertainties                                             | 45     |   | APPENDIX      “C”  - REPORT ON RESERVES DATA BY INDEPENDENT    QUALIFIED        |           |
| Proved      and Probable Reserves Not on Production                                   | 45     |   |     RESERVES      EVALUATOR OR AUDITOR                                       | C-1            |
| SUPPLEMENTAL      OPERATIONAL INFORMATION                                             | 46     |   | APPENDIX      “D”  - REPORT OF MANAGEMENT AND DIRECTORS ON                      |           |
| Finding      and Development and Finding, Development and      Acquisition Costs | 46     |   |     RESERVES DATA      AND OTHER INFORMATION                                 | D-1            |
| Acquisitions      and Divestments                                                     | 49     |   | APPENDIX      “E”  - AUDIT & RISK MANAGEMENT COMMITTEE      DISCLOSURE | E-1            |
|                                                                                  |   |   | APPENDIX      “F”  - SFAS NO. 69 SUPPLEMENTAL RESERVE INFORMATION               | F-1            |
|                                                                                  |   |   | APPENDIX      “G”  - INFORMATION REGARDING FOCUS ENERGY TRUST                   | G-1            |

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| API    | American      Petroleum Institute                                                                                                                                                    | Mcf    | one      thousand cubic feet               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|
| bbls   | barrels,      with each barrel representing 34.972 imperial gallons or      42 U.S. gallons                                                                           | Mcf/d  | one      thousand cubic feet per day       |
| bbls/d | barrels      per day                                                                                                                                                                 | MMbbls | one      million barrels                   |
| Bcf    | billion      cubic feet                                                                                                                                                              | MMBOE  | one      million barrels of oil equivalent |
| Bcf/d  | billion      cubic feet per day                                                                                                                                                      | mmbtu  | one      million British Thermal Units     |
| BOE(1) | barrels      of oil equivalent converting 6 Mcf of natural gas to one barrel of      oil equivalent and one barrel of natural gas liquids to one barrel of oil      equivalent. | MMcf   | one      million cubic feet                |
| BOE/d  | barrels      of oil equivalent per day                                                                                                                                               | MMcf/d | one      million cubic feet per day        |
| Mbbls  | one      thousand barrels                                                                                                                                                            | NGLs   | natural      gas liquids                   |
| MBOE   | one      thousand barrels of oil equivalent                                                                                                                                          |   |                                       |

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| (1) | A      BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency      conversion method primarily applicable at the burner tip and does not      represent a value equivalency at thewellhead. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| To      Convert From |   | To                |   | Multiply      By |
|----------------------|--------|-------------------|--------|------------------|
| Mcf                  |   | cubic      metres |   | 28.174           |
| cubic      metres    |   | cubic      feet   |   | 35.494           |
| bbls                 |   | cubic      metres |   | 0.159            |
| cubic      metres    |   | bbls              |   | 6.293            |
| feet                 |   | metres            |   | 0.305            |
| metres               |   | feet              |   | 3.281            |
| miles                |   | kilometres        |   | 1.609            |
| kilometres           |   | miles             |   | 0.621            |
| acres                |   | hectares          |   | 0.4047           |
| hectares             |   | acres             |   | 2.471            |

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|   | (i) | in      relation to Enerplus’ interest in production or reserves, its working      interest (operating or non-operating) share before deduction of royalties      and without including any royalty interests of  Enerplus; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (ii) | in      relation to wells, the total number of wells in which Enerplus has an      interest; and |
|--------|------|--------------------------------------------------------------------------------------------------|

|   | (iii) | in      relation to properties, the total area of properties in which Enerplus has      an interest. |
|--------|-------|------------------------------------------------------------------------------------------------------|

|   | (i) | in      relation to Enerplus’ interest in production or reserves, its working      interest (operating or non-operating) share after deduction of royalty      obligations, plus Enerplus’ royalty interests in production or      reserves; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      relation to Enerplus’ interest in wells, the number of wells obtained by      aggregating Enerplus’ working interest in each of its gross wells;      and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in      relation to Enerplus’ interest in a property, the total area in which      Enerplus has an interest multiplied by the working interest owned by      Enerplus. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | at      least a 90 percent probability that the quantities actually recovered      will equal or exceed the estimated Proved Reserves;  and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | at      least a 50 percent probability that the quantities actually recovered      will equal or exceed the sum of the estimated Proved plus Probable      Reserves. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | “Developed Producing      Reserves” are those reserves that are expected to be recovered from      completion intervals open at the time of the estimate. These reserves may      be currently producing or, if shut-in, they must have previously been on      production, and the date of resumption of production must be known with      reasonable certainty. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • | “Developed Non-Producing      Reserves” are those reserves that either have not been on      production, or have previously been on production, but are shut-in, and      the date of resumption of production isunknown. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | generally      accepted as being a reasonable outlook of the future;  and |
|--------|-----|---------------------------------------------------------------------------|

|   | (ii) | if,      and only to the extent that, there are fixed or presently determinable      future prices or costs to which Enerplus is legally bound by a contractual      or other obligation to supply a physical product, including those for an      extension period of a contract that is likely to be extended, those prices      or costs rather than the prices or costs referred to in      paragraph (i). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Enerplus’      prices and costs as at December 31, 2007, held constant throughout      the estimated lives of the properties to which the estimate applies (being      Enerplus’ posted price for oil and the spot price for gas, after      historical adjustments for transportation, gravity and other factors);      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if,      and only to the extent that, there are fixed or presently determinable      future prices or costs to which Enerplus is legally bound by a contractual      or other obligation to supply a physical product, including those for an      extension period of a contract that is likely to be extended, those prices      or costs rather than the prices or costs referred to in      paragraph (i). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • | the      quantity of, and future net revenues from, Enerplus’ reserves and/or      resources; |
|--------|---------|-----------------------------------------------------------------------------------------------------|

|   | • | crude      oil, NGLs, natural gas and bitumen production  levels; |
|--------|---------|-------------------------------------------------------------------|

|   | • | commodity      prices, foreign currency exchange rates and interest  rates; |
|--------|---------|-----------------------------------------------------------------------------|

|   | • | capital      expenditure programs and other future  expenditures; |
|--------|---------|-------------------------------------------------------------------|

|   | • | supply      and demand for oil, NGLs and naturalgas; |
|--------|---------|------------------------------------------------------|

|   | • | Enerplus’      business strategy and planned acquisition and development strategy,      including planned drillingprograms; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | • | expectations      regarding Enerplus’ ability to raise capital and to continually add to      reserves and/or resources through acquisitions and      development; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | schedules      for and timing of certain projects, including the development of the Kirby      Project and the Joslyn Project, and Enerplus’ strategy for      growth; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Enerplus’      future operating and financialresults; |
|--------|---------|-------------------------------------------------------------|

|   | • | future      abandonment and reclamation costs; |
|--------|---------|------------------------------------------------|

|   | • | treatment      under governmental and other regulatory regimes and tax, environmental and      other laws; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------|

|   | • | future      income tax laws and royaltyregimes. |
|--------|---------|-------------------------------------------------|

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|   | • | volatility      in market prices for oil, bitumen, NGLs and natural  gas; |
|--------|---------|---------------------------------------------------------------------------|

|   | • | actions      by governmental or regulatory authorities including changes in income tax      laws (including those relating to mutual fund and income trusts or      investment eligibility) or changes in tax laws, royalty regimes and      incentive programs relating to the oil and gas industry and income      trusts; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | changes      or fluctuations in oil, NGLs, natural gas and bitumen production      levels; |
|--------|---------|--------------------------------------------------------------------------------------------|

|   | • | changes      in foreign currency exchange rates and interest  rates; |
|--------|---------|----------------------------------------------------------------------|

|   | • | changes      in capital and other expenditure requirements and debt service      requirements; |
|--------|---------|------------------------------------------------------------------------------------------------|

|   | • | liabilities      and unexpected events inherent in oil and gas operations, including      geological, technical, drilling and processing  risks; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | actions      of industry partners; |
|--------|---------|------------------------------------|

|   | • | uncertainties      associated with estimating reserves and  resources; |
|--------|---------|------------------------------------------------------------------------|

|   | • | competition      for, among other things, capital, acquisitions of reserves and resources,      undeveloped lands and skilledpersonnel; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | • | incorrect      assessments of the value ofacquisitions; |
|--------|---------|---------------------------------------------------------|

|   | • | constraints      on, or the unavailability of, adequate pipeline and transportation      capacity to deliver Enerplus’ production  to market; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Enerplus’      success at the acquisition, exploitation and development of reserves and      resources; |
|--------|---------|---------------------------------------------------------------------------------------------------------------|

|   | • | changes      in general economic, market (including credit market) and business      conditions in Canada, North America and worldwide;  and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | changes      in environmental or other legislation applicable to Enerplus’ operations,      and Enerplus’ ability to comply with current and future environmental and      other laws. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • | new      equity for these purposes includes units and debt that is convertible into      units (and may include other substitutes for equity if attempts are made      to develop those); |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | replacing      debt that was outstanding as of October 31, 2006, with new equity      will not be considered growth for these purposes and will not affect the      safe harbour; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the      exchange, for trust units, of exchangeable partnership units or      exchangeable shares that were outstanding on October 31, 2006, will      not be considered growth for those purposes and will not affect the      safe harbour. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                         |   | Crude      OilWaterflood |    |   | ShallowNaturalGas      andCBM |   |    | Deep      TightNatural      Gas |   |   | BakkenOil |   |   | OilSands |   |   | OtherConventionalOil      and Gas |   |   | Total  |   |
|--------------------------------------------------------------|--------|--------------------------|---------|--------|-------------------------------|--------|---------|---------------------------------|--------|--------|-----------|--------|--------|----------|--------|--------|-----------------------------------|--------|--------|--------|--------|
| 2007      Average Daily Production                           |   |                     |    |   |                          |   |    |                            |   |   |      |   |   |     |   |   |                              |   |   |   |   |
| Crude      oil (bbls/d)                                      |   |                     | 14,424  |   |                          |   | -       |                            |   |   | -         |   |   |     | 9,916  |   |                              |   | -      |   |   |   | 10,167 |   |   |   | 34,506 |   |
| Natural      gas (Mcf//d)                                    |   |                     | 10,260  |   |                          |   | 87,949  |                            |   |   | 43,814    |   |   |     | 7,300  |   |                              |   | -      |   |   |   | 112,931 |   |   |   | 262,254 |   |
| NGLs      (bbls/d)                                           |   |                     | 442     |   |                          |   | 38      |                            |   |   | 1,470     |   |   |     | -      |   |                              |   | -      |   |   |   | 2,154 |   |   |   | 4,104 |   |
| Total      (BOE/d)                                           |   |                     | 16,576  |   |                          |   | 14,696  |                            |   |   | 8,772     |   |   |     | 11,132 |   |                              |   | -      |   |   |   | 31,143 |   |   |   | 82,319 |   |
|                                                         |   |                     |    |   |                          |   |    |                            |   |   |      |   |   |     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Plus Probable Reserves at December 31, 2007 |   |                     |    |   |                          |   |    |                            |   |   |      |   |   |     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Crude      oil (Mbbls)                                       |   |                     | 89,499  |   |                          |   | -       |                            |   |   | -         |   |   |     | 33,356 |   |                              |   | -      |   |   |   | 37,887 |   |   |   | 160,742 |   |
| Natural      gas (MMcf)                                      |   |                     | 53,152  |   |                          |   | 549,787 |                            |   |   | 148,833   |   |   |     | 49,321 |   |                              |   | -      |   |   |   | 401,198 |   |   |   | 1,202,291 |   |
| NGLs      (Mbbls)                                            |   |                     | 2,811   |   |                          |   | 14      |                            |   |   | 6,453     |   |   |     | -      |   |                              |   | -      |   |   |   | 6,334 |   |   |   | 15,612 |   |
| Bitumen      (Mbbls)                                         |   |                     | -       |   |                          |   | -       |                            |   |   | -         |   |   |     | -      |   |                              |   | 63,498 |   |   |   | - |   |   |   | 63,498 |   |
| Total      Proved plus Probable Reserves (MBOE)              |   |                     | 101,169 |   |                          |   | 91,645  |                            |   |   | 31,258    |   |   |     | 41,576 |   |                              |   | 63,498 |   |   |   | 111,088 |   |   |   | 440,234 |   |

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|                                               |   |                   |   | Product        |   |
|----------------------------------------------------|--------|------------------------|--------|----------------|--------|
|                                               |   |                   |   | Crude      Oil |   |   |   |   |   |   |   |   |   |   |
| Property                                           |   | Primary      Play Type |   | Heavy          |   |   | Light      andMedium |   |   | NGLs |   |   | Natural      Gas |   |   | Total |   |
|                                               |   |                   |   | (bbls/d)       |   |   | (bbls/d) |   |   | (bbls/d) |   |   | (Mcf/d) |   |   | (BOE/d) |   |
| Sleeping      Giant, Montana, U.S.A.               |   | Bakken      Oil        |   |           | -      |   |   |   | 9,849 |   |   |   | - |   |   |   | 7,808 |   |   |   | 11,150 |   |
| Bantry                                             |   | Shallow      Gas       |   |           | 2,753  |   |   |   | - |   |   |   | 113 |   |   |   | 32,151 |   |   |   | 8,225 |   |
| Joarcam                                            |   | Waterflood             |   |           | -      |   |   |   | 1,828 |   |   |   | 86 |   |   |   | 5,242 |   |   |   | 2,788 |   |
| Pembina      5 Way                                 |   | Waterflood             |   |           | -      |   |   |   | 2,104 |   |   |   | 128 |   |   |   | 2,135 |   |   |   | 2,588 |   |
| Giltedge                                           |   | Waterflood             |   |           | 1,938  |   |   |   | - |   |   |   | - |   |   |   | 161 |   |   |   | 1,965 |   |
| Pine      Creek                                    |   | Deep      Tight Gas    |   |           | -      |   |   |   | 14 |   |   |   | 456 |   |   |   | 8,942 |   |   |   | 1,961 |   |
| Hanna      Garden                                  |   | Shallow      Gas       |   |           | -      |   |   |   | - |   |   |   | 3 |   |   |   | 11,453 |   |   |   | 1,911 |   |
| Verger                                             |   | Shallow      Gas       |   |           | -      |   |   |   | - |   |   |   | - |   |   |   | 11,209 |   |   |   | 1,868 |   |
| Medicine      Hat Glauconitic “C” Unit |   | Waterflood             |   |           | 1,708  |   |   |   | - |   |   |   | - |   |   |   | 499 |   |   |   | 1,791 |   |
| Elmworth                                           |   | Deep      Tight Gas    |   |           | -      |   |   |   | - |   |   |   | 438 |   |   |   | 8,105 |   |   |   | 1,789 |   |
| Chinchaga                                          |   | Conventional           |   |           | -      |   |   |   | - |   |   |   | 33 |   |   |   | 9,481 |   |   |   | 1,613 |   |
| Shackleton,      Saskatchewan                      |   | Shallow      Gas       |   |           | -      |   |   |   | - |   |   |   | - |   |   |   | 8,721 |   |   |   | 1,453 |   |
| Benjamin                                           |   | Deep      Tight Gas    |   |           | -      |   |   |   | - |   |   |   | 7 |   |   |   | 8,044 |   |   |   | 1,348 |   |
| Medicine      Hat South                            |   | Shallow      Gas       |   |           | -      |   |   |   | - |   |   |   | - |   |   |   | 7,218 |   |   |   | 1,203 |   |
| Valhalla                                           |   | Conventional           |   |           | -      |   |   |   | 248 |   |   |   | 83 |   |   |   | 5,086 |   |   |   | 1,178 |   |
| Virden,      Manitoba                              |   | Waterflood             |   |           | -      |   |   |   | 1,119 |   |   |   | - |   |   |   | - |   |   |   | 1,119 |   |
| Mitsue                                             |   | Waterflood             |   |           | -      |   |   |   | 802 |   |   |   | 139 |   |   |   | 1,039 |   |   |   | 1,114 |   |
| Hayter                                             |   | Conventional           |   |           | 1,008  |   |   |   | - |   |   |   | 2 |   |   |   | 78 |   |   |   | 1,023 |   |
| Progress                                           |   | Conventional           |   |           | -      |   |   |   | 418 |   |   |   | 68 |   |   |   | 3,194 |   |   |   | 1,018 |   |
| Shorncliff                                         |   | Conventional           |   |           | 933    |   |   |   | - |   |   |   | 3 |   |   |   | 263 |   |   |   | 980 |   |
| Other                                              |   | N/A                    |   |           | 632    |   |   |   | 9,152 |   |   |   | 2,545 |   |   |   | 131,425 |   |   |   | 34,234 |   |
| TOTAL                                              |   | N/A                    |   |           | 8,972  |   |   |   | 25,534 |   |   |   | 4,104 |   |   |   | 262,254 |   |   |   | 82,319 |   |

|               |   | PropertyAcquisition      Costs |   |   |     |   |   |                   |   |
|--------------------|--------|--------------------------------|--------|--------|----------|--------|--------|------------------------|--------|
|               |   | Proved                         |   |   | Unproved |   |   | Exploration      Costs |   |   | Development      Costs |   |
|               |   | ($      in millions)           |   |
| Canada             |   | $                              | 10.2   |   |     | $      | 212.2  |                   |   | $ | 34.0 |   |   | $ | 237.8 |   |
| United      States |   |                           | 61.0   |   |     |   | 0.9    |                   |   |   | 13.8 |   |   |   | 91.5 |   |
| Total              |   | $                              | 71.2   |   |     | $      | 213.1  |                   |   | $ | 47.8 |   |   | $ | 329.3 |   |

----

|                      |   | Crude      OilWaterflood  |   |   | ShallowNaturalGas      andCBM |   |   | Deep      TightNatural      Gas |   |   | BakkenOil |   |   | OilSands |   |   | OtherConventionalOil      and Gas |   |   | Total  |   |
|---------------------------|--------|---------------------------|--------|--------|-------------------------------|--------|--------|---------------------------------|--------|--------|-----------|--------|--------|----------|--------|--------|-----------------------------------|--------|--------|--------|--------|
|                      |   | (in      $ millions) |   |
| Capital      expenditures |   |                      | 54.2   |   |                          |   | 39.3   |                            |   |   | 34.7      |   |   |     | 106.2  |   |                              |   | 38.9   |   |   |   | 113.9 |   |   |   | 387.2 |   |

|                         |   | Canada           |   |   | United      States |   |
|------------------------------|--------|------------------|--------|--------|--------------------|--------|
|                         |   | DevelopmentWells |   |   | ExploratoryWells   |   |   | DevelopmentWells |   |   | ExploratoryWells |   |
| Category      of Well        |   | Gross            |   |   | Net                |   |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |
| Crude      oil wells         |   |             | 122    |   |               |   | 40.1 |   |   |   | 3 |   |   |   | 2.1 |   |   |   | 35 |   |   |   | 20.8 |   |   |   | 3 |   |   |   | 2.2 |   |
| Natural      gas wells       |   |             | 318    |   |               |   | 168.1 |   |   |   | 30 |   |   |   | 9.5 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Service      wells           |   |             | 18     |   |               |   | 7.4 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Dry      and abandoned wells |   |             | 3      |   |               |   | 1.1 |   |   |   | 1 |   |   |   | 0.5 |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 0.7 |   |
| Total                        |   |             | 461    |   |               |   | 216.7 |   |   |   | 34 |   |   |   | 12.1 |   |   |   | 35 |   |   |   | 20.8 |   |   |   | 4 |   |   |   | 2.9 |   |

|             |   | Crude      OilWaterflood |   |   | ShallowNaturalGas      andCBM |   |   | Deep      TightNatural      Gas |   |   | BakkenOil |   |   | OilSands |   |   | OtherConventionalOil      and Gas |   |   | Total  |   |
|------------------|--------|--------------------------|--------|--------|-------------------------------|--------|--------|---------------------------------|--------|--------|-----------|--------|--------|----------|--------|--------|-----------------------------------|--------|--------|--------|--------|
| Gross      wells |   |                     | 28     |   |                          |   | 238    |                            |   |   | 43        |   |   |     | 39     |   |                              |   | 4      |   |   |   | 182 |   |   |   | 534 |   |
| Net      wells   |   |                     | 19.6   |   |                          |   | 155.5  |                            |   |   | 6.3       |   |   |     | 23.7   |   |                              |   | 0.6    |   |   |   | 46.8 |   |   |   | 252.5 |   |

----

|                     |   | Producing      Wells |   |   | Non-Producing      Wells |   |    | Unproved      Properties (thousand of acres) |   |
|--------------------------|--------|----------------------|--------|--------|--------------------------|--------|---------|----------------------------------------------|--------|
|                     |   | Oil                  |   |   | Natural      Gas         |   |    | Oil                                          |   |   | Natural      Gas |   |   |   |   |   |   |   |
|                     |   | Gross                |   |   | Net                      |   |    | Gross                                        |   |   | Net |   |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |
| Alberta                  |   |                 | 3,070  |   |                     |   | 1,186.0 |                                         |   |   | 6,407 |   |   |   | 3,215.6 |   |   |   | 1,027 |   |   |   | 421.4 |   |   |   | 547 |   |   |   | 186.1 |   |   |   | 829.7 |   |   |   | 320.6 |   |
| Saskatchewan             |   |                 | 2,323  |   |                     |   | 454.1   |                                         |   |   | 885 |   |   |   | 457.5 |   |   |   | 366 |   |   |   | 45.1 |   |   |   | 68 |   |   |   | 31.2 |   |   |   | 215.4 |   |   |   | 127.6 |   |
| British      Columbia    |   |                 | 206    |   |                     |   | 25.6    |                                         |   |   | 148 |   |   |   | 31.4 |   |   |   | 46 |   |   |   | 6.4 |   |   |   | 62 |   |   |   | 16.7 |   |   |   | 216.5 |   |   |   | 87.7 |   |
| Manitoba                 |   |                 | 560    |   |                     |   | 313.1   |                                         |   |   | - |   |   |   | - |   |   |   | 14 |   |   |   | 8.1 |   |   |   | - |   |   |   | - |   |   |   | 52.3 |   |   |   | 49.0 |   |
| Montana                  |   |                 | 211    |   |                     |   | 114.3   |                                         |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 0.5 |   |   |   | - |   |   |   | - |   |   |   | 42.2 |   |   |   | 42.2 |   |
| North      Dakota        |   |                 | 2      |   |                     |   | 1.8     |                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 50.1 |   |   |   | 30.2 |   |
| Utah                     |   |                 | -      |   |                     |   | -       |                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4.7 |   |   |   | 2.7 |   |
| Oil      Sands (Alberta) |   |                 | 18     |   |                     |   | 2.9     |                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 70.2 |   |   |   | 51.6 |   |
| Total                    |   |                 | 6,390  |   |                     |   | 2,097.8 |                                         |   |   | 7,440 |   |   |   | 3,704.5 |   |   |   | 1,454 |   |   |   | 481.5 |   |   |   | 677 |   |   |   | 234.0 |   |   |   | 1,481.1 |   |   |   | 711.6 |   |

----

----

----

----

----

|   | • | 2007/2008       - Winter drilling program, stakeholder consultation and work on regulatory      applications |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | • | Fall      2008  - Regulatory applicationfiled |
|--------|---------|----------------------------------------------------|

|   | • | Fall      2009  - Receipt of regulatory approval  anticipated |
|--------|---------|--------------------------------------------------------------------|

|   | • | Late      2011  - First steam injection |
|--------|---------|----------------------------------------------|

|   | • | Mid-2012       - First production |
|--------|---------|----------------------------------------|

|   | • | 2013       - Reaches production of10,000 bbls/d |
|--------|---------|-----------------------------------------------------------|

----

|             |   | Best      Estimate ofContingent      Bitumen Resources |    |
|------------------|--------|--------------------------------------------------------|---------|
|             |   | (Mbbls)                                                |    |
| Kirby      Lease |   |                                                   | 244,374 |   |

----

----

|              |   | Best      Estimate ofContingent      Bitumen Resources |   |
|-------------------|--------|--------------------------------------------------------|--------|
|              |   | Gross      Lease                                       |   |   | Enerplus      Gross |   |
|              |   | (MMbbls)                                               |   |
| Joslyn      Lease |   |                                                   | 2,040  |   |   |   | 306 |   |

|                                                  |   | Best      Estimate ofContingent      Bitumen Resources |   |
|-------------------------------------------------------|--------|--------------------------------------------------------|--------|
| Joslyn      Lease Development Scenario                |   | Gross      Lease                                       |   |   | Enerplus      Gross |   |
|                                                  |   | (MMbbls)                                               |   |
| Full      Mine with 10,000 bbl/d SAGD Project    |   |                                                   | 2,390  |   |   |   | 359 |   |
| Smaller      Mine with 25,000 bbl/d SAGD Project |   |                                                   | 1,680  |   |   |   | 252 |   |

----

----

|                                     |   | Year      Ended December 31, 2007 |    |
|------------------------------------------|--------|----------------------------------------|---------|
|                                     |   | FirstQuarter                           |    |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Canada                                   |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Crude      oil                           |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Light      and medium oil (bbls/d)       |   |                                   | 16,096  |   |   |   | 15,626 |   |   |   | 15,378 |   |   |   | 15,701 |   |   |   | 15,698 |   |
| Heavy      oil (bbls/d)                  |   |                                   | 9,234   |   |   |   | 8,937 |   |   |   | 8,858 |   |   |   | 8,547 |   |   |   | 8,892 |   |
| Total      crude oil (bbls/d)            |   |                                   | 25,330  |   |   |   | 24,563 |   |   |   | 24,236 |   |   |   | 24,248 |   |   |   | 24,590 |   |
| Natural      gas liquids (bbls/d)        |   |                                   | 4,509   |   |   |   | 4,143 |   |   |   | 3,937 |   |   |   | 3,836 |   |   |   | 4,104 |   |
| Total      liquids (bbls/d)              |   |                                   | 29,839  |   |   |   | 28,706 |   |   |   | 28,173 |   |   |   | 28,084 |   |   |   | 28,694 |   |
| Natural      gas (Mcf/d)                 |   |                                   | 266,050 |   |   |   | 254,122 |   |   |   | 241,196 |   |   |   | 245,219 |   |   |   | 251,561 |   |
| Total      Canada (BOE/d)                |   |                                   | 74,180  |   |   |   | 71,059 |   |   |   | 68,372 |   |   |   | 68,953 |   |   |   | 70,621 |   |
|                                     |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United      States                       |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Light      and medium crude oil (bbls/d) |   |                                   | 10,237  |   |   |   | 9,615 |   |   |   | 9,841 |   |   |   | 9,973 |   |   |   | 9,916 |   |
| Natural      gas (Mcf/d)                 |   |                                   | 9,664   |   |   |   | 10,824 |   |   |   | 10,068 |   |   |   | 12,196 |   |   |   | 10,693 |   |
| Total      United States (BOE/d)         |   |                                   | 11,848  |   |   |   | 11,419 |   |   |   | 11,519 |   |   |   | 12,006 |   |   |   | 11,698 |   |
|                                     |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Enerplus                      |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Crude      oil                           |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Light      and medium oil (bbls/d)       |   |                                   | 26,333  |   |   |   | 25,241 |   |   |   | 25,219 |   |   |   | 25,674 |   |   |   | 25,614 |   |
| Heavy      oil (bbls/d)                  |   |                                   | 9,234   |   |   |   | 8,937 |   |   |   | 8,858 |   |   |   | 8,547 |   |   |   | 8,892 |   |
| Total      crude oil (bbls/d)            |   |                                   | 35,567  |   |   |   | 34,178 |   |   |   | 34,077 |   |   |   | 34,221 |   |   |   | 34,506 |   |
| Natural      gas liquids (bbls/d)        |   |                                   | 4,509   |   |   |   | 4,143 |   |   |   | 3,937 |   |   |   | 3,836 |   |   |   | 4,104 |   |
| Total      liquids (bbls/d)              |   |                                   | 40,076  |   |   |   | 38,321 |   |   |   | 38,014 |   |   |   | 38,057 |   |   |   | 38,610 |   |
| Natural      gas (Mcf/d)                 |   |                                   | 275,714 |   |   |   | 264,946 |   |   |   | 251,264 |   |   |   | 257,415 |   |   |   | 262,254 |   |
| Total      Enerplus (BOE/d)              |   |                                   | 86,028  |   |   |   | 82,478 |   |   |   | 79,891 |   |   |   | 80,959 |   |   |   | 82,319 |   |

----

|                                        |   | Year      Ended December 31, 2007 |   |
|---------------------------------------------|--------|----------------------------------------|--------|
| Light      and Medium Crude Oil ($ per bbl) |   | FirstQuarter                           |   |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Canada                                      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)                         |   | $                                      | 60.06  |   |   | $ | 66.52 |   |   | $ | 72.98 |   |   | $ | 77.07 |   |   | $ | 69.14 |   |
| Royalties                                   |   |                                   | (8.78  | ) |   |   | (10.72 | ) |   |   | (11.25 | ) |   |   | (11.67 | ) |   |   | (10.60 | ) |
| Production      costs(2)                    |   |                                   | (15.99 | ) |   |   | (17.51 | ) |   |   | (20.04 | ) |   |   | (18.00 | ) |   |   | (17.88 | ) |
| Netback                                     |   | $                                      | 35.29  |   |   | $ | 38.29 |   |   | $ | 41.69 |   |   | $ | 47.40 |   |   | $ | 40.66 |   |
|                                        |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United      States                          |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)                         |   | $                                      | 62.99  |   |   | $ | 67.94 |   |   | $ | 77.49 |   |   | $ | 80.16 |   |   | $ | 72.17 |   |
| Royalties(3)                                |   |                                   | (12.48 | ) |   |   | (13.60 | ) |   |   | (15.92 | ) |   |   | (16.73 | ) |   |   | (14.69 | ) |
| Production      costs(2)                    |   |                                   | (2.24  | ) |   |   | (2.56 | ) |   |   | (2.94 | ) |   |   | (3.11 | ) |   |   | (2.71 | ) |
| Netback                                     |   | $                                      | 48.27  |   |   | $ | 51.78 |   |   | $ | 58.63 |   |   | $ | 60.32 |   |   | $ | 54.77 |   |
|                                        |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Enerplus                         |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)                         |   | $                                      | 61.19  |   |   | $ | 67.06 |   |   | $ | 74.74 |   |   | $ | 78.27 |   |   | $ | 70.31 |   |
| Royalties(3)                                |   |                                   | (10.22 | ) |   |   | (11.82 | ) |   |   | (13.07 | ) |   |   | (13.63 | ) |   |   | (12.18 | ) |
| Production      costs(2)                    |   |                                   | (10.65 | ) |   |   | (11.82 | ) |   |   | (13.37 | ) |   |   | (12.22 | ) |   |   | (12.01 | ) |
| Netback                                     |   | $                                      | 40.32  |   |   | $ | 43.42 |   |   | $ | 48.30 |   |   | $ | 52.42 |   |   | $ | 46.12 |   |

|                       |   | Year      Ended December 31, 2007 |   |
|----------------------------|--------|----------------------------------------|--------|
| Heavy      Oil ($ per bbl) |   | FirstQuarter                           |   |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Canada/Total      Enerplus |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)        |   | $                                      | 46.02  |   |   | $ | 47.48 |   |   | $ | 53.28 |   |   | $ | 54.00 |   |   | $ | 50.14 |   |
| Royalties                  |   |                                   | (9.01  | ) |   |   | (9.22 | ) |   |   | (10.34 | ) |   |   | (10.69 | ) |   |   | (9.81 | ) |
| Production      costs(2)   |   |                                   | (11.24 | ) |   |   | (12.08 | ) |   |   | (15.03 | ) |   |   | (15.13 | ) |   |   | (13.35 | ) |
| Netback                    |   | $                                      | 25.77  |   |   | $ | 26.18 |   |   | $ | 27.91 |   |   | $ | 28.18 |   |   | $ | 26.98 |   |

|                                 |   | Year      Ended December 31, 2007 |   |
|--------------------------------------|--------|----------------------------------------|--------|
| Natural      Gas Liquids ($ per bbl) |   | FirstQuarter                           |   |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Canada/Total      Enerplus           |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)                  |   | $                                      | 44.09  |   |   | $ | 53.34 |   |   | $ | 50.79 |   |   | $ | 58.12 |   |   | $ | 51.35 |   |
| Royalties                            |   |                                   | (11.25 | ) |   |   | (13.56 | ) |   |   | (13.42 | ) |   |   | (15.94 | ) |   |   | (13.46 | ) |
| Production      costs(2)             |   |                                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Netback                              |   | $                                      | 32.84  |   |   | $ | 39.78 |   |   | $ | 37.37 |   |   | $ | 42.18 |   |   | $ | 37.89 |   |

----

|                         |   | Year      Ended December 31, 2007 |   |
|------------------------------|--------|----------------------------------------|--------|
| Natural      Gas ($ per Mcf) |   | First      Quarter                     |   |   | Second      Quarter |   |   | Third      Quarter |   |   | Fourth      Quarter |   |   | Total      for Year |   |
| Canada                       |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)          |   | $                                      | 7.21   |   |   | $ | 7.03 |   |   | $ | 5.58 |   |   | $ | 5.91 |   |   | $ | 6.45 |   |
| Royalties                    |   |                                   | (1.42  | ) |   |   | (1.34 | ) |   |   | (1.05 | ) |   |   | (1.12 | ) |   |   | (1.24 | ) |
| Production      costs(2)     |   |                                   | (1.31  | ) |   |   | (1.55 | ) |   |   | (1.27 | ) |   |   | (1.02 | ) |   |   | (1.29 | ) |
| Netback                      |   | $                                      | 4.48   |   |   | $ | 4.14 |   |   | $ | 3.26 |   |   | $ | 3.77 |   |   | $ | 3.92 |   |
|                         |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United      States           |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)          |   | $                                      | 7.29   |   |   | $ | 7.37 |   |   | $ | 5.67 |   |   | $ | 5.98 |   |   | $ | 6.55 |   |
| Royalties(3)                 |   |                                   | (1.45  | ) |   |   | (1.45 | ) |   |   | (1.28 | ) |   |   | (1.53 | ) |   |   | (1.43 | ) |
| Production      costs(2)     |   |                                   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Netback                      |   | $                                      | 5.84   |   |   | $ | 5.92 |   |   | $ | 4.39 |   |   | $ | 4.45 |   |   | $ | 5.12 |   |
|                         |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Enerplus          |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)          |   | $                                      | 7.21   |   |   | $ | 7.04 |   |   | $ | 5.59 |   |   | $ | 5.91 |   |   | $ | 6.45 |   |
| Royalties(3)                 |   |                                   | (1.42  | ) |   |   | (1.35 | ) |   |   | (1.06 | ) |   |   | (1.14 | ) |   |   | (1.25 | ) |
| Production      costs(2)     |   |                                   | (1.27  | ) |   |   | (1.48 | ) |   |   | (1.22 | ) |   |   | (0.97 | ) |   |   | (1.24 | ) |
| Netback                      |   | $                                      | 4.52   |   |   | $ | 4.21 |   |   | $ | 3.31 |   |   | $ | 3.80 |   |   | $ | 3.96 |   |

|                     |   | Year      Ended December 31, 2007 |   |
|--------------------------|--------|----------------------------------------|--------|
| Total      ($ per BOE)   |   | First      Quarter                     |   |   | Second      Quarter |   |   | Third      Quarter |   |   | Fourth      Quarter |   |   | Total      for Year |   |
| Canada                   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)      |   | $                                      | 47.28  |   |   | $ | 48.84 |   |   | $ | 46.01 |   |   | $ | 48.78 |   |   | $ | 47.73 |   |
| Royalties                |   |                                   | (8.81  | ) |   |   | (9.11 | ) |   |   | (8.36 | ) |   |   | (8.85 | ) |   |   | (8.78 | ) |
| Production      costs(2) |   |                                   | (9.58  | ) |   |   | (10.91 | ) |   |   | (10.95 | ) |   |   | (9.61 | ) |   |   | (10.25 | ) |
| Netback                  |   | $                                      | 28.89  |   |   | $ | 28.82 |   |   | $ | 26.70 |   |   | $ | 30.32 |   |   | $ | 28.70 |   |
|                     |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United      States       |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)      |   | $                                      | 60.37  |   |   | $ | 64.19 |   |   | $ | 71.15 |   |   | $ | 72.66 |   |   | $ | 67.16 |   |
| Royalties(3)             |   |                                   | (11.96 | ) |   |   | (12.82 | ) |   |   | (14.71 | ) |   |   | (15.45 | ) |   |   | (13.76 | ) |
| Production      costs(2) |   |                                   | (1.94  | ) |   |   | (2.15 | ) |   |   | (2.51 | ) |   |   | (2.58 | ) |   |   | (2.30 | ) |
| Netback                  |   | $                                      | 46.47  |   |   | $ | 49.22 |   |   | $ | 53.93 |   |   | $ | 54.63 |   |   | $ | 51.10 |   |
|                     |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Enerplus      |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)      |   | $                                      | 49.08  |   |   | $ | 50.96 |   |   | $ | 49.64 |   |   | $ | 52.33 |   |   | $ | 50.48 |   |
| Royalties(3)             |   |                                   | (9.12  | ) |   |   | (9.63 | ) |   |   | (9.28 | ) |   |   | (9.83 | ) |   |   | (9.49 | ) |
| Production      costs(2) |   |                                   | (8.53  | ) |   |   | (9.69 | ) |   |   | (9.73 | ) |   |   | (8.57 | ) |   |   | (9.12 | ) |
| Netback                  |   | $                                      | 31.43  |   |   | $ | 31.64 |   |   | $ | 30.63 |   |   | $ | 33.93 |   |   | $ | 31.87 |   |

----

| (1) | Net      of transportation costs but before the effects of commodity derivative      instruments. |
|-----|---------------------------------------------------------------------------------------------------|

| (2) | Production      costs are costs incurred to operate and maintain wells and related      equipment and facilities, including operating costs of support equipment      used in oil and gas activities and other costs of operating and      maintaining those wells and related equipment and facilities. Examples of      production costs include items such as field staff labour costs, costs of      materials, supplies and fuel consumed and supplies utilized in operating      the wells and related equipment (such as power, chemicals and lease      rentals), repairs and maintenance costs, property taxes, insurance costs,      costs of workovers, net processing and treating fees, overhead fees, taxes      (other than income, capital, withholding or U.S. state production taxes)      and other costs. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes      U.S. state production taxes. |
|-----|--------------------------------------------|

----

----

----

----

|                                |   | OIL      AND GAS NATURAL RESERVES |    |
|-------------------------------------|--------|-----------------------------------|---------|
| RESERVES      CATEGORY              |   | Light &Medium      Oil   |    |   | HeavyOil |   |   | Bitumen |   |   | Total      Oil |   |   | NaturalGas      Liquids |   |   | Natural      Gas |   |   | Total |   |
|                                |   | (Mbbls)                           |    |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MMcf) |   |   | (MBOE) |   |
| Proved      Developed Producing     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                              | 63,963  |   |   |   | 28,832 |   |   |   | 2,365 |   |   |   | 95,160 |   |   |   | 10,469 |   |   |   | 649,382 |   |   |   | 213,860 |   |
| United      States                  |   |                              | 21,672  |   |   |   | - |   |   |   | - |   |   |   | 21,672 |   |   |   | 74 |   |   |   | 28,527 |   |   |   | 26,501 |   |
| Total                               |   |                              | 85,635  |   |   |   | 28,832 |   |   |   | 2,365 |   |   |   | 116,832 |   |   |   | 10,543 |   |   |   | 677,909 |   |   |   | 240,361 |   |
|                                |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Non-Producing |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                              | 190     |   |   |   | - |   |   |   | - |   |   |   | 190 |   |   |   | 510 |   |   |   | 14,911 |   |   |   | 3,185 |   |
| United      States                  |   |                              | 1,588   |   |   |   | - |   |   |   | - |   |   |   | 1,588 |   |   |   | 5 |   |   |   | 1,623 |   |   |   | 1,863 |   |
| Total                               |   |                              | 1,778   |   |   |   | - |   |   |   | - |   |   |   | 1,778 |   |   |   | 515 |   |   |   | 16,534 |   |   |   | 5,048 |   |
|                                |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Undeveloped             |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                              | 3,233   |   |   |   | 2,383 |   |   |   | 6,203 |   |   |   | 11,819 |   |   |   | 694 |   |   |   | 164,829 |   |   |   | 39,984 |   |
| United      States                  |   |                              | 3,377   |   |   |   | - |   |   |   | - |   |   |   | 3,377 |   |   |   | 33 |   |   |   | 6,805 |   |   |   | 4,544 |   |
| Total                               |   |                              | 6,610   |   |   |   | 2,383 |   |   |   | 6,203 |   |   |   | 15,196 |   |   |   | 727 |   |   |   | 171,634 |   |   |   | 44,528 |   |
|                                |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved                   |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                              | 67,386  |   |   |   | 31,215 |   |   |   | 8,568 |   |   |   | 107,169 |   |   |   | 11,673 |   |   |   | 829,122 |   |   |   | 257,029 |   |
| United      States                  |   |                              | 26,637  |   |   |   | - |   |   |   | - |   |   |   | 26,637 |   |   |   | 112 |   |   |   | 36,955 |   |   |   | 32,908 |   |
| Total                               |   |                              | 94,023  |   |   |   | 31,215 |   |   |   | 8,568 |   |   |   | 133,806 |   |   |   | 11,785 |   |   |   | 866,077 |   |   |   | 289,937 |   |
|                                |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable                            |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                              | 17,837  |   |   |   | 10,948 |   |   |   | 54,930 |   |   |   | 83,715 |   |   |   | 3,797 |   |   |   | 308,276 |   |   |   | 138,891 |   |
| United      States                  |   |                              | 6,719   |   |   |   | - |   |   |   | - |   |   |   | 6,719 |   |   |   | 30 |   |   |   | 27,938 |   |   |   | 11,406 |   |
| Total                               |   |                              | 24,556  |   |   |   | 10,948 |   |   |   | 54,930 |   |   |   | 90,434 |   |   |   | 3,827 |   |   |   | 336,214 |   |   |   | 150,297 |   |
|                                |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved plus Probable     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                              | 85,223  |   |   |   | 42,163 |   |   |   | 63,498 |   |   |   | 190,884 |   |   |   | 15,470 |   |   |   | 1,137,398 |   |   |   | 395,920 |   |
| United      States                  |   |                              | 33,356  |   |   |   | - |   |   |   | - |   |   |   | 33,356 |   |   |   | 142 |   |   |   | 64,893 |   |   |   | 44,314 |   |
| Total                               |   |                              | 118,579 |   |   |   | 42,163 |   |   |   | 63,498 |   |   |   | 224,240 |   |   |   | 15,612 |   |   |   | 1,202,291 |   |   |   | 440,234 |   |

----

|                                                  |   | NET      PRESENT VALUE OF FUTURE NET REVENUE DISCOUNTED AT      (%/YEAR) |   |   |                              |   |
|-------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|
|                                                  |   | Before      Deducting Income Taxes                                       |   |   | After      Deducting Income Taxes |   |   |   |   |
| RESERVES      CATEGORY                                |   |                                                                     | 0%     |   |                              |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   |   | 0% |   |   |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   | UnitValue(1) |   |
|                                                  |   | (in $ millions)                                                |   |   | ($/BOE)                           |   |
| CONVENTIONAL      OIL AND GAS RESERVES                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Producing                       |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                |   |                                                                     | 7,365  |   |                              |   | 4,669 |   |   |   | 3,514 |   |   |   | 2,869 |   |   |   | 2,451 |   |   |   | 6,359 |   |   |   | 4,204 |   |   |   | 3,248 |   |   |   | 2,698 |   |   |   | 2,333 |   |   |   | 19.80 |   |
| United States                                    |   |                                                                     | 1,296  |   |                              |   | 933 |   |   |   | 738 |   |   |   | 618 |   |   |   | 537 |   |   |   | 957 |   |   |   | 686 |   |   |   | 539 |   |   |   | 448 |   |   |   | 387 |   |   |   | 33.08 |   |
| Total                                                 |   |                                                                     | 8,661  |   |                              |   | 5,602 |   |   |   | 4,252 |   |   |   | 3,487 |   |   |   | 2,988 |   |   |   | 7,316 |   |   |   | 4,890 |   |   |   | 3,787 |   |   |   | 3,146 |   |   |   | 2,720 |   |   |   | 21.29 |   |
|                                                  |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Non-Producing                   |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                |   |                                                                     | 92     |   |                              |   | 58 |   |   |   | 42 |   |   |   | 33 |   |   |   | 26 |   |   |   | 75 |   |   |   | 49 |   |   |   | 36 |   |   |   | 27 |   |   |   | 24 |   |   |   | 17.20 |   |
| United States                                    |   |                                                                     | 95     |   |                              |   | 69 |   |   |   | 53 |   |   |   | 43 |   |   |   | 36 |   |   |   | 57 |   |   |   | 42 |   |   |   | 31 |   |   |   | 26 |   |   |   | 20 |   |   |   | 34.11 |   |
| Total                                                 |   |                                                                     | 187    |   |                              |   | 127 |   |   |   | 95 |   |   |   | 76 |   |   |   | 62 |   |   |   | 132 |   |   |   | 91 |   |   |   | 67 |   |   |   | 53 |   |   |   | 44 |   |   |   | 23.80 |   |
|                                                  |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Undeveloped                               |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                |   |                                                                     | 640    |   |                              |   | 393 |   |   |   | 251 |   |   |   | 162 |   |   |   | 104 |   |   |   | 549 |   |   |   | 332 |   |   |   | 209 |   |   |   | 132 |   |   |   | 79 |   |   |   | 8.67 |   |
| United States                                    |   |                                                                     | 187    |   |                              |   | 119 |   |   |   | 83 |   |   |   | 61 |   |   |   | 47 |   |   |   | 121 |   |   |   | 74 |   |   |   | 50 |   |   |   | 35 |   |   |   | 26 |   |   |   | 21.04 |   |
| Total                                                 |   |                                                                     | 827    |   |                              |   | 512 |   |   |   | 334 |   |   |   | 223 |   |   |   | 151 |   |   |   | 670 |   |   |   | 406 |   |   |   | 259 |   |   |   | 167 |   |   |   | 105 |   |   |   | 10.15 |   |
|                                                  |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved                                     |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                |   |                                                                     | 8,097  |   |                              |   | 5,120 |   |   |   | 3,807 |   |   |   | 3,064 |   |   |   | 2,581 |   |   |   | 6,983 |   |   |   | 4,585 |   |   |   | 3,493 |   |   |   | 2,857 |   |   |   | 2,436 |   |   |   | 18.23 |   |
| United States                                    |   |                                                                     | 1,578  |   |                              |   | 1,121 |   |   |   | 874 |   |   |   | 722 |   |   |   | 620 |   |   |   | 1,135 |   |   |   | 802 |   |   |   | 620 |   |   |   | 509 |   |   |   | 433 |   |   |   | 31.44 |   |
| Total      Proved Conventional Reserves               |   |                                                                     | 9,675  |   |                              |   | 6,241 |   |   |   | 4,681 |   |   |   | 3,786 |   |   |   | 3,201 |   |   |   | 8,118 |   |   |   | 5,387 |   |   |   | 4,113 |   |   |   | 3,366 |   |   |   | 2,869 |   |   |   | 19.78 |   |
|                                                  |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable                                              |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                                |   |                                                                     | 3,195  |   |                              |   | 1,452 |   |   |   | 857 |   |   |   | 582 |   |   |   | 430 |   |   |   | 2,446 |   |   |   | 1,133 |   |   |   | 681 |   |   |   | 472 |   |   |   | 353 |   |   |   | 12.25 |   |
| United States                                    |   |                                                                     | 610    |   |                              |   | 288 |   |   |   | 175 |   |   |   | 125 |   |   |   | 97 |   |   |   | 392 |   |   |   | 181 |   |   |   | 108 |   |   |   | 74 |   |   |   | 57 |   |   |   | 18.24 |   |
| Total      Probable Conventional Reserves             |   |                                                                     | 3,805  |   |                              |   | 1,740 |   |   |   | 1,032 |   |   |   | 707 |   |   |   | 527 |   |   |   | 2,838 |   |   |   | 1,314 |   |   |   | 789 |   |   |   | 546 |   |   |   | 410 |   |   |   | 12.97 |   |
|                                                  |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Plus Probable Conventional Reserves |   |                                                                     | 13,480 |   |                              |   | 7,981 |   |   |   | 5,713 |   |   |   | 4,493 |   |   |   | 3,728 |   |   |   | 10,956 |   |   |   | 6,701 |   |   |   | 4,902 |   |   |   | 3,912 |   |   |   | 3,279 |   |   |   | 18.07 |   |
|                                                  |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BITUMEN      RESERVES                                 |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Producing                       |   |                                                                     | 35     |   |                              |   | 28 |   |   |   | 23 |   |   |   | 19 |   |   |   | 16 |   |   |   | 28 |   |   |   | 22 |   |   |   | 19 |   |   |   | 15 |   |   |   | 13 |   |   |   | 9.63 |   |
| Proved      Undeveloped                               |   |                                                                     | 100    |   |                              |   | 56 |   |   |   | 32 |   |   |   | 19 |   |   |   | 11 |   |   |   | 72 |   |   |   | 40 |   |   |   | 22 |   |   |   | 13 |   |   |   | 7 |   |   |   | 5.63 |   |
| Total      Proved                                     |   |                                                                     | 135    |   |                              |   | 84 |   |   |   | 55 |   |   |   | 38 |   |   |   | 27 |   |   |   | 100 |   |   |   | 62 |   |   |   | 41 |   |   |   | 28 |   |   |   | 20 |   |   |   | 6.79 |   |
| Probable                                              |   |                                                                     | 1,293  |   |                              |   | 294 |   |   |   | 89 |   |   |   | 29 |   |   |   | 6 |   |   |   | 928 |   |   |   | 207 |   |   |   | 59 |   |   |   | 15 |   |   |   | (1 | ) |   |   | 1.84 |   |
| Total      Proved Plus Probable Bitumen Reserves      |   |                                                                     | 1,428  |   |                              |   | 378 |   |   |   | 144 |   |   |   | 67 |   |   |   | 33 |   |   |   | 1,028 |   |   |   | 269 |   |   |   | 100 |   |   |   | 43 |   |   |   | 19 |   |   |   | 2.55 |   |
|                                                  |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL      CONVENTIONAL RESERVES AND BITUMEN RESERVES |   |                                                                     | 14,908 |   |                              |   | 8,359 |   |   |   | 5,857 |   |   |   | 4,560 |   |   |   | 3,761 |   |   |   | 11,984 |   |   |   | 6,970 |   |   |   | 5,002 |   |   |   | 3,955 |   |   |   | 3,298 |   |   |   | 15.72 |   |

----

| (1) | Calculated      using net present value of future net revenue before deducting income      taxes, discounted at 10% per year. The unit values are based on net      reserves volumes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                     |   | OIL      AND NATURAL GAS RESERVES |    |
|------------------------------------------|--------|-----------------------------------|---------|
|                                     |   | Light      & Medium Oil       |    |   | Heavy      Oil |   |   | Natural      Gas |   |
| RESERVES      CATEGORY                   |   | CompanyInterest                   |    |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |
|                                     |   | (Mbbls)                           |    |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |
| Proved      Developed Producing          |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 63,963  |   |   |   | 63,260 |   |   |   | 58,177 |   |   |   | 28,832 |   |   |   | 28,792 |   |   |   | 24,261 |   |   |   | 649,382 |   |   |   | 627,730 |   |   |   | 525,807 |   |
| United      States                       |   |                              | 21,672  |   |   |   | 21,624 |   |   |   | 18,049 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 28,527 |   |   |   | 20,527 |   |   |   | 25,057 |   |
| Total                                    |   |                              | 85,635  |   |   |   | 84,884 |   |   |   | 76,226 |   |   |   | 28,832 |   |   |   | 28,792 |   |   |   | 24,261 |   |   |   | 677,909 |   |   |   | 648,257 |   |   |   | 550,864 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Non-Producing      |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 190     |   |   |   | 190 |   |   |   | 163 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,911 |   |   |   | 14,867 |   |   |   | 11,629 |   |
| United      States                       |   |                              | 1,588   |   |   |   | 1,588 |   |   |   | 1,330 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,623 |   |   |   | 1,107 |   |   |   | 1,445 |   |
| Total                                    |   |                              | 1,778   |   |   |   | 1,778 |   |   |   | 1,493 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 16,534 |   |   |   | 15,974 |   |   |   | 13,074 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Undeveloped                  |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 3,233   |   |   |   | 3,221 |   |   |   | 2,945 |   |   |   | 2,383 |   |   |   | 2,383 |   |   |   | 2,006 |   |   |   | 164,829 |   |   |   | 161,531 |   |   |   | 141,152 |   |
| United      States                       |   |                              | 3,377   |   |   |   | 3,377 |   |   |   | 2,840 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,805 |   |   |   | 3,042 |   |   |   | 6,321 |   |
| Total                                    |   |                              | 6,610   |   |   |   | 6,598 |   |   |   | 5,785 |   |   |   | 2,383 |   |   |   | 2,383 |   |   |   | 2,006 |   |   |   | 171,634 |   |   |   | 164,573 |   |   |   | 147,473 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Reserves               |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 67,386  |   |   |   | 66,672 |   |   |   | 61,285 |   |   |   | 31,215 |   |   |   | 31,175 |   |   |   | 26,267 |   |   |   | 829,122 |   |   |   | 804,128 |   |   |   | 678,588 |   |
| United      States                       |   |                              | 26,637  |   |   |   | 26,588 |   |   |   | 22,220 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 36,955 |   |   |   | 24,676 |   |   |   | 32,823 |   |
| Total                                    |   |                              | 94,023  |   |   |   | 93,260 |   |   |   | 83,505 |   |   |   | 31,215 |   |   |   | 31,175 |   |   |   | 26,267 |   |   |   | 866,077 |   |   |   | 828,804 |   |   |   | 711,411 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable      Reserves                   |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 17,837  |   |   |   | 17,645 |   |   |   | 15,903 |   |   |   | 10,948 |   |   |   | 10,924 |   |   |   | 9,093 |   |   |   | 308,276 |   |   |   | 301,400 |   |   |   | 253,407 |   |
| United      States                       |   |                              | 6,719   |   |   |   | 6,703 |   |   |   | 5,608 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 27,938 |   |   |   | 24,551 |   |   |   | 23,790 |   |
| Total                                    |   |                              | 24,556  |   |   |   | 24,348 |   |   |   | 21,511 |   |   |   | 10,948 |   |   |   | 10,924 |   |   |   | 9,093 |   |   |   | 336,214 |   |   |   | 325,951 |   |   |   | 277,197 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Plus Probable Reserves |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 85,223  |   |   |   | 84,317 |   |   |   | 77,188 |   |   |   | 42,163 |   |   |   | 42,099 |   |   |   | 35,360 |   |   |   | 1,137,398 |   |   |   | 1,105,528 |   |   |   | 931,995 |   |
| United      States                       |   |                              | 33,356  |   |   |   | 33,291 |   |   |   | 27,828 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 64,893 |   |   |   | 49,227 |   |   |   | 56,614 |   |
| Total                                    |   |                              | 118,579 |   |   |   | 117,608 |   |   |   | 105,016 |   |   |   | 42,163 |   |   |   | 42,099 |   |   |   | 35,360 |   |   |   | 1,202,291 |   |   |   | 1,154,755 |   |   |   | 988,609 |   |

----

|                                     |   | OIL      AND NATURAL GAS RESERVES |   |
|------------------------------------------|--------|-----------------------------------|--------|
|                                     |   | Natural      Gas Liquids          |   |   | Total |   |
| RESERVES      CATEGORY                   |   | CompanyInterest                   |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |
|                                     |   | (Mbbls)                           |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| Proved      Developed Producing          |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 10,469 |   |   |   | 10,279 |   |   |   | 7,378 |   |   |   | 211,495 |   |   |   | 206,953 |   |   |   | 177,450 |   |
| United      States                       |   |                              | 74     |   |   |   | - |   |   |   | 74 |   |   |   | 26,501 |   |   |   | 25,045 |   |   |   | 22,300 |   |
| Total                                    |   |                              | 10,543 |   |   |   | 10,279 |   |   |   | 7,452 |   |   |   | 237,996 |   |   |   | 231,998 |   |   |   | 199,750 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Non-Producing      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 510    |   |   |   | 509 |   |   |   | 359 |   |   |   | 3,185 |   |   |   | 3,177 |   |   |   | 2,461 |   |
| United      States                       |   |                              | 5      |   |   |   | - |   |   |   | 5 |   |   |   | 1,863 |   |   |   | 1,772 |   |   |   | 1,576 |   |
| Total                                    |   |                              | 515    |   |   |   | 509 |   |   |   | 364 |   |   |   | 5,048 |   |   |   | 4,949 |   |   |   | 4,037 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Undeveloped                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 694    |   |   |   | 693 |   |   |   | 485 |   |   |   | 33,781 |   |   |   | 33,219 |   |   |   | 28,961 |   |
| United      States                       |   |                              | 33     |   |   |   | - |   |   |   | 33 |   |   |   | 4,544 |   |   |   | 3,884 |   |   |   | 3,926 |   |
| Total                                    |   |                              | 727    |   |   |   | 693 |   |   |   | 518 |   |   |   | 38,325 |   |   |   | 37,103 |   |   |   | 32,887 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Reserves               |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 11,673 |   |   |   | 11,481 |   |   |   | 8,222 |   |   |   | 248,461 |   |   |   | 243,349 |   |   |   | 208,872 |   |
| United      States                       |   |                              | 112    |   |   |   | - |   |   |   | 112 |   |   |   | 32,908 |   |   |   | 30,701 |   |   |   | 27,802 |   |
| Total                                    |   |                              | 11,785 |   |   |   | 11,481 |   |   |   | 8,334 |   |   |   | 281,369 |   |   |   | 274,050 |   |   |   | 236,674 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable      Reserves                   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 3,797  |   |   |   | 3,730 |   |   |   | 2,700 |   |   |   | 83,961 |   |   |   | 82,532 |   |   |   | 69,931 |   |
| United      States                       |   |                              | 30     |   |   |   | - |   |   |   | 30 |   |   |   | 11,406 |   |   |   | 10,795 |   |   |   | 9,604 |   |
| Total                                    |   |                              | 3,827  |   |   |   | 3,730 |   |   |   | 2,730 |   |   |   | 95,367 |   |   |   | 93,327 |   |   |   | 79,535 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Plus Probable Reserves |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 15,470 |   |   |   | 15,211 |   |   |   | 10,922 |   |   |   | 332,422 |   |   |   | 325,881 |   |   |   | 278,803 |   |
| United      States                       |   |                              | 142    |   |   |   | - |   |   |   | 142 |   |   |   | 44,314 |   |   |   | 41,496 |   |   |   | 37,406 |   |
| Total                                    |   |                              | 15,612 |   |   |   | 15,211 |   |   |   | 11,064 |   |   |   | 376,736 |   |   |   | 367,377 |   |   |   | 316,209 |   |

----

|                                |   | NET      PRESENT VALUE OF FUTURE NET REVENUE DISCOUNTED AT      (%/YEAR) |   |   |                              |   |
|-------------------------------------|--------|--------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|
|                                |   | Before      Deducting Income Taxes                                       |   |   | After      Deducting Income Taxes |   |   |   |   |
| RESERVES      CATEGORY              |   |                                                                     | 0%     |   |                              |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   |   | 0% |   |   |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   | UnitValue(1) |   |
|                                |   | (in $ millions)                                                |   |   | ($/BOE)                           |   |
| Proved      developed producing     |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 7,365  |   |                              |   | 4,669 |   |   |   | 3,514 |   |   |   | 2,869 |   |   |   | 2,451 |   |   |   | 6,359 |   |   |   | 4,204 |   |   |   | 3,248 |   |   |   | 2,698 |   |   |   | 2,333 |   |   | $ | 19.80 |   |
| United States                  |   |                                                                     | 1,296  |   |                              |   | 933 |   |   |   | 738 |   |   |   | 618 |   |   |   | 537 |   |   |   | 957 |   |   |   | 686 |   |   |   | 539 |   |   |   | 448 |   |   |   | 387 |   |   | $ | 33.08 |   |
| Total                               |   |                                                                     | 8,661  |   |                              |   | 5,602 |   |   |   | 4,252 |   |   |   | 3,487 |   |   |   | 2,988 |   |   |   | 7,316 |   |   |   | 4,890 |   |   |   | 3,787 |   |   |   | 3,146 |   |   |   | 2,720 |   |   | $ | 21.29 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      developed non-producing |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 92     |   |                              |   | 58 |   |   |   | 42 |   |   |   | 33 |   |   |   | 26 |   |   |   | 75 |   |   |   | 49 |   |   |   | 36 |   |   |   | 27 |   |   |   | 24 |   |   | $ | 17.20 |   |
| United States                  |   |                                                                     | 95     |   |                              |   | 69 |   |   |   | 53 |   |   |   | 43 |   |   |   | 36 |   |   |   | 57 |   |   |   | 42 |   |   |   | 31 |   |   |   | 26 |   |   |   | 20 |   |   | $ | 34.11 |   |
| Total                               |   |                                                                     | 187    |   |                              |   | 127 |   |   |   | 95 |   |   |   | 76 |   |   |   | 62 |   |   |   | 132 |   |   |   | 91 |   |   |   | 67 |   |   |   | 53 |   |   |   | 44 |   |   | $ | 23.80 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      undeveloped             |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 640    |   |                              |   | 393 |   |   |   | 251 |   |   |   | 162 |   |   |   | 104 |   |   |   | 549 |   |   |   | 332 |   |   |   | 209 |   |   |   | 132 |   |   |   | 79 |   |   | $ | 8.67 |   |
| United States                  |   |                                                                     | 187    |   |                              |   | 119 |   |   |   | 83 |   |   |   | 61 |   |   |   | 47 |   |   |   | 121 |   |   |   | 74 |   |   |   | 50 |   |   |   | 35 |   |   |   | 26 |   |   | $ | 21.14 |   |
| Total                               |   |                                                                     | 827    |   |                              |   | 512 |   |   |   | 334 |   |   |   | 223 |   |   |   | 151 |   |   |   | 670 |   |   |   | 406 |   |   |   | 259 |   |   |   | 167 |   |   |   | 105 |   |   | $ | 10.16 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved                   |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 8,097  |   |                              |   | 5,120 |   |   |   | 3,807 |   |   |   | 3,064 |   |   |   | 2,581 |   |   |   | 6,983 |   |   |   | 4,585 |   |   |   | 3,493 |   |   |   | 2,857 |   |   |   | 2,436 |   |   | $ | 18.23 |   |
| United States                  |   |                                                                     | 1,578  |   |                              |   | 1,121 |   |   |   | 874 |   |   |   | 722 |   |   |   | 620 |   |   |   | 1,135 |   |   |   | 802 |   |   |   | 620 |   |   |   | 509 |   |   |   | 433 |   |   | $ | 31.44 |   |
| Total                               |   |                                                                     | 9,675  |   |                              |   | 6,241 |   |   |   | 4,681 |   |   |   | 3,786 |   |   |   | 3,201 |   |   |   | 8,118 |   |   |   | 5,387 |   |   |   | 4,113 |   |   |   | 3,366 |   |   |   | 2,869 |   |   | $ | 19.78 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 3,195  |   |                              |   | 1,452 |   |   |   | 857 |   |   |   | 582 |   |   |   | 430 |   |   |   | 2,446 |   |   |   | 1,133 |   |   |   | 681 |   |   |   | 472 |   |   |   | 353 |   |   | $ | 12.25 |   |
| United States                  |   |                                                                     | 610    |   |                              |   | 288 |   |   |   | 175 |   |   |   | 125 |   |   |   | 97 |   |   |   | 392 |   |   |   | 181 |   |   |   | 108 |   |   |   | 74 |   |   |   | 57 |   |   | $ | 18.22 |   |
| Total                               |   |                                                                     | 3,805  |   |                              |   | 1,740 |   |   |   | 1,032 |   |   |   | 707 |   |   |   | 527 |   |   |   | 2,838 |   |   |   | 1,314 |   |   |   | 789 |   |   |   | 546 |   |   |   | 410 |   |   | $ | 12.98 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Plus Probable           |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 11,292 |   |                              |   | 6,572 |   |   |   | 4,664 |   |   |   | 3,646 |   |   |   | 3,011 |   |   |   | 9,429 |   |   |   | 5,718 |   |   |   | 4,174 |   |   |   | 3,329 |   |   |   | 2,789 |   |   | $ | 16.73 |   |
| United States                  |   |                                                                     | 2,188  |   |                              |   | 1,409 |   |   |   | 1,049 |   |   |   | 847 |   |   |   | 717 |   |   |   | 1,527 |   |   |   | 983 |   |   |   | 728 |   |   |   | 583 |   |   |   | 490 |   |   | $ | 28.04 |   |
| Total                               |   |                                                                     | 13,480 |   |                              |   | 7,981 |   |   |   | 5,713 |   |   |   | 4,493 |   |   |   | 3,728 |   |   |   | 10,956 |   |   |   | 6,701 |   |   |   | 4,902 |   |   |   | 3,912 |   |   |   | 3,279 |   |   | $ | 18.07 |   |

----

| (1) | Calculated      using net present value of future net revenue before deducting income      taxes, discounted at 10% per year. The unit values are based on net      reserves volumes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                     |   | OIL      AND NATURAL GAS RESERVES |    |
|------------------------------------------|--------|-----------------------------------|---------|
|                                     |   | Light &      Medium Oil  |    |   | Heavy      Oil |   |   | Natural      Gas |   |
| RESERVES      CATEGORY                   |   | CompanyInterest                   |    |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |
|                                     |   | (Mbbls)                           |    |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |
| Proved      Developed Producing          |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 64,437  |   |   |   | 63,733 |   |   |   | 58,632 |   |   |   | 28,740 |   |   |   | 28,700 |   |   |   | 24,190 |   |   |   | 645,175 |   |   |   | 623,551 |   |   |   | 522,168 |   |
| United      States                       |   |                              | 21,971  |   |   |   | 21,921 |   |   |   | 18,297 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 28,930 |   |   |   | 20,931 |   |   |   | 25,391 |   |
| Total                                    |   |                              | 86,408  |   |   |   | 85,654 |   |   |   | 76,929 |   |   |   | 28,740 |   |   |   | 28,700 |   |   |   | 24,190 |   |   |   | 674,105 |   |   |   | 644,482 |   |   |   | 547,559 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Non-Producing      |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 190     |   |   |   | 190 |   |   |   | 163 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,755 |   |   |   | 14,710 |   |   |   | 11,486 |   |
| United      States                       |   |                              | 1,588   |   |   |   | 1,588 |   |   |   | 1,331 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,626 |   |   |   | 1,109 |   |   |   | 1,448 |   |
| Total                                    |   |                              | 1,778   |   |   |   | 1,778 |   |   |   | 1,494 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 16,381 |   |   |   | 15,819 |   |   |   | 12,934 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Undeveloped                  |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 3,233   |   |   |   | 3,223 |   |   |   | 2,946 |   |   |   | 2,376 |   |   |   | 2,376 |   |   |   | 1,999 |   |   |   | 164,244 |   |   |   | 160,956 |   |   |   | 140,803 |   |
| United      States                       |   |                              | 3,400   |   |   |   | 3,400 |   |   |   | 2,859 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,779 |   |   |   | 3,071 |   |   |   | 6,290 |   |
| Total                                    |   |                              | 6,633   |   |   |   | 6,623 |   |   |   | 5,805 |   |   |   | 2,376 |   |   |   | 2,376 |   |   |   | 1,999 |   |   |   | 171,023 |   |   |   | 164,027 |   |   |   | 147,093 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Reserves               |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 67,860  |   |   |   | 67,146 |   |   |   | 61,741 |   |   |   | 31,116 |   |   |   | 31,076 |   |   |   | 26,189 |   |   |   | 824,174 |   |   |   | 799,217 |   |   |   | 674,457 |   |
| United      States                       |   |                              | 26,959  |   |   |   | 26,909 |   |   |   | 22,487 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 37,335 |   |   |   | 25,111 |   |   |   | 33,129 |   |
| Total                                    |   |                              | 94,819  |   |   |   | 94,055 |   |   |   | 84,228 |   |   |   | 31,116 |   |   |   | 31,076 |   |   |   | 26,189 |   |   |   | 861,509 |   |   |   | 824,328 |   |   |   | 707,586 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable      Reserves                   |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 18,071  |   |   |   | 17,879 |   |   |   | 16,130 |   |   |   | 10,913 |   |   |   | 10,889 |   |   |   | 9,065 |   |   |   | 305,547 |   |   |   | 298,707 |   |   |   | 251,087 |   |
| United      States                       |   |                              | 6,652   |   |   |   | 6,636 |   |   |   | 5,553 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 27,634 |   |   |   | 24,759 |   |   |   | 23,452 |   |
| Total                                    |   |                              | 24,723  |   |   |   | 24,515 |   |   |   | 21,683 |   |   |   | 10,913 |   |   |   | 10,889 |   |   |   | 9,065 |   |   |   | 333,181 |   |   |   | 323,466 |   |   |   | 274,539 |   |
|                                     |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Plus Probable Reserves |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 85,931  |   |   |   | 85,025 |   |   |   | 77,871 |   |   |   | 42,029 |   |   |   | 41,965 |   |   |   | 35,254 |   |   |   | 1,129,721 |   |   |   | 1,097,924 |   |   |   | 925,544 |   |
| United      States                       |   |                              | 33,611  |   |   |   | 33,545 |   |   |   | 28,040 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 64,969 |   |   |   | 49,870 |   |   |   | 56,581 |   |
| Total                                    |   |                              | 119,542 |   |   |   | 118,570 |   |   |   | 105,911 |   |   |   | 42,029 |   |   |   | 41,965 |   |   |   | 35,254 |   |   |   | 1,194,690 |   |   |   | 1,147,794 |   |   |   | 982,125 |   |

----

|                                     |   | OIL      AND NATURAL GAS RESERVES |   |
|------------------------------------------|--------|-----------------------------------|--------|
|                                     |   | Natural      Gas Liquids          |   |   | Total |   |
| RESERVES      CATEGORY                   |   | CompanyInterest                   |   |   | Gross |   |   | Net |   |   | Company      Interest |   |   | Gross |   |   | Net |   |
|                                     |   | (Mbbls)                           |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| Proved      Developed Producing          |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 10,463 |   |   |   | 10,273 |   |   |   | 7,371 |   |   |   | 211,169 |   |   |   | 206,631 |   |   |   | 177,221 |   |
| United      States                       |   |                              | 74     |   |   |   | - |   |   |   | 74 |   |   |   | 26,867 |   |   |   | 25,410 |   |   |   | 22,603 |   |
| Total                                    |   |                              | 10,537 |   |   |   | 10,273 |   |   |   | 7,445 |   |   |   | 238,036 |   |   |   | 232,041 |   |   |   | 199,824 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Non-Producing      |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 511    |   |   |   | 509 |   |   |   | 359 |   |   |   | 3,160 |   |   |   | 3,151 |   |   |   | 2,436 |   |
| United      States                       |   |                              | 5      |   |   |   | - |   |   |   | 5 |   |   |   | 1,864 |   |   |   | 1,773 |   |   |   | 1,578 |   |
| Total                                    |   |                              | 516    |   |   |   | 509 |   |   |   | 364 |   |   |   | 5,024 |   |   |   | 4,924 |   |   |   | 4,014 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Undeveloped                  |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 694    |   |   |   | 693 |   |   |   | 485 |   |   |   | 33,677 |   |   |   | 33,118 |   |   |   | 28,897 |   |
| United      States                       |   |                              | 32     |   |   |   | - |   |   |   | 32 |   |   |   | 4,562 |   |   |   | 3,911 |   |   |   | 3,939 |   |
| Total                                    |   |                              | 726    |   |   |   | 693 |   |   |   | 517 |   |   |   | 38,239 |   |   |   | 37,029 |   |   |   | 32,836 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Reserves               |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 11,668 |   |   |   | 11,475 |   |   |   | 8,215 |   |   |   | 248,006 |   |   |   | 242,900 |   |   |   | 208,554 |   |
| United      States                       |   |                              | 111    |   |   |   | - |   |   |   | 111 |   |   |   | 33,293 |   |   |   | 31,094 |   |   |   | 28,120 |   |
| Total                                    |   |                              | 11,779 |   |   |   | 11,475 |   |   |   | 8,326 |   |   |   | 281,299 |   |   |   | 273,994 |   |   |   | 236,674 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable      Reserves                   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 3,786  |   |   |   | 3,720 |   |   |   | 2,691 |   |   |   | 83,695 |   |   |   | 82,272 |   |   |   | 69,735 |   |
| United      States                       |   |                              | 26     |   |   |   | - |   |   |   | 26 |   |   |   | 11,283 |   |   |   | 10,763 |   |   |   | 9,487 |   |
| Total                                    |   |                              | 3,812  |   |   |   | 3,720 |   |   |   | 2,717 |   |   |   | 94,978 |   |   |   | 93,035 |   |   |   | 79,222 |   |
|                                     |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Plus Probable Reserves |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                                   |   |                              | 15,454 |   |   |   | 15,195 |   |   |   | 10,906 |   |   |   | 331,701 |   |   |   | 325,172 |   |   |   | 278,289 |   |
| United      States                       |   |                              | 137    |   |   |   | - |   |   |   | 137 |   |   |   | 44,576 |   |   |   | 41,857 |   |   |   | 37,607 |   |
| Total                                    |   |                              | 15,591 |   |   |   | 15,195 |   |   |   | 11,043 |   |   |   | 376,277 |   |   |   | 367,029 |   |   |   | 315,896 |   |

----

|                                |   | NET      PRESENT VALUE OF FUTURE NET REVENUE DISCOUNTED AT      (%/YEAR) |   |   |                              |   |
|-------------------------------------|--------|--------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|
|                                |   | Before      Deducting Income Taxes                                       |   |   | After      Deducting Income Taxes |   |   |   |   |
| RESERVES      CATEGORY              |   |                                                                     | 0%     |   |                              |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   |   | 0% |   |   |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   | UnitValue(1) |   |
|                                |   | (in      $ millions)                                                     |   |   | ($/BOE)                           |   |
| Proved      Developed Producing     |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 6,515  |   |                              |   | 4,356 |   |   |   | 3,351 |   |   |   | 2,764 |   |   |   | 2,374 |   |   |   | 5,571 |   |   |   | 3,886 |   |   |   | 3,072 |   |   |   | 2,582 |   |   |   | 2,248 |   |   | $ | 18.91 |   |
| United      States                  |   |                                                                     | 1,370  |   |                              |   | 1,001 |   |   |   | 798 |   |   |   | 670 |   |   |   | 583 |   |   |   | 1,038 |   |   |   | 762 |   |   |   | 608 |   |   |   | 512 |   |   |   | 447 |   |   | $ | 35.29 |   |
| Total                               |   |                                                                     | 7,885  |   |                              |   | 5,357 |   |   |   | 4,149 |   |   |   | 3,434 |   |   |   | 2,957 |   |   |   | 6,609 |   |   |   | 4,648 |   |   |   | 3,680 |   |   |   | 3,094 |   |   |   | 2,695 |   |   | $ | 20.76 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Non-Producing |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 77     |   |                              |   | 52 |   |   |   | 39 |   |   |   | 31 |   |   |   | 25 |   |   |   | 61 |   |   |   | 43 |   |   |   | 33 |   |   |   | 26 |   |   |   | 22 |   |   | $ | 15.84 |   |
| United      States                  |   |                                                                     | 102    |   |                              |   | 75 |   |   |   | 59 |   |   |   | 49 |   |   |   | 41 |   |   |   | 64 |   |   |   | 47 |   |   |   | 38 |   |   |   | 31 |   |   |   | 25 |   |   | $ | 37.65 |   |
| Total                               |   |                                                                     | 179    |   |                              |   | 127 |   |   |   | 98 |   |   |   | 80 |   |   |   | 66 |   |   |   | 125 |   |   |   | 90 |   |   |   | 71 |   |   |   | 57 |   |   |   | 47 |   |   | $ | 24.40 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Undeveloped             |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 471    |   |                              |   | 286 |   |   |   | 177 |   |   |   | 108 |   |   |   | 62 |   |   |   | 398 |   |   |   | 242 |   |   |   | 149 |   |   |   | 89 |   |   |   | 49 |   |   | $ | 6.13 |   |
| United      States                  |   |                                                                     | 191    |   |                              |   | 126 |   |   |   | 90 |   |   |   | 68 |   |   |   | 54 |   |   |   | 134 |   |   |   | 88 |   |   |   | 63 |   |   |   | 48 |   |   |   | 38 |   |   | $ | 22.85 |   |
| Total                               |   |                                                                     | 662    |   |                              |   | 412 |   |   |   | 267 |   |   |   | 176 |   |   |   | 116 |   |   |   | 532 |   |   |   | 330 |   |   |   | 212 |   |   |   | 137 |   |   |   | 87 |   |   | $ | 8.13 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved                   |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 7,063  |   |                              |   | 4,694 |   |   |   | 3,567 |   |   |   | 2,903 |   |   |   | 2,461 |   |   |   | 6,030 |   |   |   | 4,171 |   |   |   | 3,254 |   |   |   | 2,697 |   |   |   | 2,319 |   |   | $ | 17.10 |   |
| United      States                  |   |                                                                     | 1,663  |   |                              |   | 1,202 |   |   |   | 947 |   |   |   | 787 |   |   |   | 678 |   |   |   | 1,236 |   |   |   | 897 |   |   |   | 709 |   |   |   | 591 |   |   |   | 510 |   |   | $ | 33.68 |   |
| Total                               |   |                                                                     | 8,726  |   |                              |   | 5,896 |   |   |   | 4,514 |   |   |   | 3,690 |   |   |   | 3,139 |   |   |   | 7,266 |   |   |   | 5,068 |   |   |   | 3,963 |   |   |   | 3,288 |   |   |   | 2,829 |   |   | $ | 19.07 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 2,361  |   |                              |   | 1,190 |   |   |   | 745 |   |   |   | 523 |   |   |   | 395 |   |   |   | 1,726 |   |   |   | 892 |   |   |   | 572 |   |   |   | 411 |   |   |   | 316 |   |   | $ | 10.68 |   |
| United      States                  |   |                                                                     | 495    |   |                              |   | 253 |   |   |   | 162 |   |   |   | 119 |   |   |   | 94 |   |   |   | 323 |   |   |   | 161 |   |   |   | 101 |   |   |   | 72 |   |   |   | 56 |   |   | $ | 17.08 |   |
| Total                               |   |                                                                     | 2,856  |   |                              |   | 1,443 |   |   |   | 907 |   |   |   | 642 |   |   |   | 489 |   |   |   | 2,049 |   |   |   | 1,053 |   |   |   | 673 |   |   |   | 483 |   |   |   | 372 |   |   | $ | 11.45 |   |
|                                |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Plus Probable           |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Canada                              |   |                                                                     | 9,424  |   |                              |   | 5,884 |   |   |   | 4,312 |   |   |   | 3,426 |   |   |   | 2,856 |   |   |   | 7,756 |   |   |   | 5,063 |   |   |   | 3,826 |   |   |   | 3,108 |   |   |   | 2,635 |   |   | $ | 15.49 |   |
| United      States                  |   |                                                                     | 2,158  |   |                              |   | 1,455 |   |   |   | 1,109 |   |   |   | 906 |   |   |   | 772 |   |   |   | 1,559 |   |   |   | 1,058 |   |   |   | 810 |   |   |   | 663 |   |   |   | 566 |   |   | $ | 29.49 |   |
| Total                               |   |                                                                     | 11,582 |   |                              |   | 7,339 |   |   |   | 5,421 |   |   |   | 4,332 |   |   |   | 3,628 |   |   |   | 9,315 |   |   |   | 6,121 |   |   |   | 4,636 |   |   |   | 3,771 |   |   |   | 3,201 |   |   | $ | 17.16 |   |

----

| (1) | Calculated      using net present value of future net revenue before deducting income      taxes, discounted at 10% per year. The unit values are based on net      reserves volumes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|       |   | CRUDE      OIL            |   |   | NATURAL      GAS                             |   |   | NATURAL      GAS LIQUIDS              |   |   |                                   |   |   |                              |   |
|------------|--------|---------------------------|--------|--------|----------------------------------------------|--------|--------|---------------------------------------|--------|--------|----------------------------------------|--------|--------|-----------------------------------|--------|
|       |   |                      |   |   |                                         |   |   |                                  |   |   |                                   |   |   |                              |   |   |   |   |   | Edmonton      Par Price |   |   |   |   |   |   |   |
| Year       |   | WTI      Cushing Oklahoma |   |   | Edmonton      Par Price 40° API(1) |   |   | Hardisty      Heavy 12° API |   |   | Cromer      Medium 29.3° API |   |   | 30 day      spot @ AECO |   |   | Henry      Hub Price |   |   | Propanes |   |   | Butanes |   |   | Pentanes      Plus |   |   | InflationRate |   |   | Exchange      Rate |   |
|       |   | ($US/bbl)                 |   |   | ($Cdn/bbl)                                   |   |   | ($Cdn/bbl)                            |   |   | ($Cdn/bbl)                             |   |   | ($Cdn/mmbtu)                      |   |   | ($US/mmbtu) |   |   | ($Cdn/bbl) |   |   | ($Cdn/bbl) |   |   | ($Cdn/bbl) |   |   | (%/year) |   |   | ($US/$Cdn) |   |
| 2008       |   |                      | 89.61  |   |                                         |   | 88.17  |                                  |   |   | 54.67                                  |   |   |                              | 75.83  |   |   |   | 6.51 |   |   |   | 7.56 |   |   |   | 52.29 |   |   |   | 65.72 |   |   |   | 90.30 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| 2009       |   |                      | 86.01  |   |                                         |   | 84.54  |                                  |   |   | 52.42                                  |   |   |                              | 72.71  |   |   |   | 7.22 |   |   |   | 8.27 |   |   |   | 50.14 |   |   |   | 63.01 |   |   |   | 86.58 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| 2010       |   |                      | 84.65  |   |                                         |   | 83.16  |                                  |   |   | 51.56                                  |   |   |                              | 71.52  |   |   |   | 7.69 |   |   |   | 8.74 |   |   |   | 49.32 |   |   |   | 61.98 |   |   |   | 85.17 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| 2011       |   |                      | 82.77  |   |                                         |   | 81.26  |                                  |   |   | 50.38                                  |   |   |                              | 69.89  |   |   |   | 7.70 |   |   |   | 8.75 |   |   |   | 48.20 |   |   |   | 60.57 |   |   |   | 83.23 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| 2012       |   |                      | 82.26  |   |                                         |   | 80.73  |                                  |   |   | 50.05                                  |   |   |                              | 69.43  |   |   |   | 7.61 |   |   |   | 8.66 |   |   |   | 47.88 |   |   |   | 60.17 |   |   |   | 82.68 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| Thereafter |   |                      |   | (2)    |                                         |   |   | (2)                                   |   |   |                                   | (2)    |   |                              |   | (2) |   |   |   | (2) |   |   | +2.0 | % |   |   |   | (2) |   |   |   | (2) |   |   |   | (2) |   |   |   | (2) |   |   | 1.00 |   |

----

| (1) | Edmonton      refinery postings for 40o      API, 0.4% sulphur content crudeoil. |
|-----|----------------------------------------------------------------------------------|

| (2) | Escalation      varies after 2012. |
|-----|------------------------------------|

|     |   | CRUDE      OIL            |   |   | NATURAL      GAS                             |   |   | NATURAL      GAS LIQUIDS              |   |   |                                   |   |   |                              |   |
|----------|--------|---------------------------|--------|--------|----------------------------------------------|--------|--------|---------------------------------------|--------|--------|----------------------------------------|--------|--------|-----------------------------------|--------|
|     |   |                      |   |   |                                         |   |   |                                  |   |   |                                   |   |   |                              |   |   |   |   |   | Edmonton      Par Price |   |   |   |   |   |   |   |
|     |   | WTI      Cushing Oklahoma |   |   | Edmonton      Par Price 40° API(1) |   |   | Hardisty      Heavy 12° API |   |   | Cromer      Medium 29.3° API |   |   | 30 day      spot @ AECO |   |   | Henry      Hub Price |   |   | Propanes |   |   | Butanes |   |   | Pentanes      Plus |   |   | Inflation      Rate |   |   | Exchange      Rate |   |
|     |   | ($US/bbl)                 |   |   | ($Cdn/bbl)                                   |   |   | ($Cdn/bbl)                            |   |   | ($Cdn/bbl)                             |   |   | ($Cdn/mmbtu)                      |   |   | ($US/mmbtu) |   |   | ($Cdn/bbl) |   |   | ($Cdn/bbl) |   |   | ($Cdn/bbl) |   |   | (%/year) |   |   | ($US/$Cdn) |   |
| Constant |   |                      | 96.00  |   |                                         |   | 93.44  |                                  |   |   | 41.70                                  |   |   |                              | 72.58  |   |   |   | 6.52 |   |   |   | 6.80 |   |   |   | 61.75 |   |   |   | 81.79 |   |   |   | 95.59 |   |   |   | - |   |   |   | 1.009 |   |

----

| (1) | Edmonton      refinery postings for 40o      API, 0.4% sulphur content crudeoil. |
|-----|----------------------------------------------------------------------------------|

| Reserves      Category        |   | Revenue              |   |   | Royalties      and      Production Taxes |   |   | Operating      Costs |   |   | Development      Costs |   |   | Abandonment      and Reclamation Costs |   |   | Future      Net Revenue Before Income Taxes |   |   | Income      Taxes |   |   | Revenue      After Income Taxes |   |
|------------------------------------|--------|----------------------|--------|--------|-----------------------------------------------|--------|--------|----------------------|--------|--------|------------------------|--------|--------|----------------------------------------|--------|--------|---------------------------------------------|--------|--------|-------------------|--------|--------|---------------------------------|--------|
|                               |   | (in      $ millions) |   |
| Proved      Reserves               |   |                 |   |   |                                          |   |   |                 |   |   |                   |   |   |                                   |   |   |                                        |   |   |              |   |   |                            |   |
| Canada                             |   |                 | 15,751 |   |                                          |   | 2,236  |                 |   |   | 4,773                  |   |   |                                   | 459    |   |                                        |   | 186    |              |   |   | 8,097                           |   |   |   | 1,114 |   |   |   | 6,983 |   |
| United      States                 |   |                 | 2,554  |   |                                          |   | 510    |                 |   |   | 380                    |   |   |                                   | 62     |   |                                        |   | 24     |              |   |   | 1,578                           |   |   |   | 443 |   |   |   | 1,135 |   |
| Total                              |   |                 | 18,305 |   |                                          |   | 2,746  |                 |   |   | 5,153                  |   |   |                                   | 521    |   |                                        |   | 210    |              |   |   | 9,675                           |   |   |   | 1,557 |   |   |   | 8,118 |   |
|                               |   |                 |   |   |                                          |   |   |                 |   |   |                   |   |   |                                   |   |   |                                        |   |   |              |   |   |                            |   |   |   |   |   |   |   |   |   |
| Proved      Plus Probable Reserves |   |                 |   |   |                                          |   |   |                 |   |   |                   |   |   |                                   |   |   |                                        |   |   |              |   |   |                            |   |   |   |   |   |   |   |   |   |
| Canada                             |   |                 | 21,780 |   |                                          |   | 3,154  |                 |   |   | 6,604                  |   |   |                                   | 515    |   |                                        |   | 215    |              |   |   | 11,292                          |   |   |   | 1,863 |   |   |   | 9,429 |   |
| United      States                 |   |                 | 3,562  |   |                                          |   | 721    |                 |   |   | 562                    |   |   |                                   | 62     |   |                                        |   | 29     |              |   |   | 2,188                           |   |   |   | 661 |   |   |   | 1,527 |   |
| Total                              |   |                 | 25,342 |   |                                          |   | 3,875  |                 |   |   | 7,166                  |   |   |                                   | 577    |   |                                        |   | 244    |              |   |   | 13,480                          |   |   |   | 2,524 |   |   |   | 10,956 |   |

----

| Reserves      Category             |   | Production      Group              |   | Net      Present Value of Future NetRevenue      Before Income Taxes(Discounted      at 10%/year) |   |   | Unit      Value(3)   |   |
|------------------------------------|--------|------------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|--------|----------------------|--------|
|                               |   |                               |   | (in      $ millions)                                                                              |   |   | ($/Bbl      / $/Mcf) |   |
| Canada                             |   |                               |   |                                                                                              |   |   |                 |   |
| Proved      Reserves               |   | Light      and Medium Crude Oil(1) |   |                                                                                              | 1,501  |   |                 |   | 24.49 |   |
|                               |   | Heavy      Oil(1)                  |   |                                                                                              | 559    |   |                 |   | 21.28 |   |
|                               |   | Natural      Gas(2)                |   |                                                                                              | 1,747  |   |                 |   | 2.80 |   |
|                               |   |                               |   |                                                                                              |   |   |                 |   |   |   |
| Proved      Plus Probable Reserves |   | Light      and Medium Crude Oil(1) |   |                                                                                              | 1,800  |   |                 |   | 23.32 |   |
|                               |   | Heavy      Oil(1)                  |   |                                                                                              | 678    |   |                 |   | 19.17 |   |
|                               |   | Natural      Gas(2)                |   |                                                                                              | 2,186  |   |                 |   | 2.55 |   |
|                               |   |                               |   |                                                                                              |   |   |                 |   |   |   |
| United      States                 |   |                               |   |                                                                                              |   |   |                 |   |   |   |
| Proved      Reserves               |   | Light      and Medium Crude Oil(1) |   |                                                                                              | 824    |   |                 |   | 37.08 |   |
|                               |   | Heavy      Oil(1)                  |   |                                                                                              | -      |   |                 |   | - |   |
|                               |   | Natural      Gas(2)                |   |                                                                                              | 50     |   |                 |   | 4.09 |   |
|                               |   |                               |   |                                                                                              |   |   |                 |   |   |   |
| Proved      Plus Probable Reserves |   | Light      and Medium Crude Oil(1) |   |                                                                                              | 988    |   |                 |   | 35.50 |   |
|                               |   | Heavy      Oil(1)                  |   |                                                                                              | -      |   |                 |   | - |   |
|                               |   | Natural      Gas(2)                |   |                                                                                              | 61     |   |                 |   | 3.92 |   |

----

| (1) | Including      net present value of solution gas and other  by-products. |
|-----|--------------------------------------------------------------------------|

| (2) | Including      net present value of by-products, but excluding solution gas and      by-products from oil wells. |
|-----|------------------------------------------------------------------------------------------------------------------|

| (3) | Calculated      using net oil or net gas reserves and forecast price and cost      assumptions. |
|-----|-------------------------------------------------------------------------------------------------|

----

|                            |   | Gross      Proved Reserves             |
|---------------------------------|--------|----------------------------------------|
|                            |   | Canada                                 |   | United States |
| Product      Type               |   | Estimated      2008AggregateProduction |   | Estimated      2008Average      DailyProduction |   | Estimated      2008AggregateProduction |   | Estimated      2008Average      DailyProduction |
| Crude      Oil                  |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Light      and Medium Crude Oil |   |                                   | 5,433 |   | Mbbls |   |   | 14,845 |   | bbls/d |   |   | 3,357 |   | Mbbls |   |   | 9,171 |   | bbls/d |
| Heavy      Oil                  |   |                                   | 3,045 |   | Mbbls |   |   | 8,319 |   | bbls/d |   |   | - |   | Mbbls |   |   | - |   | bbl/d |
| Total      Crude Oil            |   |                                   | 8,478 |   | Mbbls |   |   | 23,164 |   | bbls/d |   |   | 3,357 |   | Mbbls |   |   | 9,171 |   | bbls/d |
| Natural      Gas Liquids        |   |                                   | 1,354 |   | Mbbls |   |   | 3,698 |   | bbls/d |   |   | - |   | Mbbls |   |   | - |   | bbls/d |
| Total      Liquids              |   |                                   | 9,832 |   | Mbbls |   |   | 26,862 |   | bbls/d |   |   | 3,357 |   | Mbbls |   |   | 9,171 |   | bbls/d |
| Natural      Gas                |   |                                   | 81,067 |   | MMcf |   |   | 221,495 |   | Mcf/d |   |   | 2,700 |   | MMcf |   |   | 7,378 |   | Mcf/d |
| Total                           |   |                                   | 23,343 |   | MBOE |   |   | 63,778 |   | BOE/d |   |   | 3,807 |   | MBOE |   |   | 10,401 |   | BOE/d |

|                            |   | Gross      Probable Reserves           |
|---------------------------------|--------|----------------------------------------|
|                            |   | Canada                                 |   | United States |
| Product      Type               |   | Estimated      2008AggregateProduction |   | Estimated      2008Average      DailyProduction |   | Estimated      2008AggregateProduction |   | Estimated      2008Average      DailyProduction |
| Crude      Oil                  |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Light      and Medium Crude Oil |   |                                   | 262 |   | Mbbls |   |   | 716 |   | bbls/d |   |   | 204 |   | Mbbls |   |   | 557 |   | bbls/d |
| Heavy      Oil                  |   |                                   | 93 |   | Mbbls |   |   | 254 |   | bbls/d |   |   | - |   | Mbbls |   |   | - |   | bbl/d |
| Total      Crude Oil            |   |                                   | 355 |   | Mbbls |   |   | 970 |   | bbls/d |   |   | 204 |   | Mbbls |   |   | 557 |   | bbls/d |
| Natural      Gas Liquids        |   |                                   | 92 |   | Mbbls |   |   | 251 |   | bbls/d |   |   | - |   | Mbbl |   |   | - |   | bbls/d |
| Total      Liquids              |   |                                   | 447 |   | Mbbls |   |   | 1,221 |   | bbls/d |   |   | 204 |   | Mbbls |   |   | 557 |   | bbls/d |
| Natural      Gas                |   |                                   | 3,999 |   | MMcf |   |   | 10,926 |   | Mcf/d |   |   | 627 |   | MMcf |   |   | 1,713 |   | Mcf/d |
| Total                           |   |                                   | 1,113 |   | MBOE |   |   | 3,042 |   | BOE/d |   |   | 308 |   | MBOE |   |   | 842 |   | BOE/d |

|      |   | CANADA               |   |   | UNITED      STATES                           |   |
|-----------|--------|----------------------|--------|--------|----------------------------------------------|--------|
|      |   | Proved      Reserves |   |   | Proved Plus      Probable Reserves |   |   | Proved      Reserves |   |   | Proved Plus      Probable Reserves |   |
| Year      |   | Undiscounted         |   |   | Discounted      at 10%/year                  |   |   | Undiscounted |   |   | Discounted      at 10%/year |   |   | Undiscounted |   |   | Discounted      at 10%/year |   |   | Undiscounted |   |   | Discounted      at 10%/year |   |
|      |   | (in      $ millions) |   |
| 2008      |   |                 | 174    |   |                                         |   | 167 |   |   |   | 201 |   |   |   | 193 |   |   |   | 62 |   |   |   | 59 |   |   |   | 62 |   |   |   | 59 |   |
| 2009      |   |                 | 115    |   |                                         |   | 100 |   |   |   | 132 |   |   |   | 114 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| 2010      |   |                 | 67     |   |                                         |   | 53 |   |   |   | 72 |   |   |   | 57 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| 2011      |   |                 | 42     |   |                                         |   | 30 |   |   |   | 44 |   |   |   | 32 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| 2012      |   |                 | 23     |   |                                         |   | 15 |   |   |   | 26 |   |   |   | 17 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Remainder |   |                 | 38     |   |                                         |   | 18 |   |   |   | 40 |   |   |   | 19 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total     |   |                 | 459    |   |                                         |   | 383 |   |   |   | 515 |   |   |   | 432 |   |   |   | 62 |   |   |   | 59 |   |   |   | 62 |   |   |   | 59 |   |

----

|                            |   |                  |   |   |                                                             |   |   | NET      PRESENT VALUE OF FUTURE NET REVENUE                    |   |
|---------------------------------|--------|-----------------------|--------|--------|------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|
|                            |   | BITUMEN      RESERVES |   |   | Before      Deducting Income Taxes,Discontinued      at (%/Year) |   |   | After      Deducting Income Taxes,Discontinued      at (%/Year) |   |   |   |   |
| RESERVES      CATEGORY          |   | Gross                 |   |   | Net                                                              |   |   |                                                            | 0%     |   |   |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   |   | 0% |   |   |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   | UnitValue(1) |   |
|                            |   | (Mbbls)               |   |   | (Mbbls)                                                          |   |   | (in      $ millions)                                            |   |   | ($/bbl) |   |
| Proved      Developed Producing |   |                  | 2,365  |   |                                                             |   | 2,341  |                                                            |   |   | 35 |   |   |   | 28 |   |   |   | 23 |   |   |   | 19 |   |   |   | 16 |   |   |   | 28 |   |   |   | 22 |   |   |   | 19 |   |   |   | 15 |   |   |   | 13 |   |   |   | 9.63 |   |
| Proved      Undeveloped         |   |                  | 6,203  |   |                                                             |   | 5,756  |                                                            |   |   | 100 |   |   |   | 56 |   |   |   | 32 |   |   |   | 19 |   |   |   | 11 |   |   |   | 72 |   |   |   | 40 |   |   |   | 22 |   |   |   | 13 |   |   |   | 7 |   |   |   | 5.63 |   |
| Total      Proved               |   |                  | 8,568  |   |                                                             |   | 8,097  |                                                            |   |   | 135 |   |   |   | 84 |   |   |   | 55 |   |   |   | 38 |   |   |   | 27 |   |   |   | 100 |   |   |   | 62 |   |   |   | 41 |   |   |   | 28 |   |   |   | 20 |   |   |   | 6.79 |   |
| Probable                        |   |                  | 54,930 |   |                                                             |   | 48,372 |                                                            |   |   | 1,293 |   |   |   | 294 |   |   |   | 89 |   |   |   | 29 |   |   |   | 6 |   |   |   | 928 |   |   |   | 207 |   |   |   | 59 |   |   |   | 15 |   |   |   | (1 | ) |   |   | 1.84 |   |
| Total      Proved Plus Probable |   |                  | 63,498 |   |                                                             |   | 56,469 |                                                            |   |   | 1,428 |   |   |   | 378 |   |   |   | 144 |   |   |   | 67 |   |   |   | 33 |   |   |   | 1,028 |   |   |   | 269 |   |   |   | 100 |   |   |   | 43 |   |   |   | 19 |   |   |   | 2.55 |   |

|                            |   |                  |   |   |                                                             |   |   | NET      PRESENT VALUE OF FUTURE NET REVENUE                    |   |
|---------------------------------|--------|-----------------------|--------|--------|------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|
|                            |   | BITUMEN      RESERVES |   |   | Before      Deducting Income Taxes,Discontinued      at (%/Year) |   |   | After      Deducting Income Taxes,Discontinued      at (%/Year) |   |   |   |   |
| RESERVES      CATEGORY          |   | Gross                 |   |   | Net                                                              |   |   | 0%                                                              |   |   | 5% |   |   | 10% |   |   | 15% |   |   | 20% |   |   | 0% |   |   | 5% |   |   | 10% |   |   | 15% |   |   | 20% |   |   | UnitValue(1) |   |
|                            |   | (Mbbls)               |   |   | (Mbbls)                                                          |   |   | (in      $ millions)                                            |   |   | ($/bbl) |   |
| Proved      Developed Producing |   |                  | 2,365  |   |                                                             |   | 2,341  |                                                            |   |   | 24 |   |   |   | 19 |   |   |   | 15 |   |   |   | 12 |   |   |   | 11 |   |   |   | 19 |   |   |   | 15 |   |   |   | 13 |   |   |   | 11 |   |   |   | 9 |   |   |   | 6.55 |   |
| Proved      Undeveloped         |   |                  | 6,203  |   |                                                             |   | 6,083  |                                                            |   |   | 70 |   |   |   | 38 |   |   |   | 21 |   |   |   | 12 |   |   |   | 6 |   |   |   | 50 |   |   |   | 27 |   |   |   | 14 |   |   |   | 7 |   |   |   | 3 |   |   |   | 3.49 |   |
| Total      Proved               |   |                  | 8,568  |   |                                                             |   | 8,424  |                                                            |   |   | 94 |   |   |   | 57 |   |   |   | 36 |   |   |   | 24 |   |   |   | 17 |   |   |   | 69 |   |   |   | 42 |   |   |   | 27 |   |   |   | 18 |   |   |   | 12 |   |   |   | 4.34 |   |
| Probable                        |   |                  | 54,930 |   |                                                             |   | 49,060 |                                                            |   |   | 547 |   |   |   | 134 |   |   |   | 38 |   |   |   | 7 |   |   |   | (7 | ) |   |   | 394 |   |   |   | 92 |   |   |   | 22 |   |   |   | (1 | ) |   |   | (10 | ) |   |   | 0.77 |   |
| Total      Proved Plus Probable |   |                  | 63,498 |   |                                                             |   | 57,484 |                                                            |   |   | 641 |   |   |   | 191 |   |   |   | 74 |   |   |   | 31 |   |   |   | 10 |   |   |   | 463 |   |   |   | 134 |   |   |   | 49 |   |   |   | 17 |   |   |   | 2 |   |   |   | 1.29 |   |

----

| (1) | Calculated      using net present value of future net revenue before deducting income      taxes, discounted at 10% per year. The unit values are based on net      reserves volumes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|       |   | CRUDE      OIL           |   |   | NATURAL      GAS                     |   |   |                          |   |
|------------|--------|--------------------------|--------|--------|--------------------------------------|--------|--------|-------------------------------|--------|
| Year       |   | WTICushing      Oklahoma |   |   | EdmontonPar      Price40°API(1) |   |   | Lloyd Blend22.3°API |   |   | Joslyn      Bitumen(3) |   |   | 30 day      spot@ AECO |   |   | Inflation      Rate |   |
|       |   | ($US/bbl)                |   |   | ($Cdn/bbl)                           |   |   | ($Cdn/bbl)                    |   |   | ($Cdn/bbl) |   |   | ($Cdn/mmbtu) |   |   | (%) |   |
| 2008       |   |                     | 89.61  |   |                                 |   | 88.17  |                          |   |   | 61.72 |   |   |   | 34.17 |   |   |   | 6.51 |   |   |   | 2.0 |   |
| 2009       |   |                     | 86.01  |   |                                 |   | 84.54  |                          |   |   | 59.18 |   |   |   | 36.46 |   |   |   | 7.22 |   |   |   | 2.0 |   |
| 2010       |   |                     | 84.65  |   |                                 |   | 83.16  |                          |   |   | 58.21 |   |   |   | 37.54 |   |   |   | 7.69 |   |   |   | 2.0 |   |
| 2011       |   |                     | 82.77  |   |                                 |   | 81.26  |                          |   |   | 56.88 |   |   |   | 38.33 |   |   |   | 7.70 |   |   |   | 2.0 |   |
| 2012       |   |                     | 82.26  |   |                                 |   | 80.73  |                          |   |   | 56.51 |   |   |   | 38.03 |   |   |   | 7.61 |   |   |   | 2.0 |   |
| Thereafter |   |                     |   | (2)    |                                 |   |   | (2)                           |   |   |   | (2) |   |   |   | (2) |   |   |   | (2) |   |   |   | (2) |

----

| (1) | Edmonton      refinery postings for 40o      API, 0.4% sulphur content crudeoil. |
|-----|----------------------------------------------------------------------------------|

| (2) | Escalation      varies after 2012. |
|-----|------------------------------------|

| (3) | The      price for bitumen is derived by GLJ from Sproule’s forecasts of various      stream prices. |
|-----|------------------------------------------------------------------------------------------------------------|

|     |   | CRUDE      OIL           |   |   | NATURAL      GAS                     |   |
|----------|--------|--------------------------|--------|--------|--------------------------------------|--------|
|     |   | WTICushing      Oklahoma |   |   | EdmontonPar      Price40°API(1) |   |   | JoslynBitumen(2) |   |   | 30 day      spot@ AECO |   |
|     |   | ($US/bbl)                |   |   | ($Cdn/bbl)                           |   |   | ($Cdn/bbl) |   |   | ($Cdn/mmbtu) |   |
| Constant |   |                     | 96.00  |   |                                 |   | 93.44 |   |   |   | 31.05 |   |   |   | 6.52 |   |

----

| (1) | Edmonton      refinery postings for 40o      API, 0.4% sulphur content crudeoil. |
|-----|----------------------------------------------------------------------------------|

| (2) | The      price for bitumen is derived by GLJ from Sproule’s forecasts of various      stream prices. |
|-----|------------------------------------------------------------------------------------------------------------|

| Reserves      Category                   |   | Revenue                   |   |   | Royalties      and Production Taxes |   |   | OperatingCosts |   |   | DevelopmentCosts |   |   | Abandonmentand      ReclamationCosts |   |   | Future NetRevenue      Before IncomeTaxes |   |   | IncomeTaxes |   |   | Revenue      After IncomeTaxes |   |
|------------------------------------------|--------|---------------------------|--------|--------|-------------------------------------|--------|--------|----------------|--------|--------|------------------|--------|--------|--------------------------------------|--------|--------|------------------------------------------------|--------|--------|-------------|--------|--------|--------------------------------|--------|
|                                     |   | (in $ millions) |   |
| Proved      Reserves                     |   |                      | 363    |   |                                |   | 22     |           |   |   | 176              |   |   |                                 | 29     |   |                                           |   | 1      |        |   |   | 135                            |   |   |   | 35 |   |   |   | 100 |   |
| Probable      Reserves                   |   |                      | 3,510  |   |                                |   | 430    |           |   |   | 1,390            |   |   |                                 | 391    |   |                                           |   | 6      |        |   |   | 1,293                          |   |   |   | 365 |   |   |   | 928 |   |
| Total      Proved Plus Probable Reserves |   |                      | 3,873  |   |                                |   | 452    |           |   |   | 1,566            |   |   |                                 | 420    |   |                                           |   | 7      |        |   |   | 1,428                          |   |   |   | 400 |   |   |   | 1,028 |   |

----

| Reserves      Category                   |   | Production      Group |   | Net      Present Value ofFuture      Net Revenue BeforeIncome      Taxes(Discounted      at 10%/year) |   |   | Unit      Value(1) |   |
|------------------------------------------|--------|-----------------------|--------|-------------------------------------------------------------------------------------------------------|--------|--------|--------------------|--------|
|                                     |   |                  |   | (in      $ millions)                                                                                  |   |   | ($      / bbl)     |   |
| Proved      Reserves                     |   | Bitumen               |   |                                                                                                  | 55     |   |               |   | 6.79 |   |
| Probable      Reserves                   |   | Bitumen               |   |                                                                                                  | 89     |   |               |   | 1.84 |   |
| Total      Proved Plus Probable Reserves |   | Bitumen               |   |                                                                                                  | 144    |   |               |   | 2.55 |   |

----

| (1) | Calculated      using net present value of future net revenue before deducting income      taxes, discounted at 10% per year. The unit values are based on net      reserves volumes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Product      Type |   | Estimated      2008Aggregate      Production |   | Estimated      2008Average      Daily Production |
|-------------------|--------|----------------------------------------------|--------|--------------------------------------------------|
| Bitumen           |   | 241 Mbbls                               |   | 659 bbls/d                                  |

|      |   | Proved      Reserves |   |   | Proved      Plus Probable Reserves |   |
|-----------|--------|----------------------|--------|--------|------------------------------------|--------|
| Year      |   | Undiscounted         |   |   | Discountedat      10%/year         |   |   | Undiscounted |   |   | Discountedat      10%/year |   |
|      |   | (in      $ millions) |   |
| 2008      |   |                 | 4      |   |                               |   | 4 |   |   |   | 4 |   |   |   | 4 |   |
| 2009      |   |                 | 7      |   |                               |   | 6 |   |   |   | 22 |   |   |   | 19 |   |
| 2010      |   |                 | 1      |   |                               |   | 1 |   |   |   | 34 |   |   |   | 27 |   |
| 2011      |   |                 | -      |   |                               |   | - |   |   |   | 10 |   |   |   | 7 |   |
| 2012      |   |                 | -      |   |                               |   | - |   |   |   | - |   |   |   | - |   |
| Remainder |   |                 | 17     |   |                               |   | 7 |   |   |   | 350 |   |   |   | 40 |   |
| Total     |   |                 | 29     |   |                               |   | 18 |   |   |   | 420 |   |   |   | 97 |   |

----

| CANADA                                |   | Light &      Medium Oil |   |   | Heavy      Oil |   |   | Bitumen                   |   |
|---------------------------------------|--------|----------------------------------|--------|--------|----------------|--------|--------|---------------------------|--------|
| Factors                               |   | Proved                           |   |   | Probable       |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |
|                                  |   | (Mbbls)                          |   |   | (Mbbls)        |   |   | (Mbbls)                   |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |
| December 31,      2006           |   |                             | 70,504 |   |           |   | 16,872 |                      |   |   | 87,376 |   |   |   | 31,153 |   |   |   | 8,912 |   |   |   | 40,065 |   |   |   | 8,730 |   |   |   | 47,998 |   |   |   | 56,728 |   |
| Acquisitions                          |   |                             | 2      |   |           |   | -      |                      |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Divestments                           |   |                             | -      |   |           |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Discoveries                           |   |                             | 251    |   |           |   | 63     |                      |   |   | 314 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions      and Improved Recovery |   |                             | 1,810  |   |           |   | 654    |                      |   |   | 2,464 |   |   |   | 1,870 |   |   |   | 1,301 |   |   |   | 3,171 |   |   |   | - |   |   |   | 4,064 |   |   |   | 4,064 |   |
| Economic      Factors                 |   |                             | 1,581  |   |           |   | 343    |                      |   |   | 1,924 |   |   |   | 548 |   |   |   | 338 |   |   |   | 886 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical      Revisions              |   |                             | (986   | )      |           |   | (95    | )                         |   |   | (1,081 | ) |   |   | 844 |   |   |   | 397 |   |   |   | 1,241 |   |   |   | (162 | ) |   |   | 2,868 |   |   |   | 2,706 |   |
| Production                            |   |                             | (5,776 | )      |           |   | -      |                      |   |   | (5,776 | ) |   |   | (3,200 | ) |   |   | - |   |   |   | (3,200 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| December 31,      2007           |   |                             | 67,386 |   |           |   | 17,837 |                      |   |   | 85,223 |   |   |   | 31,215 |   |   |   | 10,948 |   |   |   | 42,163 |   |   |   | 8,568 |   |   |   | 54,930 |   |   |   | 63,498 |   |

| CANADA                                |   | Natural      Gas Liquids |   |   | Associated      and Non-Associated Gas(Natural      Gas) |   |   | Total                     |   |
|---------------------------------------|--------|--------------------------|--------|--------|----------------------------------------------------------|--------|--------|---------------------------|--------|
| Factors                               |   | Proved                   |   |   | Probable                                                 |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |
|                                  |   | (Mbbls)                  |   |   | (Mbbls)                                                  |   |   | (Mbbls)                   |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| December 31,      2006           |   |                     | 12,690 |   |                                                     |   | 3,777  |                      |   |   | 16,467 |   |   |   | 905,261 |   |   |   | 306,804 |   |   |   | 1,212,065 |   |   |   | 273,954 |   |   |   | 128,693 |   |   |   | 402,647 |   |
| Acquisitions                          |   |                     | 4      |   |                                                     |   | -      |                      |   |   | 4 |   |   |   | 3,496 |   |   |   | 7,532 |   |   |   | 11,028 |   |   |   | 588 |   |   |   | 1,256 |   |   |   | 1,844 |   |
| Divestments                           |   |                     | -      |   |                                                     |   | -      |                      |   |   | - |   |   |   | (2,814 | ) |   |   | (325 | ) |   |   | (3,139 | ) |   |   | (469 | ) |   |   | (54 | ) |   |   | (523 | ) |
| Discoveries                           |   |                     | 5      |   |                                                     |   | 1      |                      |   |   | 6 |   |   |   | 178 |   |   |   | 45 |   |   |   | 223 |   |   |   | 285 |   |   |   | 72 |   |   |   | 357 |   |
| Extensions      and Improved Recovery |   |                     | 571    |   |                                                     |   | 188    |                      |   |   | 759 |   |   |   | 30,412 |   |   |   | 10,022 |   |   |   | 40,434 |   |   |   | 9,319 |   |   |   | 7,878 |   |   |   | 17,197 |   |
| Economic      Factors                 |   |                     | 114    |   |                                                     |   | 20     |                      |   |   | 134 |   |   |   | 5,527 |   |   |   | 1,156 |   |   |   | 6,683 |   |   |   | 3,164 |   |   |   | 894 |   |   |   | 4,058 |   |
| Technical      Revisions              |   |                     | (214   | )      |                                                     |   | (189   | )                         |   |   | (403 | ) |   |   | (21,118 | ) |   |   | (16,958 | ) |   |   | (38,076 | ) |   |   | (4,036 | ) |   |   | 152 |   |   |   | (3,884 | ) |
| Production                            |   |                     | (1,497 | )      |                                                     |   | -      |                      |   |   | (1,497 | ) |   |   | (91,820 | ) |   |   | - |   |   |   | (91,820 | ) |   |   | (25,776 | ) |   |   | - |   |   |   | (25,776 | ) |
| December 31,      2007           |   |                     | 11,673 |   |                                                     |   | 3,797  |                      |   |   | 15,470 |   |   |   | 829,122 |   |   |   | 308,276 |   |   |   | 1,137,398 |   |   |   | 257,029 |   |   |   | 138,891 |   |   |   | 395,920 |   |

| UNITED      STATES                    |   | Light &      Medium Oil |   |   | Heavy      Oil |   |   | Bitumen                   |   |
|---------------------------------------|--------|----------------------------------|--------|--------|----------------|--------|--------|---------------------------|--------|
| Factors                               |   | Proved                           |   |   | Probable       |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |
|                                  |   | (Mbbls)                          |   |   | (Mbbls)        |   |   | (Mbbls)                   |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |
| December 31,      2006           |   |                             | 23,391 |   |           |   | 8,637  |                      |   |   | 32,028 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Acquisitions                          |   |                             | -      |   |           |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Divestments                           |   |                             | -      |   |           |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Discoveries                           |   |                             | -      |   |           |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions      and Improved Recovery |   |                             | 6,838  |   |           |   | 1,394  |                      |   |   | 8,232 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Economic      Factors                 |   |                             | -      |   |           |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical      Revisions              |   |                             | 15     |   |           |   | (3,312 | )                         |   |   | (3,297 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Production                            |   |                             | (3,607 | )      |           |   | -      |                      |   |   | (3,607 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| December 31,      2007           |   |                             | 26,637 |   |           |   | 6,719  |                      |   |   | 33,356 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

----

| UNITED      STATES                    |   | Natural      Gas Liquids |   |   | Associated      and Non-Associated Gas (Natural Gas) |   |   | Total                     |   |
|---------------------------------------|--------|--------------------------|--------|--------|------------------------------------------------------|--------|--------|---------------------------|--------|
| Factors                               |   | Proved                   |   |   | Probable                                             |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |
|                                  |   | (Mbbls)                  |   |   | (Mbbls)                                              |   |   | (Mbbls)                   |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| December 31,      2006           |   |                     | -      |   |                                                 |   | -      |                      |   |   | - |   |   |   | 14,800 |   |   |   | 37,221 |   |   |   | 52,021 |   |   |   | 25,858 |   |   |   | 14,840 |   |   |   | 40,698 |   |
| Acquisitions                          |   |                     | 124    |   |                                                 |   | 30     |                      |   |   | 154 |   |   |   | 13,311 |   |   |   | 3,340 |   |   |   | 16,651 |   |   |   | 2,343 |   |   |   | 586 |   |   |   | 2,929 |   |
| Divestments                           |   |                     | -      |   |                                                 |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Discoveries                           |   |                     | -      |   |                                                 |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions      and Improved Recovery |   |                     | -      |   |                                                 |   | -      |                      |   |   | - |   |   |   | 5,621 |   |   |   | 5,143 |   |   |   | 10,764 |   |   |   | 7,775 |   |   |   | 2,251 |   |   |   | 10,026 |   |
| Economic      Factors                 |   |                     | -      |   |                                                 |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical      Revisions              |   |                     | -      |   |                                                 |   | -      |                      |   |   | - |   |   |   | 7,126 |   |   |   | (17,766 | ) |   |   | (10,640 | ) |   |   | 1,202 |   |   |   | (6,271 | ) |   |   | (5,069 | ) |
| Production                            |   |                     | (12    | )      |                                                 |   | -      |                      |   |   | (12 | ) |   |   | (3,903 | ) |   |   | - |   |   |   | (3,903 | ) |   |   | (4,270 | ) |   |   | - |   |   |   | (4,270 | ) |
| December 31,      2007           |   |                     | 112    |   |                                                 |   | 30     |                      |   |   | 142 |   |   |   | 36,955 |   |   |   | 27,938 |   |   |   | 64,893 |   |   |   | 32,908 |   |   |   | 11,406 |   |   |   | 44,314 |   |

| TOTAL      ENERPLUS                   |   | Light &      Medium Oil |   |   | Heavy      Oil |   |   | Bitumen                   |   |
|---------------------------------------|--------|----------------------------------|--------|--------|----------------|--------|--------|---------------------------|--------|
| Factors                               |   | Proved                           |   |   | Probable       |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |
|                                  |   | (Mbbls)                          |   |   | (Mbbls)        |   |   | (Mbbls)                   |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |
| December 31,      2006           |   |                             | 93,895 |   |           |   | 25,509 |                      |   |   | 119,404 |   |   |   | 31,153 |   |   |   | 8,912 |   |   |   | 40,065 |   |   |   | 8,730 |   |   |   | 47,998 |   |   |   | 56,728 |   |
| Acquisitions                          |   |                             | 2      |   |           |   | -      |                      |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Divestments                           |   |                             | -      |   |           |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Discoveries                           |   |                             | 251    |   |           |   | 63     |                      |   |   | 314 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions      and Improved Recovery |   |                             | 8,648  |   |           |   | 2,048  |                      |   |   | 10,696 |   |   |   | 1,870 |   |   |   | 1,301 |   |   |   | 3,171 |   |   |   | - |   |   |   | 4,064 |   |   |   | 4,064 |   |
| Economic      Factors                 |   |                             | 1,581  |   |           |   | 343    |                      |   |   | 1,924 |   |   |   | 548 |   |   |   | 338 |   |   |   | 886 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical      Revisions              |   |                             | (971   | )      |           |   | (3,407 | )                         |   |   | (4,378 | ) |   |   | 844 |   |   |   | 397 |   |   |   | 1,241 |   |   |   | (162 | ) |   |   | 2,868 |   |   |   | 2,706 |   |
| Production                            |   |                             | (9,383 | )      |           |   | -      |                      |   |   | (9,383 | ) |   |   | (3,200 | ) |   |   | - |   |   |   | (3,200 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| December 31,      2007           |   |                             | 94,023 |   |           |   | 24,556 |                      |   |   | 118,579 |   |   |   | 31,215 |   |   |   | 10,948 |   |   |   | 42,163 |   |   |   | 8,568 |   |   |   | 54,930 |   |   |   | 63,498 |   |

| TOTAL      ENERPLUS                   |   | Natural      Gas Liquids |   |   | Associated      and Non-Associated Gas(Natural      Gas) |   |   | Total                     |   |
|---------------------------------------|--------|--------------------------|--------|--------|----------------------------------------------------------|--------|--------|---------------------------|--------|
| Factors                               |   | Proved                   |   |   | Probable                                                 |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |   | Proved |   |   | Probable |   |   | Proved      Plus Probable |   |
|                                  |   | (Mbbls)                  |   |   | (Mbbls)                                                  |   |   | (Mbbls)                   |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| December 31,      2006           |   |                     | 12,690 |   |                                                     |   | 3,777  |                      |   |   | 16,467 |   |   |   | 920,061 |   |   |   | 344,025 |   |   |   | 1,264,086 |   |   |   | 299,812 |   |   |   | 143,533 |   |   |   | 443,345 |   |
| Acquisitions                          |   |                     | 128    |   |                                                     |   | 30     |                      |   |   | 158 |   |   |   | 16,807 |   |   |   | 10,872 |   |   |   | 27,679 |   |   |   | 2,931 |   |   |   | 1,842 |   |   |   | 4,773 |   |
| Divestments                           |   |                     | -      |   |                                                     |   | -      |                      |   |   | - |   |   |   | (2,814 | ) |   |   | (325 | ) |   |   | (3,139 | ) |   |   | (469 | ) |   |   | (54 | ) |   |   | (523 | ) |
| Discoveries                           |   |                     | 5      |   |                                                     |   | 1      |                      |   |   | 6 |   |   |   | 178 |   |   |   | 45 |   |   |   | 223 |   |   |   | 285 |   |   |   | 72 |   |   |   | 357 |   |
| Extensions      and Improved Recovery |   |                     | 571    |   |                                                     |   | 188    |                      |   |   | 759 |   |   |   | 36,033 |   |   |   | 15,165 |   |   |   | 51,198 |   |   |   | 17,094 |   |   |   | 10,129 |   |   |   | 27,223 |   |
| Economic      Factors                 |   |                     | 114    |   |                                                     |   | 20     |                      |   |   | 134 |   |   |   | 5,527 |   |   |   | 1,156 |   |   |   | 6,683 |   |   |   | 3,164 |   |   |   | 894 |   |   |   | 4,058 |   |
| Technical      Revisions              |   |                     | (214   | )      |                                                     |   | (189   | )                         |   |   | (403 | ) |   |   | (13,992 | ) |   |   | (34,724 | ) |   |   | (48,716 | ) |   |   | (2,834 | ) |   |   | (6,119 | ) |   |   | (8,953 | ) |
| Production                            |   |                     | (1,509 | )      |                                                     |   | -      |                      |   |   | (1,509 | ) |   |   | (95,723 | ) |   |   | - |   |   |   | (95,723 | ) |   |   | (30,046 | ) |   |   | - |   |   |   | (30,046 | ) |
| December 31,      2007           |   |                     | 11,785 |   |                                                     |   | 3,827  |                      |   |   | 15,612 |   |   |   | 866,077 |   |   |   | 336,214 |   |   |   | 1,202,291 |   |   |   | 289,937 |   |   |   | 150,297 |   |   |   | 440,234 |   |

----

| CANADA                                |   | Light &      Medium Oil |   |   | Heavy      Oil |   |   | Bitumen            |   |
|---------------------------------------|--------|----------------------------------|--------|--------|----------------|--------|--------|--------------------|--------|
| Factors                               |   | Proved                           |   |   | Probable       |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |
|                                  |   | (Mbbls)                          |   |   | (Mbbls)        |   |   | (Mbbls)            |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |
| December 31,      2006           |   |                             | 69,718 |   |           |   | 16,690 |               |   |   | 86,408 |   |   |   | 31,130 |   |   |   | 8,903 |   |   |   | 40,033 |   |   |   | 8,730 |   |   |   | 47,998 |   |   |   | 56,728 |   |
| Acquisitions                          |   |                             | 2      |   |           |   | -      |               |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Divestments                           |   |                             | -      |   |           |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Discoveries                           |   |                             | 251    |   |           |   | 63     |               |   |   | 314 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions      and Improved Recovery |   |                             | 1,795  |   |           |   | 652    |               |   |   | 2,447 |   |   |   | 1,870 |   |   |   | 1,301 |   |   |   | 3,171 |   |   |   | - |   |   |   | 4,064 |   |   |   | 4,064 |   |
| Economic      Factors                 |   |                             | 1,581  |   |           |   | 343    |               |   |   | 1,924 |   |   |   | 548 |   |   |   | 337 |   |   |   | 885 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical      Revisions              |   |                             | (997   | )      |           |   | (103   | )                  |   |   | (1,100 | ) |   |   | 797 |   |   |   | 383 |   |   |   | 1,180 |   |   |   | (162 | ) |   |   | 2,868 |   |   |   | 2,706 |   |
| Production                            |   |                             | (5,678 | )      |           |   | -      |               |   |   | (5,678 | ) |   |   | (3,170 | ) |   |   | - |   |   |   | (3,170 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| December 31,      2007           |   |                             | 66,672 |   |           |   | 17,645 |               |   |   | 84,317 |   |   |   | 31,175 |   |   |   | 10,924 |   |   |   | 42,099 |   |   |   | 8,568 |   |   |   | 54,930 |   |   |   | 63,498 |   |

| CANADA                                |   | Natural      Gas Liquids |   |   | Associated      and Non-Associated Gas (Natural Gas) |   |   | Total              |   |
|---------------------------------------|--------|--------------------------|--------|--------|------------------------------------------------------|--------|--------|--------------------|--------|
| Factors                               |   | Proved                   |   |   | Probable                                             |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |
|                                  |   | (Mbbls)                  |   |   | (Mbbls)                                              |   |   | (Mbbls)            |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| December 31,      2006           |   |                     | 12,481 |   |                                                 |   | 3,708  |               |   |   | 16,189 |   |   |   | 877,780 |   |   |   | 299,699 |   |   |   | 1,177,479 |   |   |   | 268,356 |   |   |   | 127,249 |   |   |   | 395,605 |   |
| Acquisitions                          |   |                     | 4      |   |                                                 |   | -      |               |   |   | 4 |   |   |   | 3,489 |   |   |   | 7,530 |   |   |   | 11,019 |   |   |   | 587 |   |   |   | 1,255 |   |   |   | 1,842 |   |
| Divestments                           |   |                     | -      |   |                                                 |   | -      |               |   |   | - |   |   |   | (2,586 | ) |   |   | (252 | ) |   |   | (2,838 | ) |   |   | (431 | ) |   |   | (42 | ) |   |   | (473 | ) |
| Discoveries                           |   |                     | 1      |   |                                                 |   | (1     | )                  |   |   | - |   |   |   | 95 |   |   |   | 14 |   |   |   | 109 |   |   |   | 267 |   |   |   | 65 |   |   |   | 332 |   |
| Extensions      and Improved Recovery |   |                     | 558    |   |                                                 |   | 179    |               |   |   | 737 |   |   |   | 29,597 |   |   |   | 9,588 |   |   |   | 39,185 |   |   |   | 9,156 |   |   |   | 7,794 |   |   |   | 16,950 |   |
| Economic      Factors                 |   |                     | 113    |   |                                                 |   | 20     |               |   |   | 133 |   |   |   | 5,148 |   |   |   | 1,079 |   |   |   | 6,227 |   |   |   | 3,100 |   |   |   | 880 |   |   |   | 3,980 |   |
| Technical      Revisions              |   |                     | (209   | )      |                                                 |   | (176   | )                  |   |   | (385 | ) |   |   | (21,419 | ) |   |   | (16,258 | ) |   |   | (37,677 | ) |   |   | (4,140 | ) |   |   | 261 |   |   |   | (3,879 | ) |
| Production                            |   |                     | (1,467 | )      |                                                 |   | -      |               |   |   | (1,467 | ) |   |   | (87,976 | ) |   |   | - |   |   |   | (87,976 | ) |   |   | (24,978 | ) |   |   | - |   |   |   | (24,978 | ) |
| December 31,      2007           |   |                     | 11,481 |   |                                                 |   | 3,730  |               |   |   | 15,211 |   |   |   | 804,128 |   |   |   | 301,400 |   |   |   | 1,105,528 |   |   |   | 251,917 |   |   |   | 137,462 |   |   |   | 389,379 |   |

| UNITED      STATES                    |   | Light &      Medium Oil |   |   | Heavy      Oil |   |   | Bitumen            |   |
|---------------------------------------|--------|----------------------------------|--------|--------|----------------|--------|--------|--------------------|--------|
| Factors                               |   | Proved                           |   |   | Probable       |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |
|                                  |   | (Mbbls)                          |   |   | (Mbbls)        |   |   | (Mbbls)            |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |
| December 31,      2006           |   |                             | 23,391 |   |           |   | 8,637  |               |   |   | 32,028 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Acquisitions                          |   |                             | -      |   |           |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Divestments                           |   |                             | -      |   |           |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Discoveries                           |   |                             | -      |   |           |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions      and Improved Recovery |   |                             | 6,838  |   |           |   | 1,394  |               |   |   | 8,232 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Economic      Factors                 |   |                             | -      |   |           |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical      Revisions              |   |                             | (57    | )      |           |   | (3,328 | )                  |   |   | (3,385 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Production                            |   |                             | (3,584 | )      |           |   | -      |               |   |   | (3,584 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| December 31,      2007           |   |                             | 26,588 |   |           |   | 6,703  |               |   |   | 33,291 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

----

| UNITED      STATES                    |   | Natural      Gas Liquids |   |   | Associated      and Non-Associated Gas(Natural      Gas) |   |   | Total              |   |
|---------------------------------------|--------|--------------------------|--------|--------|---------------------------------------------------------------|--------|--------|--------------------|--------|
| Factors                               |   | Proved                   |   |   | Probable                                                      |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |
|                                  |   | (Mbbls)                  |   |   | (Mbbls)                                                       |   |   | (Mbbls)            |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| December 31,      2006           |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | 14,800 |   |   |   | 37,221 |   |   |   | 52,021 |   |   |   | 25,858 |   |   |   | 14,840 |   |   |   | 40,698 |   |
| Acquisitions                          |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Divestments                           |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Discoveries                           |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions      and Improved Recovery |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | 5,621 |   |   |   | 5,143 |   |   |   | 10,764 |   |   |   | 7,775 |   |   |   | 2,251 |   |   |   | 10,026 |   |
| Economic      Factors                 |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical      Revisions              |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | 7,065 |   |   |   | (17,813 | ) |   |   | (10,748 | ) |   |   | 1,120 |   |   |   | (6,296 | ) |   |   | (5,176 | ) |
| Production                            |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | (2,810 | ) |   |   | - |   |   |   | (2,810 | ) |   |   | (4,052 | ) |   |   | - |   |   |   | (4,052 | ) |
| December 31,      2007           |   |                     | -      |   |                                                          |   | -      |               |   |   | - |   |   |   | 24,676 |   |   |   | 24,551 |   |   |   | 49,227 |   |   |   | 30,701 |   |   |   | 10,795 |   |   |   | 41,496 |   |

| TOTAL      ENERPLUS                   |   | Light &      Medium Oil |   |   | Heavy      Oil |   |   | Bitumen            |   |
|---------------------------------------|--------|----------------------------------|--------|--------|----------------|--------|--------|--------------------|--------|
| Factors                               |   | Proved                           |   |   | Probable       |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |
|                                  |   | (Mbbls)                          |   |   | (Mbbls)        |   |   | (Mbbls)            |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |
| December 31,      2006           |   |                             | 93,109 |   |           |   | 25,327 |               |   |   | 118,436 |   |   |   | 31,130 |   |   |   | 8,903 |   |   |   | 40,033 |   |   |   | 8,730 |   |   |   | 47,998 |   |   |   | 56,728 |   |
| Acquisitions                          |   |                             | 2      |   |           |   | -      |               |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Divestments                           |   |                             | -      |   |           |   | -      |               |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Discoveries                           |   |                             | 251    |   |           |   | 63     |               |   |   | 314 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions      and Improved Recovery |   |                             | 8,633  |   |           |   | 2,046  |               |   |   | 10,679 |   |   |   | 1,870 |   |   |   | 1,301 |   |   |   | 3,171 |   |   |   | - |   |   |   | 4,064 |   |   |   | 4,064 |   |
| Economic      Factors                 |   |                             | 1,581  |   |           |   | 343    |               |   |   | 1,924 |   |   |   | 548 |   |   |   | 337 |   |   |   | 885 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Technical      Revisions              |   |                             | (1,054 | )      |           |   | (3,431 | )                  |   |   | (4,485 | ) |   |   | 797 |   |   |   | 383 |   |   |   | 1,180 |   |   |   | (162 | ) |   |   | 2,868 |   |   |   | 2,706 |   |
| Production                            |   |                             | (9,262 | )      |           |   | -      |               |   |   | (9,262 | ) |   |   | (3,170 | ) |   |   | - |   |   |   | (3,170 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| December 31,      2007           |   |                             | 93,260 |   |           |   | 24,348 |               |   |   | 117,608 |   |   |   | 31,175 |   |   |   | 10,924 |   |   |   | 42,099 |   |   |   | 8,568 |   |   |   | 54,930 |   |   |   | 63,498 |   |

| TOTAL      ENERPLUS                   |   | Natural      Gas Liquids |   |   | Associated      and Non-Associated Gas (Natural Gas) |   |   | Total              |   |
|---------------------------------------|--------|--------------------------|--------|--------|------------------------------------------------------|--------|--------|--------------------|--------|
| Factors                               |   | Proved                   |   |   | Probable                                             |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |   | Proved |   |   | Probable |   |   | ProvedPlusProbable |   |
|                                  |   | (Mbbls)                  |   |   | (Mbbls)                                              |   |   | (Mbbls)            |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| December 31,      2006           |   |                     | 12,481 |   |                                                 |   | 3,708  |               |   |   | 16,189 |   |   |   | 892,580 |   |   |   | 336,920 |   |   |   | 1,229,500 |   |   |   | 294,214 |   |   |   | 142,089 |   |   |   | 436,303 |   |
| Acquisitions                          |   |                     | 4      |   |                                                 |   | -      |               |   |   | 4 |   |   |   | 3,489 |   |   |   | 7,530 |   |   |   | 11,019 |   |   |   | 587 |   |   |   | 1,255 |   |   |   | 1,842 |   |
| Divestments                           |   |                     | -      |   |                                                 |   | -      |               |   |   | - |   |   |   | (2,586 | ) |   |   | (252 | ) |   |   | (2,838 | ) |   |   | (431 | ) |   |   | (42 | ) |   |   | (473 | ) |
| Discoveries                           |   |                     | 1      |   |                                                 |   | (1     | )                  |   |   | - |   |   |   | 95 |   |   |   | 14 |   |   |   | 109 |   |   |   | 267 |   |   |   | 65 |   |   |   | 332 |   |
| Extensions      and Improved Recovery |   |                     | 558    |   |                                                 |   | 179    |               |   |   | 737 |   |   |   | 35,218 |   |   |   | 14,731 |   |   |   | 49,949 |   |   |   | 16,931 |   |   |   | 10,045 |   |   |   | 26,976 |   |
| Economic      Factors                 |   |                     | 113    |   |                                                 |   | 20     |               |   |   | 133 |   |   |   | 5,148 |   |   |   | 1,079 |   |   |   | 6,227 |   |   |   | 3,100 |   |   |   | 880 |   |   |   | 3,980 |   |
| Technical      Revisions              |   |                     | (209   | )      |                                                 |   | (176   | )                  |   |   | (385 | ) |   |   | (14,354 | ) |   |   | (34,071 | ) |   |   | (48,425 | ) |   |   | (3,020 | ) |   |   | (6,035 | ) |   |   | (9,055 | ) |
| Production                            |   |                     | (1,467 | )      |                                                 |   | -      |               |   |   | (1,467 | ) |   |   | (90,786 | ) |   |   | - |   |   |   | (90,786 | ) |   |   | (29,030 | ) |   |   | - |   |   |   | (29,030 | ) |
| December 31,      2007           |   |                     | 11,481 |   |                                                 |   | 3,730  |               |   |   | 15,211 |   |   |   | 828,804 |   |   |   | 325,951 |   |   |   | 1,154,755 |   |   |   | 282,618 |   |   |   | 148,257 |   |   |   | 430,875 |   |

----

|                         |   | Crude      Oil |   |   |                    |   |   |    |   |   |    |   |
|------------------------------|--------|----------------|--------|--------|-------------------------|--------|--------|---------|--------|--------|---------|--------|
| Year(1)                      |   | Heavy          |   |   | Light      & Medium |   |   | Bitumen |   |   | NGLs    |   |   | Natural      Gas |   |   | Total |   |
|                         |   | (Mbbls)        |   |   | (Mbbls)                 |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Bcf) |   |   | (Mbbls) |   |
| Aggregate      Prior to 2005 |   |           | 3,029  |   |                    |   | 2,857  |    |   |   | -       |   |   |   | 860 |   |   |   | 141.0 |   |   |   | 30,246 |   |
| 2005                         |   |           | 768    |   |                    |   | 2,524  |    |   |   | 9,308   |   |   |   | 414 |   |   |   | 55.0 |   |   |   | 22,181 |   |
| 2006                         |   |           | 282    |   |                    |   | 2,551  |    |   |   | -       |   |   |   | 150 |   |   |   | 31.0 |   |   |   | 8,150 |   |
| 2007                         |   |           | 858    |   |                    |   | 4,782  |    |   |   | -       |   |   |   | 215 |   |   |   | 24.1 |   |   |   | 9,865 |   |

|                         |   | Crude      Oil |   |   |                    |   |   |    |   |   |    |   |
|------------------------------|--------|----------------|--------|--------|-------------------------|--------|--------|---------|--------|--------|---------|--------|
| Year(1)                      |   | Heavy          |   |   | Light      & Medium |   |   | Bitumen |   |   | NGLs    |   |   | Natural      Gas |   |   | Total |   |
|                         |   | (Mbbls)        |   |   | (Mbbls)                 |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Bcf) |   |   | (Mbbls) |   |
| Aggregate      Prior to 2005 |   |           | -      |   |                    |   | 3,889  |    |   |   | 47,747  |   |   |   | 367 |   |   |   | 81.7 |   |   |   | 65,628 |   |
| 2005                         |   |           | 126    |   |                    |   | 902    |    |   |   | -       |   |   |   | 104 |   |   |   | 22.0 |   |   |   | 4,799 |   |
| 2006                         |   |           | 39     |   |                    |   | 1,052  |    |   |   | 6,935   |   |   |   | 90 |   |   |   | 13.0 |   |   |   | 10,283 |   |
| 2007                         |   |           | 1,007  |   |                    |   | 1,214  |    |   |   | 4,064   |   |   |   | 101 |   |   |   | 17.7 |   |   |   | 9,342 |   |

----

| (1) | First      attributed volumes include additions during the year and do not include      revisions to previous undevelopedreserves. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

----

| F&D      and FD&A Costs (Including Net Change in Future Development Capital as      per NI 51-101)($      millions except for per BOE amounts) |   | 2007   |   |   | 2006   |   |   | 2005   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| PROVED      RESERVES                                                                                                                                        |   |   |   |   |   |   |   |   |   |
| Conventional      Oil and Natural Gas                                                                                                                       |   |   |   |   |   |   |   |   |   |
| Capital      expenditures                                                                                                                                   |   | $      | 348.3  |   |   | $      | 452.1  |   |   | $ | 335.5 |   |
| Net      change in Future Development Capital                                                                                                               |   | $      | 39.3   |   |   | $      | 22.3   |   |   | $ | 97.4 |   |
| Gross      reserve additions (MMBOE)                                                                                                                        |   |   | 17.9   |   |   |   | 16.1   |   |   |   | 28.8 |   |
| F&D      costs ($/BOE)                                                                                                                                  |   | $      | 21.65  |   |   | $      | 29.47  |   |   | $ | 15.03 |   |
| Three      year averages F&D cost ($/BOE)(1)                                                                                                            |   | $      | 20.62  |   |   | $      | 15.54  |   |   |   | n/a |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital      expenditures and net acquisitions                                                                                                              |   | $      | 409.8  |   |   | $      | 502.0  |   |   | $ | 973.0 |   |
| Net      change in Future Developments Costs                                                                                                                |   | $      | 48.5   |   |   | $      | 8.0    |   |   | $ | 184.7 |   |
| Gross      company reserve additions (MMBOE)                                                                                                                |   |   | 20.4   |   |   |   | 18.6   |   |   |   | 53.7 |   |
| FD&A      costs ($/BOE)                                                                                                                                 |   | $      | 22.47  |   |   | $      | 27.42  |   |   | $ | 21.56 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                                           |   | $      | 22.93  |   |   | $      | 19.80  |   |   | $ | 24.02 |   |

----

| F&D      and FD&A Costs (Including Net Change in Future Development Capital as      per NI 51-101)($      millions except for per BOE amounts) |   | 2007   |      |   | 2006   |   |    | 2005   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|---------|--------|--------|
| Oil      Sands                                                                                                                                              |   |   |      |   |   |   |    |   |   |
| Capital      expenditures                                                                                                                                   |   | $      | 38.9      |   |   | $      | 39.1    |   |   | $ | 33.2 |   |
| Net      change in Future Development Capital                                                                                                               |   | $      | (1.7      | )      |   | $      | (10.8   | )      |   | $ | 44.6 |   |
| Gross      reserve additions (MMBOE)                                                                                                                        |   |   | (0.2      | )      |   |   | (0.1    | )      |   |   | 9.5 |   |
| F&D      costs ($/BOE)                                                                                                                                  |   | $      | (186.00   | )      |   | $      | (283.00 | )      |   | $ | 8.19 |   |
| Three      year averages F&D cost ($/BOE)(1)                                                                                                            |   | $      | 15.58     |   |   | $      | 12.17   |   |   |   | n/a |   |
| Capital      expenditures and net acquisitions                                                                                                              |   | $      | 242.0     |   |   | $      | 19.4    |   |   | $ | 33.2 |   |
| Net      change in Future Development Costs                                                                                                                 |   | $      | (1.7      | )      |   | $      | (13.6   | )      |   | $ | 44.6 |   |
| Gross      company reserve additions (MMBOE)                                                                                                                |   |   | (0.2      | )      |   |   | (0.7    | )      |   |   | 9.5 |   |
| FD&A      costs ($/BOE)                                                                                                                                 |   | $      | (1,201.50 | )      |   | $      | (8.29   | )      |   | $ | 8.19 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                                           |   | $      | 37.66     |   |   | $      | 10.44   |   |   | $ | 9.51 |   |
|                                                                                                                                                        |   |   |      |   |   |   |    |   |   |   |   |   |
| Total      Enerplus                                                                                                                                         |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                                                   |   | $      | 387.2     |   |   | $      | 491.2   |   |   | $ | 368.7 |   |
| Net      change in Future Development Capital                                                                                                               |   | $      | 37.6      |   |   | $      | 11.5    |   |   | $ | 142.0 |   |
| Gross      reserve additions (MMBOE)                                                                                                                        |   |   | 17.7      |   |   |   | 16.0    |   |   |   | 38.3 |   |
| F&D      costs ($/BOE)                                                                                                                                  |   | $      | 24.00     |   |   | $      | 31.42   |   |   | $ | 13.33 |   |
| Three      year averages F&D cost ($/BOE)(1)                                                                                                            |   | $      | 19.98     |   |   | $      | 15.16   |   |   |   | n/a |   |
| Capital      expenditures and net acquisitions                                                                                                              |   | $      | 651.8     |   |   | $      | 521.4   |   |   | $ | 1,006.2 |   |
| Net      change in Future Development Costs                                                                                                                 |   | $      | 46.8      |   |   | $      | (5.6    | )      |   | $ | 229.3 |   |
| Gross      company reserve additions (MMBOE)                                                                                                                |   |   | 20.2      |   |   |   | 17.9    |   |   |   | 63.2 |   |
| FD&A      costs ($/BOE)                                                                                                                                 |   | $      | 34.58     |   |   | $      | 28.82   |   |   | $ | 19.55 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                                           |   | $      | 24.18     |   |   | $      | 19.20   |   |   | $ | 22.73 |   |
|                                                                                                                                                        |   |   |      |   |   |   |    |   |   |   |   |   |
| PROVED      PLUS PROBABLE RESERVES                                                                                                                          |   |   |      |   |   |   |    |   |   |   |   |   |
| Conventional      Oil and Natural Gas                                                                                                                       |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                                                   |   | $      | 348.3     |   |   | $      | 452.1   |   |   | $ | 335.5 |   |
| Net      change in Future Development Capital                                                                                                               |   | $      | (30.7     | )      |   | $      | 50.7    |   |   | $ | 92.1 |   |
| Gross      reserve additions (MMBOE)                                                                                                                        |   |   | 15.9      |   |   |   | 18.3    |   |   |   | 32.0 |   |
| F&D      costs ($/BOE)                                                                                                                                  |   | $      | 19.97     |   |   | $      | 27.48   |   |   | $ | 13.36 |   |
| Three      year averages F&D cost ($/BOE)(1)                                                                                                            |   | $      | 18.85     |   |   | $      | 20.22   |   |   |   | n/a |   |
| Capital      expenditures and net acquisitions                                                                                                              |   | $      | 409.8     |   |   | $      | 502.0   |   |   | $ | 973.0 |   |
| Net      change in Future Development Costs                                                                                                                 |   | $      | (12.0     | )      |   | $      | 54.4    |   |   | $ | 197.7 |   |
| Gross      company reserve additions (MMBOE)                                                                                                                |   |   | 20.1      |   |   |   | 21.9    |   |   |   | 66.6 |   |
| FD&A      costs ($/BOE)                                                                                                                                 |   | $      | 19.79     |   |   | $      | 25.41   |   |   | $ | 17.58 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                                           |   | $      | 19.57     |   |   | $      | 18.10   |   |   | $ | 15.97 |   |
|                                                                                                                                                        |   |   |      |   |   |   |    |   |   |   |   |   |
| Oil      Sands                                                                                                                                              |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                                                   |   | $      | 38.9      |   |   | $      | 39.1    |   |   | $ | 33.2 |   |
| Net      change in Future Development Capital                                                                                                               |   | $      | 105.0     |   |   | $      | 34.3    |   |   | $ | 33.4 |   |
| Gross      reserve additions (MMBOE)                                                                                                                        |   |   | 6.8       |   |   |   | 6.9     |   |   |   | 5.4 |   |
| F&D      costs ($/BOE)                                                                                                                                  |   | $      | 21.16     |   |   | $      | 10.64   |   |   | $ | 12.33 |   |
| Three      year averages F&D cost ($/BOE)(1)                                                                                                            |   | $      | 14.86     |   |   | $      | 6.91    |   |   |   | n/a |   |
| Capital      expenditures and net acquisitions                                                                                                              |   | $      | 242.0     |   |   | $      | 19.4    |   |   | $ | 33.2 |   |
| Net      change in Future Development Costs                                                                                                                 |   | $      | 105.0     |   |   | $      | 15.6    |   |   | $ | 33.4 |   |
| Gross      company reserve additions (MMBOE)                                                                                                                |   |   | 6.8       |   |   |   | 3.6     |   |   |   | 5.4 |   |
| FD&A      costs ($/BOE)(1)                                                                                                                              |   | $      | 51.03     |   |   | $      | 9.72    |   |   | $ | 12.33 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                                           |   | $      | 28.39     |   |   | $      | 6.63    |   |   | $ | 6.50 |   |
|                                                                                                                                                        |   |   |      |   |   |   |    |   |   |   |   |   |
| Total      Enerplus                                                                                                                                         |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                                                   |   | $      | 387.2     |   |   | $      | 491.2   |   |   | $ | 368.7 |   |
| Net      change in Future Development Capital                                                                                                               |   | $      | 74.3      |   |   | $      | 85.0    |   |   | $ | 125.5 |   |
| Gross      reserve additions (MMBOE)                                                                                                                        |   |   | 22.7      |   |   |   | 25.2    |   |   |   | 37.4 |   |
| F&D      costs ($/BOE)                                                                                                                                  |   | $      | 20.33     |   |   | $      | 22.87   |   |   | $ | 13.21 |   |
| Three      year averages F&D cost ($/BOE)(1)                                                                                                            |   | $      | 17.96     |   |   | $      | 13.52   |   |   |   | n/a |   |
| Capital      expenditures and net acquisitions                                                                                                              |   | $      | 651.8     |   |   | $      | 521.4   |   |   | $ | 1,006.2 |   |
| Net      change in Future Development Costs                                                                                                                 |   | $      | 93.0      |   |   | $      | 70.0    |   |   | $ | 231.1 |   |
| Gross      company reserve additions (MMBOE)                                                                                                                |   |   | 26.9      |   |   |   | 25.5    |   |   |   | 72.0 |   |
| FD&A      costs ($/BOE)(1)                                                                                                                              |   | $      | 27.69     |   |   | $      | 23.19   |   |   | $ | 17.18 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                                           |   | $      | 20.69     |   |   | $      | 14.90   |   |   | $ | 13.46 |   |

----

| (1) | Calculated      over a three year period. |
|-----|-------------------------------------------|

----

| F&D      and FD&A Costs (Excluding Changes in Future Development      Capital)($      millions except for per BOE amounts) |   | 2007   |      |   | 2006   |   |    | 2005   |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|---------|--------|--------|
| PROVED      RESERVES                                                                                                               |   |   |      |   |   |   |    |   |   |
| Conventional      Oil and Natural Gas                                                                                              |   |   |      |   |   |   |    |   |   |
| Capital      expenditures                                                                                                          |   | $      | 348.3     |   |   | $      | 452.1   |   |   | $ | 335.5 |   |
| Gross      reserve additions (MMBOE)                                                                                               |   |   | 17.9      |   |   |   | 16.1    |   |   |   | 28.8 |   |
| F&D      Cost ($/BOE)                                                                                                          |   | $      | 19.46     |   |   | $      | 28.08   |   |   | $ | 11.65 |   |
| Three      year averages F&D costs ($/BOE)(1)                                                                                  |   | $      | 18.09     |   |   | $      | 13.17   |   |   | $ | 9.87 |   |
| Capital      expenditures and net acquisitions                                                                                     |   | $      | 409.8     |   |   | $      | 502.0   |   |   | $ | 973.0 |   |
| Gross      company reserve additions (MMBOE)                                                                                       |   |   | 20.4      |   |   |   | 18.6    |   |   |   | 53.7 |   |
| FD&A      costs ($/BOE)                                                                                                        |   | $      | 20.09     |   |   | $      | 26.99   |   |   | $ | 18.12 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                  |   | $      | 20.33     |   |   | $      | 17.55   |   |   | $ | 14.94 |   |
|                                                                                                                               |   |   |      |   |   |   |    |   |   |   |   |   |
| Oil      Sands                                                                                                                     |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                          |   | $      | 38.9      |   |   | $      | 39.1    |   |   | $ | 33.2 |   |
| Gross      reserve additions (MMBOE)                                                                                               |   |   | (0.2      | )      |   |   | (0.1    | )      |   |   | 9.5 |   |
| F&D      Cost ($/BOE)                                                                                                          |   | $      | (194.50   | )      |   | $      | (391.00 | )      |   | $ | 3.49 |   |
| Three      year averages F&D costs ($/BOE)(1)                                                                                  |   | $      | 12.09     |   |   | $      | 8.57    |   |   | $ | 4.81 |   |
| Capital      expenditures and net acquisitions                                                                                     |   | $      | 242.0     |   |   | $      | 19.4    |   |   | $ | 33.2 |   |
| Gross      company reserve additions (MMBOE)                                                                                       |   |   | (0.2      | )      |   |   | (0.7    | )      |   |   | 9.5 |   |
| FD&A      costs ($/BOE)                                                                                                        |   | $      | (1,210.00 | )      |   | $      | (27.71  | )      |   | $ | 3.49 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                  |   | $      | 34.26     |   |   | $      | 6.92    |   |   | $ | 4.81 |   |
|                                                                                                                               |   |   |      |   |   |   |    |   |   |   |   |   |
| Total      Enerplus                                                                                                                |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                          |   | $      | 387.2     |   |   | $      | 491.2   |   |   | $ | 368.7 |   |
| Gross      reserve additions (MMBOE)                                                                                               |   |   | 17.7      |   |   |   | 16.0    |   |   |   | 38.3 |   |
| F&D      Cost ($/BOE)                                                                                                          |   | $      | 21.88     |   |   | $      | 30.70   |   |   | $ | 9.63 |   |
| Three      year averages F&D costs ($/BOE)(1)                                                                                  |   | $      | 17.32     |   |   | $      | 12.65   |   |   | $ | 9.26 |   |
| Capital      expenditures and net acquisitions                                                                                     |   | $      | 651.8     |   |   | $      | 521.4   |   |   | $ | 1,006.2 |   |
| Gross      company reserve additions (MMBOE)                                                                                       |   |   | 20.2      |   |   |   | 17.9    |   |   |   | 63.2 |   |
| FD&A      costs ($/BOE)                                                                                                        |   | $      | 32.27     |   |   | $      | 29.13   |   |   | $ | 15.92 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                  |   | $      | 21.51     |   |   | $      | 16.88   |   |   | $ | 14.30 |   |
|                                                                                                                               |   |   |      |   |   |   |    |   |   |   |   |   |
| PROVED      PLUS PROBABLE RESERVES                                                                                                 |   |   |      |   |   |   |    |   |   |   |   |   |
| Conventional      Oil and Natural Gas                                                                                              |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                          |   | $      | 348.3     |   |   | $      | 452.1   |   |   | $ | 335.5 |   |
| Gross      reserve additions (MMBOE)                                                                                               |   |   | 15.9      |   |   |   | 18.3    |   |   |   | 32.0 |   |
| F&D      Cost ($/BOE)                                                                                                          |   | $      | 21.91     |   |   | $      | 24.70   |   |   | $ | 10.48 |   |
| Three      year averages F&D costs ($/BOE)(1)                                                                                  |   | $      | 17.16     |   |   | $      | 16.66   |   |   | $ | 12.48 |   |
| Capital      expenditures and net acquisitions                                                                                     |   | $      | 409.8     |   |   | $      | 502.0   |   |   | $ | 973.0 |   |
| Gross      company reserve additions (MMBOE)                                                                                       |   |   | 20.1      |   |   |   | 21.9    |   |   |   | 66.6 |   |
| FD&A      costs ($/BOE)                                                                                                        |   | $      | 20.39     |   |   | $      | 22.92   |   |   | $ | 14.61 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                  |   | $      | 17.36     |   |   | $      | 15.55   |   |   | $ | 13.20 |   |
|                                                                                                                               |   |   |      |   |   |   |    |   |   |   |   |   |
| Oil      Sands                                                                                                                     |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                          |   | $      | 38.9      |   |   | $      | 39.1    |   |   | $ | 33.2 |   |
| Gross      reserve additions (MMBOE)                                                                                               |   |   | 6.8       |   |   |   | 6.9     |   |   |   | 5.4 |   |
| F&D      Cost ($/BOE)                                                                                                          |   | $      | 5.72      |   |   | $      | 5.67    |   |   | $ | 6.15 |   |
| Three      year averages F&D costs ($/BOE)(1)                                                                                  |   | $      | 5.82      |   |   | $      | 1.34    |   |   | $ | 0.86 |   |
| Capital      expenditures and net acquisitions                                                                                     |   | $      | 242.0     |   |   | $      | 19.4    |   |   | $ | 33.2 |   |
| Gross      company reserve additions (MMBOE)                                                                                       |   |   | 6.8       |   |   |   | 3.6     |   |   |   | 5.4 |   |
| FD&A      costs ($/BOE)                                                                                                        |   | $      | 35.59     |   |   | $      | 5.39    |   |   | $ | 6.15 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                  |   | $      | 18.65     |   |   | $      | 1.07    |   |   | $ | 0.86 |   |
|                                                                                                                               |   |   |      |   |   |   |    |   |   |   |   |   |
| Total      Enerplus                                                                                                                |   |   |      |   |   |   |    |   |   |   |   |   |
| Capital      expenditures                                                                                                          |   | $      | 387.2     |   |   | $      | 491.2   |   |   | $ | 368.7 |   |
| Gross      reserve additions (MMBOE)                                                                                               |   |   | 22.7      |   |   |   | 25.2    |   |   |   | 37.4 |   |
| F&D      Cost ($/BOE)                                                                                                          |   | $      | 17.06     |   |   | $      | 19.49   |   |   | $ | 9.86 |   |
| Three      year averages F&D costs ($/BOE)(1)                                                                                  |   | $      | 14.62     |   |   | $      | 8.95    |   |   | $ | 6.78 |   |
| Capital      expenditures and net acquisitions                                                                                     |   | $      | 651.8     |   |   | $      | 521.4   |   |   | $ | 1,006.2 |   |
| Gross      company reserve additions (MMBOE)                                                                                       |   |   | 26.9      |   |   |   | 25.5    |   |   |   | 72.0 |   |
| FD&A      costs ($/BOE)                                                                                                        |   | $      | 24.23     |   |   | $      | 20.45   |   |   | $ | 13.98 |   |
| Three      year average FD&A costs ($/BOE)(1)                                                                                  |   | $      | 17.52     |   |   | $      | 11.51   |   |   | $ | 10.09 |   |

----

| (1) | Calculated      over a three year period. |
|-----|-------------------------------------------|

----

| Conventional      Oil and Natural Gas                  |   | Cost/      Proceeds(1)    |   |   | Estimated      Proved plus Probable Reserves |   |   | Production(2) |   |   | Cost      of Proved plus Probable Reserves |   |   | Cost      per Daily Barrel of Production |   |
|--------------------------------------------------------|--------|---------------------------|--------|--------|----------------------------------------------|--------|--------|---------------|--------|--------|--------------------------------------------|--------|--------|------------------------------------------|--------|
|                                                   |   | (in $ millions) |   |   | (MBOE)                                       |   |   | (BOE/d)       |   |   | ($/BOE)                                    |   |   | (in $ thousands)               |   |
| Acquisitions                                           |   | $                         | 71.1   |   |                                         |   | 4,773  |          |   |   | 667                                        |   |   | $                                        | 14.90  |   |   | $ | 106.6 |   |
| Divestments                                            |   |                      | 9.6    |   |                                         |   | 523    |          |   |   | 128                                        |   |   |                                     | 18.36  |   |   |   | 75.0 |   |
| Net      Conventional Oil and Natural Gas Acquisitions |   | $                         | 61.5   |   |                                         |   | 4,250  |          |   |   | 539                                        |   |   | $                                        | 14.47  |   |   | $ | 114.1 |   |
| Oil      Sands Acquisitions(3)                         |   | $                         | 203.1  |   |                                         |   | -      |          |   |   | -                                          |   |   |                                     | n/a    |   |   |   | n/a |   |

----

| (1) | After      adjustment for working capital and excluding future      development. |
|-----|----------------------------------------------------------------------------------|

| (2) | Represents      the approximate production at the time of acquisition or      divestment. |
|-----|-------------------------------------------------------------------------------------------|

| (3) | In      the GLJ Oil Sands Resources Report, GLJ attributed a best estimate of      244 MMBOE of contingent bitumen resources to the Kirby Lease. For      information on the contingent resource estimates for the Kirby Lease and      the risks and uncertainties associated therewith, see “Presentation of      Enerplus’ Oil and Gas Reserves, Resources and Production Information” and      “Operational Information  - Enerplus’ Play Types  - Oil      Sands  - Kirby Project”. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | provide      staff with the training and resources needed to complete work safely and      effectively; |
|--------|---------|---------------------------------------------------------------------------------------------------------|

|   | • | incorporate      hazard assessment and risk management as an integral part of everyday      business; |
|--------|---------|-------------------------------------------------------------------------------------------------------|

|   | • | monitor      performance to ensure that its operations comply with legal obligations      and the internally-imposed standards;and |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------|

|   | • | identify      and manage environmental liabilities associated with its existing asset      base and potential acquisitions. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------|

|   | • | implementation      of a new field hazard awareness, identification and reporting program      which Enerplus believes successfully contributed to its significant      improvement in safety performance; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | implementation      of two new head office-based HSE positions (i.e., one HSE Regulatory      Compliance Coordinator and one HS Team Lead position) and four new      field-based HS field support positions (i.e., Field Health and Safety      Advisors) to provide an enhanced pro-active support service to Operations      and aid in continued performance  improvement; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | updated      and revised its Corporate Emergency Response Plan (“ERP”) and facilitated an      extensive arrangement of ERP awareness and response    training. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Enerplus      participates in the CAPP (Canadian Association of Petroleum Producers)      Stewardship Program at the highest level, platinum. Enerplus’      participation requires its commitment to continuous improvement in its HSE      management system including sound planning and implementation, open      communication and demonstrated performance and a thorough external audit      of its activities at least once every  five years; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Site      restoration (remediation, reclamation and abandonment) expenditures      increased 31% year-over-year to $20.5 million in 2007. Reclamation      and site abandonment expenditures for 2007 totaled $8.2 million, up      $2.1 million from 2006 expenditures, due mainly to an increase in the      number of wells abandoned during the year. Remediation expenditures for      2007 totaled $12.3 million, up from $9.6 million in 2006. Site      restoration occurs when areas are returned to their original state once      operations havebeen completed; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Enerplus      enhanced its pipeline gathering system integrity efforts and reduced      pipeline failures by 13% year-over-year through its Pipeline Management      Program and related activities. The Pipeline Management Program is      designed to maintain the integrity of Enerplus’ pipeline gathering system      through ongoing risk assessment. In 2007, 93% of Enerplus’      6,500 kilometers of operated gathering pipelines were assessed;      and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Enerplus      has a site inspections program and a corrosion risk management program      designed to ensure compliance with HSE laws and regulations. Enerplus      carries insurance to cover a portion of its property losses, liability and      business interruption. HSE updates and risks are reviewed regularly by the      HSE committee comprised of members of the board of directors      of EnerMark. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | (i) | amend      the Trust Indenture (except in certain circumstances described under “--       Amendments to the Trust Indenture”below); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | sell,      assign, lease, exchange or otherwise dispose of, or agree to do so, all or      substantially all of the property and assets of the Fund, other than      (A) in conjunction with an internal reorganization of the direct or      indirect assets of the Fund as a result of which the Fund has the same      direct or indirect interest in such property and assets that it had prior      to the reorganization, or (B) pursuant to a pledge relating to      indebtedness of the Fund or itssubsidiaries; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | authorize      the termination, liquidation or winding-up of the Fund;  or |
|--------|-------|----------------------------------------------------------------------------|

|   | (iv) | authorize      the combination, merger or similar transaction between the Fund and any      other person that is not an affiliate or associate of the Fund, except in      connection with an internal reorganization of the Fund and its affiliates      (but for greater certainty, a take-over bid by or on behalf of the Fund,      an acquisition by or on behalf of the Fund by way of plan of arrangement      or the acquisition by the Fund of all or substantially all of the assets      of another person shall not be subject to the approval of the      unitholders). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | (i) | 85%      of the market price (as defined in the Trust Indenture) of the Trust Units      on the principal market on which the Trust Units are quoted for trading      during the 10 day trading period commencing immediately after the      date on which the Trust Units were tendered to the Fund for redemption;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      closing market price on the principal market on which the Trust Units are      quoted for trading, on the date that the Trust Units were so tendered for      redemption. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | ensuring      that the Fund will comply with any applicable laws or requirements of any      governmental agency or authority of Canada or of any    province; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | ensuring      that the Fund will maintain its status as a “unit trust” or “mutual fund      trust”, and not become foreign property, pursuant to the Tax      Act; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | ensuring      that such additional protection is provided for the interests of      unitholders as the Trustee or EnerMark may consider    expedient; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | removing      any conflicts or inconsistencies between the provisions of the Trust      Indenture or any supplemental indenture and any prospectus filed with any      regulatory or governmental body with respect to the Fund, or any      applicable law or regulation of any jurisdiction, if, in the opinion of      the Trustee, such an amendment will not be detrimental to the interests of      the unitholders; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | adding      to the provisions of the Trust Indenture such additional covenants and      enforcement provisions as, in the opinion of counsel, are necessary or      advisable, or making such provisions not inconsistent with the Trust      Indenture as may be necessary or desirable with respect to matters or      questions arising under the Trust Indenture, provided that the same are      not, in the opinion of the Trustee, prejudicial to the interests of the      unitholders; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | modifying      any of the provisions of the Trust Indenture, including relieving EnerMark      from any of its obligations, conditions or restrictions, provided that      such modification or relief shall be or become operative or effective only      if, in the opinion of the Trustee, such modification or relief is not      prejudicial to the interests of the unitholders;  and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vii) | for      any other purpose not inconsistent with the terms of the Trust Indenture,      including the correction or rectification of any ambiguities, defective or      inconsistent provisions, errors, mistakes or omissions therein, provided      that, in the opinion of the Trustee, the rights of the unitholders are not      prejudiced thereby. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | • | the      ratio of Consolidated Senior Debt to Consolidated EBITDA at the end of any      fiscal quarter shall not exceed 3:1, except that upon the completion of a      Material Acquisition (as defined below), and for a period extending to the      end of the second full quarter thereafter, this limit increases to      3.5:1; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the      ratio of Consolidated Total Debt (as defined below) to Consolidated EBITDA      at the end of any fiscal quarter shall not exceed 4:1;  and |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the      ratio of Consolidated Senior Debt to Total Capitalization (as defined      below) shall not exceed 50%, except that upon the completion of a Material      Acquisition, and for a period extending to the end of the second full      quarter thereafter, this limit increases to55%. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Consolidated      EBITDA:      | The      aggregate of the last four quarters’:                                                   |
|--------------------------------|--------------------------------------------------------------------------------------------------------|
|                           | •      net income;                                                                               |
|                           | •      interest expense;                                                                         |
|                           | •      all provisions for federal, provincial or other income and capital      taxes;            |
|                           | •      depletion, depreciation, amortization and accretion;and                                   |
|                           | •      other non-cash amounts.                                                                   |
|                           |                                                                                                   |
| Consolidated      Senior Debt: | All      indebtedness and obligations in respect of amounts borrowed excluding      Subordinated Debt. |

----

| Consolidated      Total Debt: | The      aggregate of Consolidated Senior Debt and Subordinated    Debt.                                                                                                                                                                            |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                                                                                                                                                |
| Material      Acquisition:    | An      acquisition or series of acquisitions which increases the tangible assets      of Enerplus by more than 5%.                                                                                                                                 |
|                          |                                                                                                                                                                                                                                                |
| Subordinated      Debt:       | Debt      which, by its terms, is subordinated to the Bank Credit Facility (but      excludes convertible debentures which allow the Fund to issue Trust Units      or other securities of the Fund in satisfaction of interest or      principal). |
|                          |                                                                                                                                                                                                                                                |
| Total      Capitalization:    | The      aggregate of Consolidated Senior Debt and the Fund’s unitholders’ equity      (calculated in accordance with GAAP as shown on the Fund’s consolidated      balance sheet).                                               |

| Terms      of Notes                                                  |   | US$175 million                   |   | US$54 million                  |
|----------------------------------------------------------------------|--------|---------------------------------------|--------|-------------------------------------|
| Issued:                                                              |   | June 19,      2002               |   | October 1,      2003           |
| Maturity:                                                            |   | June 19,      2014               |   | October 1,      2015           |
| Coupon      rate:                                                    |   | 6.62%                                 |   | 5.46%                               |
| Semi-annual      interest paid yearly on:                            |   | June 19      andDecember 19 |   | April 1      andOctober 1 |
| Principal      payments in five annual equal installments beginning: |   | June 19,      2010               |   | October 1,      2011           |

|   | • | the      ratio of Consolidated EBITDA (as defined below) for the four immediately      preceding fiscal quarters to consolidated interest expense shall be not      less than 4.0 to 1.0; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Consolidated      Debt (as defined below) is limited to 60% of the present value of      Enerplus’ Proved Reserves (discounted at 10% and based on forecast prices      and costs); and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the      ratio of Consolidated Debt to Consolidated EBITDA for each period of four      consecutive fiscal quarters shall not exceed 3.0 to 1.0, but is permitted      to be up to 3.5 to 1.0 for a maximum of six  months. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Month      of Record and Payment Date |   | 2008   |   |   | 2007   |   |   | 2006   |   |   | 2005 |   |   | 2004   |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------|--------|--------|--------|--------|
| January(1)                            |   | $      | 0.42   |   |   | $      | 0.42   |   |   | $      | 0.42 |   |   | $      | 0.35   |   |   | $ | 0.35 |   |
| February                              |   |   | 0.42   |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.35   |   |   |   | 0.35 |   |
| March                                 |   |   | 0.42   |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.35   |   |   |   | 0.35 |   |
| April                                 |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.35   |   |   |   | 0.35 |   |
| May                                   |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.35   |   |   |   | 0.35 |   |
| June                                  |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.35   |   |   |   | 0.35 |   |
| July                                  |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.35   |   |   |   | 0.35 |   |
| August                                |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.37   |   |   |   | 0.35 |   |
| September                             |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.37   |   |   |   | 0.35 |   |
| October                               |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.37   |   |   |   | 0.35 |   |
| November                              |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.42   |   |   |   | 0.35 |   |
| December                              |   |   | N/A    |   |   |   | 0.42   |   |   |   | 0.42 |   |   |   | 0.42   |   |   |   | 0.35 |   |

----

| (1) | The      record date for the distribution was December 31 of the prior      year. |
|-----|----------------------------------------------------------------------------------------|

----

----

----

----

----

|   | • | A      new Crown royalty and freehold production tax regime applicable to      associated natural gas (gas produced from oil wells) that is gathered for      use or sale. The royalty/tax will be payable on associated natural gas      produced from an oil well that exceeds approximately 65 thousand      cubic meters in a month. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | A      modified system of incentive volumes and maximum royalty/tax rates      applicable to the initial production from oil wells and gas wells with a      finished drilling date on or after October 1, 2002 was introduced.      The incentive volumes are applicable to various well types and are subject      to a maximum royalty rate of 2.5% and a freehold production tax rate of      zero per cent. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The      elimination of the re entry and short section horizontal oil well      royalty/tax categories. All horizontal oil wells with a finished drilling      date on or after October 1, 2002 will receive the “fourth tier”      royalty/ tax rates and new incentivevolumes. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | Royalty      credits of up to $30 million annually towards the construction,      upgrading, and maintenance of road infrastructure in support of resource      exploration and development. Funding will be contingent upon an equal      contribution from industry. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Changes      to provincial royalties: new royalty rates for low productivity natural      gas to enhance marginally economic resources plays, royalty credits for      deep gas exploration to locate new sources of natural gas, and royalty      credits for summer drilling to expand the drilling  season. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | • | global      energy production and policy, including the ability of OPEC to set and      maintain production levels in order to seek to influence prices for      oil; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | political      conditions, including the risk of hostilities in the Middle East and      global terrorism; |
|--------|---------|------------------------------------------------------------------------------------------------------------|

|   | • | currency      fluctuations; |
|--------|---------|-----------------------------|

|   | • | global      and domestic economic conditions; |
|--------|---------|-----------------------------------------------|

|   | • | weather      conditions; |
|--------|---------|--------------------------|

|   | • | the      supply and price of imported oil and liquefied natural  gas; |
|--------|---------|-----------------------------------------------------------------------|

|   | • | the      production and storage levels of North American natural    gas; |
|--------|---------|--------------------------------------------------------------------------|

|   | • | the      level of consumer demand; |
|--------|---------|------------------------------------|

|   | • | the      price and availability of alternativefuels; |
|--------|---------|------------------------------------------------------|

|   | • | the      proximity of reserves and resources to, and capacity of, transportation      facilities; |
|--------|---------|---------------------------------------------------------------------------------------------------|

|   | • | the      availability of refining capacity; |
|--------|---------|---------------------------------------------|

|   | • | the      effect of world-wide energy conservation measures;  and |
|--------|---------|------------------------------------------------------------------|

|   | • | government      regulations. |
|--------|---------|------------------------------|

----

----

----

|   | • | historical      production in the area compared with production rates from similar      producing areas; |
|--------|---------|----------------------------------------------------------------------------------------------------------|

|   | • | future      commodity prices, production and development costs, royalties and capital      expenditures; |
|--------|---------|----------------------------------------------------------------------------------------------------------|

|   | • | initial      production rates; |
|--------|---------|--------------------------------|

|   | • | production      decline rates; |
|--------|---------|--------------------------------|

|   | • | ultimate      recovery of reserves and resources; |
|--------|---------|---------------------------------------------------|

|   | • | success      of future exploitation activities; |
|--------|---------|-------------------------------------------------|

|   | • | marketability      of production; |
|--------|---------|-----------------------------------|

|   | • | effects      of government regulation; and |
|--------|---------|--------------------------------------------|

|   | • | other      government levies that may be imposed over the producing life of reserves      and resources. |
|--------|---------|----------------------------------------------------------------------------------------------------------|

----

----

----

|   | • | New,      simplified royalty formulas for conventional oil and natural gas that will      operate on sliding scales that are determined by commodity prices, well      productivity and measured depths of natural gas wells. The formulas      eliminate the need for conventional oil and natural gas tiers and several      royalty exemption programs; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | A      sliding scale will be implemented for oil sands royalty rates ranging from      one to nine percent pre-payout and 25 to 40 percent post-payout      depending on the price of oil; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The      province will exercise its existing right to receive “royalty-in-kind” on      oil sands projects (i.e. raw bitumen delivered to the Crown-operated      Alberta Petroleum Marketing Commission in lieu of cash      royalties); |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The      government will ensure that eligible expenditures and definitions of oil      sands projects (also known as “ring fence” definition) that determine when      a project has reached payout are tightly and clearly defined.      Environmental “costs of doing business” will continue to be recognized as      eligible expenditures; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | No      grandfathering will be implemented for existing oil sands projects;      and |
|--------|---------|--------------------------------------------------------------------------------------|

|   | • | Substantial      legislative, regulatory and systems updates will be introduced before      changes become fully effective in January2009. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | construction      or facility performance falling below expected levels of output or      efficiency; |
|--------|---------|-------------------------------------------------------------------------------------------------------|

|   | • | breakdown      or failure of equipment orprocesses; |
|--------|---------|-----------------------------------------------------|

|   | • | reservoir      performance; |
|--------|---------|-----------------------------|

|   | • | design,      construction, contractor or operator errors that affect      operations; |
|--------|---------|---------------------------------------------------------------------------------------|

|   | • | non-performance      by third-party designers, contractors and suppliers or failure of third      parties to construct the infrastructure required for the Kirby Project      and/or Joslyn Project to successfullyproceed; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | labour      disputes, disruptions or declines in  productivity; |
|--------|---------|-----------------------------------------------------------------|

|   | • | increases      in materials or labour costs; |
|--------|---------|----------------------------------------------|

|   | • | shortages      of, or delays in, accessing sufficient numbers of qualified workers and      required equipment and services; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------|

|   | • | delays      in obtaining, or conditions imposed by, regulatory    approvals; |
|--------|---------|------------------------------------------------------------------------------|

|   | • | changes      in project scope; |
|--------|---------|--------------------------------|

|   | • | disruption      delays in the availability of transportation  services; |
|--------|---------|-------------------------------------------------------------------------|

|   | • | conditions      improved by regulatory approvals; |
|--------|---------|---------------------------------------------------|

|   | • | violation      of permit requirements; |
|--------|---------|----------------------------------------|

|   | • | disruption      in the supply of energy; |
|--------|---------|------------------------------------------|

|   | • | delays      induced by weather and catastrophic events such as fires, earthquakes,      storms or explosions; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|

|   | • | reliance      on technologies that have not yet been demonstrated to be commercially      applicable in oil sandsapplications. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   | • | restrictions      imposed by lenders; |
|--------|---------|---------------------------------------|

|   | • | accounting      delays; |
|--------|---------|-------------------------|

|   | • | delays      in the sale or delivery ofproducts; |
|--------|---------|-------------------------------------------------|

|   | • | delays      in the connection of wells to a gathering  system; |
|--------|---------|----------------------------------------------------------------|

|   | • | weather-related      delays such as freeze-offs, flooding and premature  thawing; |
|--------|---------|-----------------------------------------------------------------------------------|

|   | • | blowouts      or other accidents; |
|--------|---------|-----------------------------------|

|   | • | adjustments      for prior periods; |
|--------|---------|-------------------------------------|

|   | • | recovery      by the operator of expenses incurred in the operation of the properties;      or |
|--------|---------|------------------------------------------------------------------------------------------------|

|   | • | the      establishment by the operator of reserves for these    expenses. |
|--------|---------|---------------------------------------------------------------------------|

----

|   | • | the      Fund will be required to pay taxes, or higher amounts of taxes, in the      future or in years earlier than it would under existing tax laws, which      could decrease the ability of the Fund to pay monthly cash distributions      or the amount of cash distributions available to its      unitholders; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the      estimated net present value of future net revenues, on an after-tax basis,      from Enerplus’ oil, NGLs, natural gas reserves and bitumen reserves may be      decreased as a result of the application of taxes to which Enerplus has      historically not been subject; and |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | the      trading price and liquidity of the Trust Units may be adversely      affected. |
|--------|---------|-----------------------------------------------------------------------------------------|

----

----

|   | • | The      Fund would be taxed on certain types of income distributed to unitholders,      including income generated by the royalties held by the Fund. Payment of      this tax may have adverse consequences for some unitholders, particularly      unitholders that are not residents of Canada and residents of Canada that      are otherwise exempt from Canadian incometax. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The      Fund would cease to be eligible for the capital gains refund mechanism      available under Canadian tax laws if it ceased to be a mutual fund      trust. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Trust      Units held by unitholders that are not residents of Canada would become      taxable Canadian property. These non-resident holders would be subject to      Canadian income tax on any gains realized on a disposition of Trust Units      held by them. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Trust      Units would not constitute qualified investments for registered retirement      savings plans (“RRSPs”), registered      retirement income funds (“RRIFs”), registered      education savings plans (“RESPs”), registered      disability savings plans (“RDSPs”) or deferred      profit sharing plans (“DPSPs”). If, at the end      of any month, one of these exempt plans (other than an RDSP) holds Trust      Units that are not qualified investments, the plan must pay a tax equal to      1% of the fair market value of the Trust Units at the time the Trust Units      were acquired by the exempt plan. An RRSP, RRIF or RDSP holding      non-qualified Trust Units would be subject to taxation on income      attributable to the Trust Units. If an RESP holds non-qualified Trust      Units, it may have its registration revoked by the Canada Revenue Agency.      If an RDSP holds non-qualified Trust Units it must pay a tax equal to 50%      of the value of the Trust Units at the time they ceased to be qualified      investments. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The      Fund would no longer be exempt from the application of the alternative      minimum tax provisions of the TaxAct. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|      |   | TSX    |   |   | NYSE   |   |
|-----------|--------|--------|--------|--------|--------|--------|
| Month     |   | High   |   |   | Low    |   |   | Volume |   |   | High |   |   | Low |   |   | Volume |   |
| January   |   | $      | 51.86  |   |   | $      | 46.50 |   |   |   | 6,791,615 |   |   | US$ | 44.10 |   |   | US$ | 39.53 |   |   |   | 6,346,900 |   |
| February  |   |   | 52.99  |   |   |   | 49.78 |   |   |   | 4,827,961 |   |   |   | 44.67 |   |   |   | 42.60 |   |   |   | 3,482,400 |   |
| March     |   |   | 51.00  |   |   |   | 47.01 |   |   |   | 6,373,107 |   |   |   | 43.78 |   |   |   | 40.00 |   |   |   | 4,176,800 |   |
| April     |   |   | 49.36  |   |   |   | 47.75 |   |   |   | 6,127,105 |   |   |   | 43.85 |   |   |   | 41.63 |   |   |   | 3,865,300 |   |
| May       |   |   | 52.90  |   |   |   | 48.15 |   |   |   | 10,628,924 |   |   |   | 48.99 |   |   |   | 43.50 |   |   |   | 5,435,400 |   |
| June      |   |   | 53.70  |   |   |   | 47.50 |   |   |   | 8,693,317 |   |   |   | 50.75 |   |   |   | 44.30 |   |   |   | 4,261,900 |   |
| July      |   |   | 51.85  |   |   |   | 45.93 |   |   |   | 15,705,816 |   |   |   | 48.96 |   |   |   | 43.05 |   |   |   | 4,555,400 |   |
| August    |   |   | 47.70  |   |   |   | 41.00 |   |   |   | 8,135,503 |   |   |   | 44.55 |   |   |   | 38.11 |   |   |   | 5,625,800 |   |
| September |   |   | 47.67  |   |   |   | 44.52 |   |   |   | 6,642,598 |   |   |   | 47.68 |   |   |   | 42.20 |   |   |   | 3,415,500 |   |
| October   |   |   | 47.40  |   |   |   | 44.08 |   |   |   | 6,279,476 |   |   |   | 48.57 |   |   |   | 44.88 |   |   |   | 3,587,200 |   |
| November  |   |   | 46.22  |   |   |   | 39.33 |   |   |   | 7,087,140 |   |   |   | 49.19 |   |   |   | 39.40 |   |   |   | 4,046,200 |   |
| December  |   |   | 40.71  |   |   |   | 38.00 |   |   |   | 9,605,864 |   |   |   | 41.35 |   |   |   | 38.06 |   |   |   | 5,393,700 |   |

----

| Name      and Residence                                                    |   | Director      Since |   | Principal      Occupation for Past Five Years                                                                                                                                                                                                                                                                                                                 |
|----------------------------------------------------------------------------|--------|---------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Edwin      V. Dodge(3)(4)(6)Vancouver,      British Columbia, Canada       |   | May      2004       |   | Corporate      director since 2004. Prior thereto, Chief Operating Officer of Canadian      Pacific Railway Limited (a public Canadian national rail      company).                                                                                                                                                                                           |
| Robert      B. HodginsCalgary,      Alberta, Canada                        |   | December      2007  |   | Independent      businessman since November 2004. Prior thereto, Chief Financial Officer of      Pengrowth Energy Trust (a TSX and NYSE-listed energy    trust).                                                                                                                                                                                              |
| Gordon      J. KerrCalgary,      Alberta, Canada                           |   | May      2001       |   | President      and Chief Executive Officer of Enerplus.                                                                                                                                                                                                                                                                                                       |
| Douglas      R. Martin(1)(7)Calgary,      Alberta, Canada                  |   | September      2000 |   | President      of Charles Avenue Capital Corp. (a private merchant banking      company).                                                                                                                                                                                                                                                                     |
| Robert      L. Normand(2)(4)(8)St. Colombam,      Québec, Canada |   | March      1998     |   | Corporate      director.                                                                                                                                                                                                                                                                                                                                      |
| David      P. O’Brien(9)Calgary,      Alberta, Canada                |   | March      2008     |   | Corporate      director, including Chairman of EnCana Corporation (a TSX and NYSE-listed      oil and gas company) since April 2002 and Chairman of the Royal Bank of      Canada (a TSX and NYSE-listed Canadian chartered bank) since      February 2004.                                                                                              |
| Glen      D. Roane(2)(4)Canmore,      Alberta, Canada                      |   | June      2004      |   | Corporate      director.                                                                                                                                                                                                                                                                                                                                      |
| W.C.      (Mike) Seth(3)(5)Calgary,      Alberta, Canada                   |   | August      2005    |   | President      of Seth Consultants Ltd. (a private consulting firm) since June 2006.      From July 2005 to June 2006, Mr. Seth was Chairman of      McDaniel & Associates Consultants Ltd. (“McDaniel”) (a petroleum      engineering consulting firm). Prior thereto, President and Managing      Director of McDaniel. |
| Donald      T. West(5)(6)Calgary,      Alberta, Canada                     |   | April      2003     |   | Businessman.                                                                                                                                                                                                                                                                                                                                                  |
| Harry      B. Wheeler(2)(5)Calgary,      Alberta, Canada                   |   | January      2001   |   | President      of Colchester Investments Ltd. (a private investment      firm).                                                                                                                                                                                                                                                                          |
| Clayton      H. WoitasCalgary,      Alberta, Canada                        |   | March      2008     |   | President      of Range Royalty Management Ltd. (a private energy company) since      June 2006. Prior thereto, Chairman and Chief Executive Officer of Profico      Energy Management Ltd. (a private oil and gas    company).                                                                                                                     |
| Robert      L. Zorich(3)(6)(10)Houston,      Texas, USA                    |   | January      2001   |   | Managing      Director of EnCap Investments L.P. (a private firm that provides      private equity financing to the oil and gas  industry).                                                                                                                                                                                                              |

----

----

| (1) | Chairman      of the board of directors and ex officio member of      all committees of the board ofdirectors. |
|-----|----------------------------------------------------------------------------------------------------------------|

| (2) | The      Audit & Risk Management Committee is comprised of Robert L.      Normand as Chairman, Harry B. Wheeler and Glen D.      Roane. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The      Corporate Governance & Nominating Committee is comprised of      Robert L. Zorich as Chairman, Edwin V. Dodge and      W.C. (Mike) Seth. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The      Compensation & Human Resources Committee is comprised of      Glen D. Roane as Chairman, Robert L. Normand and Edwin V.      Dodge. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The      Reserves Committee is comprised of Harry B. Wheeler as Chairman,      W.C. (Mike) Seth and Donald T.West. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (6) | The      Health,  Safety & Environment Committee is comprised of      Donald T. West as Chairman, Edwin V. Dodge and Robert L.      Zorich. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | From      1991 to 2000, Mr. Martin was director of Coho Energy, Inc.      (“Coho”), an oil      and natural gas corporation that was listed on the TSE and NASDAQ. In      1999, Coho filed for protection under United States federal bankruptcy      law, from which it was released in April, 2000. The directors of Coho were      not held responsible for any actions. Mr. Martin resigned as a      director of Coho in April of 2000. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Mr. Normand      served as a director of Concert Industries Ltd. (“Concert”) when it and      its Canadian operating subsidiaries announced on August 5, 2003 that      it had filed for protection under the Companies’ Creditors      Arrangement Act (“CCAA”). Concert was      restructured and a plan of compromise and arrangement for its operating      subsidiaries was approved in December 2004 allowing them to emerge      from the CCAA proceedings. Mr. Normand no longer serves as a director      of Concert. Until May 9, 2007, Mr. Normand was a director      of Quebecor World Inc. On January 21, 2008, Quebecor World filed      for and obtained an order for creditor protection under      the CCAA. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Mr. O’Brien      was a director of Air Canada in April 2003 when Air Canada filed for      protection under the CCAA. Mr. O’Brien resigned as a director from      Air Canada in November 2003. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | In      late 1997, Mr. Zorich was appointed to the board of directors of Benz      Energy Inc. (“Benz”), a Vancouver      Stock Exchange (later the Canadian Venture Exchange and now the TSX      Venture Exchange) listed company at the time, as a representative of      Mr. Zorich’s employer, EnCap Investments L.P., which had      provided certain financing to Benz. On November 8, 2000, Benz,      together with its wholly-owned subsidiary, Texstar Petroleum Inc.,      jointly filed a petition for protection under United States federal      bankruptcy law, and on January 19, 2001, the shares of Benz were made      subject to a cease trade order by the Alberta Securities Commission and      suspended from trading on the Canadian Venture Exchange Inc. for      failing to file required financialinformation. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name      and Residence                            |   | Office                                                           |   | Principal      Occupation for Past Five Years                                                                                                                                                 |
|----------------------------------------------------|--------|------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Gordon      J. KerrCalgary,      Alberta, Canada   |   | President &      Chief Executive Officer                |   | President &      Chief Executive Officer of Enerplus.                                                                                                                                |
| Garry      A. TannerCalgary,      Alberta, Canada  |   | Executive      Vice President & Chief Operating Officer |   | Executive      Vice President & Chief Operating Officer of Enerplus since April      2006. Prior thereto, Senior Vice President & Chief Operating      Officer of Enerplus. |
| Ian      C. DundasCalgary,      Alberta, Canada    |   | Senior      Vice President, Business Development                 |   | Senior      Vice President, Business Development since August 2004. Prior thereto,      Vice President and Director, Business Development of    Enerplus.                                     |
| Robert      J. WatersCalgary,      Alberta, Canada |   | Senior      Vice President & Chief Financial Officer    |   | Senior      Vice President & Chief Financial Officer of    Enerplus.                                                                                                                 |

----

| Name      and Residence                                    |   | Office                                                               |   | Principal      Occupation for Past Five Years                                                                                                                                                                                                                                                                                                                                                |
|------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Jo-Anne      M. CazaCalgary,      Alberta, Canada          |   | Vice      President, Investor Relations and Corporate Communications |   | Vice      President, Investor Relations and Corporate Communications since January      2008. Prior thereto, Vice President, Investor Relations of      Enerplus.                                                                                                                                                                                                                            |
| Raymond J.      DanielsCalgary,      Alberta, Canada  |   | Vice      President, Oil Sands                                       |   | Vice      President, Oil Sands of Enerplus since December 2007. Prior thereto, Vice      President, Surmont Development with ConocoPhillips  Canada.                                                                                                                                                                                                                                         |
| Rodney      D. GrayCalgary,      Alberta, Canada           |   | Vice      President, Finance                                         |   | Vice      President, Finance of Enerplus since February 2005. Prior thereto,      Controller, Finance of Enerplus.                                                                                                                                                                                                                                                                           |
| Larry      P. HammondCalgary,      Alberta, Canada         |   | Vice      President, Operations                                      |   | Vice      President, Operations of Enerplus since July 2005. Prior thereto, Team      Leader with EnCana Corporation (an oil and gas exploration and production      company).                                                                                                                                                                                                               |
| Lyonel      G. KawaCalgary,      Alberta, Canada           |   | Vice      President, Information Services                            |   | Vice      President, Information Services since January 2007. Prior thereto,      Manager, Information Systems and Technology with Burlington Resources      Canada Ltd. (an oil and gas exploration and production company) since      July 2004. Prior thereto, Team Leader with TransCanada PipeLines Ltd.      (a public energy transportation and infrastructure    company). |
| Jennifer      F. KouryCalgary,      Alberta, Canada        |   | Vice      President, Corporate Services                              |   | Vice      President, Corporate Services of Enerplus since October 2006. Prior      thereto, a private consultant.                                                                                                                                                                                                                                                                            |
| Eric      G. Le DainCalgary,      Alberta, Canada          |   | Vice      President, Marketing                                       |   | Vice      President, Marketing of Enerplus since September 2006. Prior thereto,      Executive Director of Energy Marketing of UBS Commodities Canada Ltd.      (a financial services company).                                                                                                                                                                                         |
| David      A. McCoyCalgary,      Alberta, Canada           |   | Vice      President, General Counsel & Corporate Secretary  |   | Vice      President, General Counsel & Corporate Secretary of      Enerplus.                                                                                                                                                                                                                                                                                                        |
| Daniel      M. StevensCrossfield,      Alberta, Canada     |   | Vice      President, Development Services                            |   | Vice      President, Development Services of Enerplus.                                                                                                                                                                                                                                                                                                                                       |
| Wayne      G. FordCalgary,      Alberta, Canada            |   | Controller,      Operations                                          |   | Controller,      Operations of Enerplus.                                                                                                                                                                                                                                                                                                                                                     |
| Jodine      J. Jenson LabrieCochrane,      Alberta, Canada |   | Controller,      Finance                                             |   | Controller,      Finance of Enerplus since March 2006. Prior thereto, Manager, Finance and      Senior Financial Accountant of Enerplus since September 2003. Prior      thereto, 2nd Vice President of American Chartered Bank (a U.S. bank      located in Illinois, U.S.A.).                                                                                                         |

----

----

----

| 1. | We      have evaluated the Company’s Reserves Data as at December 31, 2007.      The reserves data are estimates of proved reserves and probable reserves      and related future net revenue as at December 31, 2007, estimated      using forecast prices and costs. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Reserves Data are the responsibility of the Company’s management. Our      responsibility is to express an opinion on the Reserves Data based on our      evaluation. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Those      standards require that we plan and perform an evaluation to obtain      reasonable assurance as to whether the reserves data are free of material      misstatement. An evaluation also includes assessing whether the reserves      data are in accordance with principles and definitions presented in the      COGE Handbook. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      following table sets forth the estimated future net revenue attributed to      proved plus probable reserves, estimated using forecast prices and costs      on a before tax basis and calculated using a discount rate of 10%,      included in the reserves data of the Company evaluated by us as of      December 31, 2007, and identifies the respective portions thereof      that we have audited, evaluated and reviewed and reported on to the      Company’s management and the Board ofDirectors: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                         |   |                                                                                                                                                 |   |                                                                          |   | Net      Present Value of future Net Revenue(10% discount      rate) |   |
|--------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|
| Independent      QualifiedReserves      Evaluator or Auditor |   | Description      and Preparation Date      of Evaluation Report                                                                                      |   | Location      of Reserves (Country or Foreign Geographic      Area) |   | Audited                                                                   |   | Evaluated |   |   | Reviewed |   |   | Total |   |
|                                                         |   |                                                                                                                                                 |   |                                                                          |   | (in $ millions)                                                 |   |
| Sproule                                                      |   | Evaluation      of the P&NG Reserves in Canada of Enerplus Resources Fund, As of      December 31, 2007, prepared July 2007 to January 2008 |   | Canada                                                                        |   | Nil                                                                       |   | $ | 4,286 |   |   | $ | 378 |   |   | $ | 4,664 |   |

| 5. | In      our opinion, the reserves data evaluated by us have, in all material      respects, been determined and are presented in accordance with the COGE      Handbook. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | We      have no responsibility to update the report referred to in      paragraph 4 for events and circumstances occurring after its      preparation date. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Because      the reserves data are based on judgements regarding future events, actual      results will vary and the variations may be material. However, any      variations should be consistent with the fact that reserves are      categorized according to the probability of their  recovery. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Sproule      Associates LimitedCalgary,      AlbertaFebruary 15,      2008 | “Robert R.      Warholm”Robert      R. Warholm, P. Eng.Manager,      Engineering      |
|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|
|                                                                            |                                                                                              |
|                                                                            | “Michael W.      Maughan” Michael      W. MaughanVice-President,      Geoscience |
|                                                                            |                                                                                              |
|                                                                            | “R. Keith      MacLeod” R.      Keith MacLeodPresident                           |

----

| 1. | We      have prepared an evaluation of the Company’s reserves data for the Joslyn      Creek property as at December 31, 2007. The reserves data are      estimates of proved reserves and probable reserves and related future net      revenue as at December 31, 2007, estimated using forecast prices and      costs. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      reserves data are the responsibility of the Company’s management. Our      responsibility is to express an opinion on the reserves data based on our      evaluation. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Those      standards require that we plan and perform an evaluation to obtain      reasonable assurance as to whether the reserves data are free of material      misstatement. An evaluation also includes assessing whether the reserves      data are in accordance with principles and definitions presented in the      COGE Handbook. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      following table sets forth the estimated future net revenue (before      deduction of income taxes) attributed to proved plus probable reserves,      estimated using forecast prices and costs and calculated using a discount      rate of 10%, included in the reserves data of the Company evaluated by us      for the year ended December 31, 2007, and identifies the respective      portions thereof that we have audited, evaluated and reviewed and reported      on to the Company’s board ofdirectors: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                         |   |                                                               |   |                                                                  |   | Net      Present Value of future Net Revenue(10%      discount rate) |   |
|--------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|
| Independent      QualifiedReserves      Evaluator or Auditor |   | Description      andPreparation      Date ofEvaluation      Report |   | Location      ofReserves(Country      or ForeignGeographic      Area) |   | Audited                                                              |   |   | Evaluated |   |   | Reviewed |   |   | Total |   |
|                                                         |   |                                                               |   |                                                                  |   | (in      $ thousands)                                                |   |
| GLJ      Petroleum Consultants                               |   | January 9,      2008                                          |   | Canada                                                                |   |                                                                 | -      |   |   | $ | 144,001 |   |   |   | - |   |   | $ | 144,001 |   |

| 5. | In      our opinion, the reserves data respectively evaluated by us have, in all      material respects, been determined and are in accordance with the COGE      Handbook. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | We      have no responsibility to update the report referred to in      paragraph 4 for events and circumstances occurring after their      respective preparation dates. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Because      the reserves data are based on judgements regarding future events, actual      results will vary and the variations may be material. However, any      variations should be consistent with the fact that reserves are      categorized according to the probability of their  recovery. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| GLJ      Petroleum Consultants Ltd., Calgary, Alberta, Canada,      February 28, 2008 |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                           |
| “Dana B.      Laustsen”Dana      B. Laustsen, P. Eng.Executive      Vice-President                 |   |

----

| 1. | We      have prepared an evaluation of the Company’s reserves data as at      December 31, 2007. The reserves data are estimates of proved reserves      and probable reserves and related future net revenue as at      December 31, 2007, estimated using forecast prices and      costs. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      reserves data are the responsibility of the Company’s management. Our      responsibility is to express an opinion on the reserves data based on our      evaluation. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Those      standards require that we plan and perform an evaluation to obtain      reasonable assurance as to whether the reserve data are free of material      misstatement. An evaluation also includes assessing whether the reserves      data are in accordance with principles and definitions presented in the      COGE Handbook. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      following table sets forth the estimated future net revenue (before      deduction of income taxes) attributed to proved plus probable reserves,      estimated using forecast prices and costs and calculated using a discount      rate of 10 percent, included in the reserves data of the Company      evaluated by us for the year ended December 31, 2007, and identifies      the respective portions thereof that we have audited, evaluated and      reviewed and reported on to the Company’s board      of directors: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                     |   |                                                                                                                                                                   |   |                                                                         |   | Net      Present Value of Future Net Revenue(before      U.S. federal income taxes,      10% discount rate) |   |
|----------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|--------|
| Independent      QualifiedReserves      Evaluator        |   | Description      and Preparation Dateof      Evaluation Report                                                                                                    |   | Location      of Reserves(Country or Foreign      Geographic Area) |   | Audited                                                                                                                    |   | Evaluated |   | Reviewed |   | Total |   |
|                                                     |   |                                                                                                                                                                   |   |                                                                         |   | (in $      thousands)                                                                                                 |   |
| Netherland,      Sewell & Associates, Inc. |   | Estimate      of Reserves and Future Revenue to the Enerplus Resources (USA) Corporation      Interest as of December 31, 2007, dated February 21,      2008 |   | Montana,North      Dakota andWyoming,      USA                               |   | Nil                                                                                                                        |   | $ | 1,049,290.9 |   | Nil |   | $ | 1,049,290.9 |   |

| 5. | In      our opinion, the reserves data respectively evaluated by us have, in all      material respects, been determined and are in accordance with the COGE      Handbook. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | We      have no responsibility to update our reports referred to in      paragraph 4 for events and circumstances occurring after their      respective preparation dates. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Because      the reserves data are based on judgments regarding future events, actual      results will vary and the variations may be material. However, any      variations should be consistent with the fact that reserves are      categorized according to the probability of their  recovery. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | NETHERLAND,      SEWELL & ASSOCIATES, INC.Dallas,      Texas, USAMarch 5,      2008              |
|--------|---------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                |
|   | /s/      C.H. (SCOTT) REES III, P.E. C.H.      (Scott) Rees III, P.E.Chairman      and Chief Executive Officer |

----

|   | (a) | reviewed      EnerMark’s procedures for providing information to the independent      qualified reserves evaluators; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | met      with the independent qualified reserves evaluators to determine whether      any restrictions affected the ability of the independent qualified      reserves evaluators to report without reservation;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | reviewed      the reserves data with management and the independent qualified reserves      evaluators. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (a) | the      content and filing with securities regulatory authorities of      Form 51-101F1 containing reserves data and other oil and gas      information; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      filing of Forms 51-102F2 which are the reports of the independent      qualified reserves evaluators on the reserves data;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      content and filing of this report. |
|--------|-----|---------------------------------------------|

----

----

----

----

----

----

| A. | The Audit &      Risk Management Committee’sCharter |
|----|--------------------------------------------------------------------|

| B. | Composition of the      Audit & Risk Management  Committee |
|----|---------------------------------------------------------------------|

| C. | Relevant Education and      Experience |
|----|----------------------------------------|

| Name      (Director Since)                                                                                                                                                                                                                         | Principal      Occupation and Biography                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Mr. Robert      L. Normand (DSC, C.A.)(March 1998) Other Public      Directorships•  Aurizon      Mines Ltd. (gold mining)•  ING      Canada Inc. (property and casualty insurance)  | Mr. Normand      is a corporate director and has served as a director of several private      and public corporations operating in various fields of the economy. In      addition to serving as a director of the public companies listed herewith,      he is presently a director of Greenfield Ethanol Inc. (a private      manufacturing company). Mr. Normand acted as an external auditor for      Richter Usher & Vineber and Coopers & Lybrand until 1968      and held accounting responsibilities with two companies before joining Gaz      Métropolitain late in 1972 as Assistant Chief Financial Officer.      Mr. Normand ultimately held the position of Chief Financial Officer      from 1980 until his retirement in 1997. Mr. Normand graduated from      l’École des Hautes Études Commerciales (Université de Montréal) in 1966      (dec. commercial science), received a Chartered Accountant designation and      became a member of the Québec Institute of Chartered Accountants the same      year. Mr. Normand was President of the Financial Executives Institute      Canada in 1992, Vice President U.S. in 1993 and is an active member      of the Montréal Chapter. He is also a member of the Institute of Corporate      Directors. |

----

| Name      (Director Since)                                                                                                                                                                                                                                                           | Principal      Occupation and Biography                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Mr. Glen      D. Roane (B.A., MBA)(June      2004) Other Public      Directorships•  Destiny      Resource Services Corp. (oil and gas service business)•  Badger      Income Fund (provider of non-destructive excavation services)  | Mr. Roane      is a corporate director and has served as a board member of many      TSX-listed companies including (in addition to those public entities      listed herewith of which he currently serves as a director) Repap      Enterprises Inc., Ranchero Energy Inc., Forte      Resources Inc., Valiant Energy Inc., Maxx Petroleum Ltd.      and NQL Energy Services Inc., since his retirement from TD Asset      Management Inc., a subsidiary of The Toronto-Dominion Bank (a      publicly traded Canadian chartered bank) in 1997. In addition to serving      as a director of the public entities listed herewith, Mr. Roane is      the Chairman of the board of directors of Flexpipe Systems Inc. and a      director of Tarpon Energy Services Ltd., both of which are private      energy services companies. Mr. Roane is also a member of the Alberta      Securities Commission. Mr. Roane holds a Bachelor of Arts and an MBA      from Queen’ University in Kingston, Ontario. |
| Mr. Harry      B. Wheeler (B.A., B.Sc. (Geology))(January      2001) Other Public      Directorships•  Nil                                                                                                                                                 | Mr. Wheeler      has been the President of Colchester Investments Ltd., a private      investment firm, since 2000. From 1962 to 1966, Mr. Wheeler worked      with Mobil Oil in Canada and Libya and from 1967 to 1972 was employed by      International Resources Ltd., in London, England and Denver,      Colorado. He was a Director of Quintette Coal Ltd., Vice President of      Amalgamated Bonanza Petroleum Ltd. and operator of his private      company before founding Cabre Exploration Ltd. (“Cabre”), a public      oil and gas company, in 1980. Mr. Wheeler was Chairman of Cabre until      it was acquired by EnerMark Income Fund (a predecessor of Enerplus) in      December 2000. Mr. Wheeler is currently a director of Magellan      Resources Ltd., a private oil and gas company. Mr. Wheeler      graduated from the University of British Columbia in 1962 with a degree in      Geology.                                                                                     |

| D. | Pre-Approval Policies      and Procedures |
|----|-------------------------------------------|

----

| E. | External Auditor      Service Fees |
|----|------------------------------------|

|                       |   | 2007                  |   |   | 2006   |   |
|----------------------------|--------|-----------------------|--------|--------|--------|--------|
|                       |   | (in      $ thousands) |   |
| Audit      fees(1)         |   | $                     | 751.4  |   |   | $      | 763.9 |   |
| Audit-related      fees(2) |   |                  | -      |   |   |   | - |   |
| Tax      fees(3)           |   |                  | 132.6  |   |   |   | 1,211.3 |   |
| All      other fees(4)     |   |                  | -      |   |   |   | - |   |
|                       |   | $                     | 884.0  |   |   | $      | 1,975.2 |   |

----

| (1) | Audit      fees were for professional services rendered by Deloitte &      Touche LLP for the audit of the Fund’s annual financial statements      and reviews of the Fund’s quarterly financial statements, as well as      services provided in connection with statutory and regulatory filings or      engagements. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Audit-related      fees are for assurance and related services reasonably related to the      performance of the audit or review of the Fund’s financial statements and      not reported under “Audit fees”above. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Tax      fees were for tax compliance, tax advice and tax planning. The fees were      for services performed by the Fund’s auditors’ tax division except those      tax services related to the audit. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | All      other fees are fees for products and services provided by the Fund’s      auditors other than those described as “Audit fees”, “Audit-related fees”      and “Tax fees”. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| I. | AUTHORITY |
|----|-----------|

| II. | PURPOSE      OF THE COMMITTEE |
|-----|-------------------------------|

|   | 1. | financial      reporting and continuous disclosure of theFund; |
|--------|----|----------------------------------------------------------------|

|   | 2. | the      Fund’s internal controls and policies, the certification process and      compliance with regulatory requirements over financial      matters; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | evaluating      and monitoring the performance and independence of the Fund’s external      auditors; and |
|--------|----|-----------------------------------------------------------------------------------------------------------------|

|   | 4. | monitoring      the manner in which the business risks of the Fund are being identified      and managed. |
|--------|----|-----------------------------------------------------------------------------------------------------------|

| III. | COMPOSITION      AND COMPETENCY OF THE COMMITTEE |
|------|--------------------------------------------------|

----

| IV. | MEETINGS      OF THE COMMITTEE |
|-----|--------------------------------|

| V. | DUTIES      AND ACTIVITIES OF THE COMMITTEE |
|----|---------------------------------------------|

|   | 1. | Make      recommendations to the Board on the appointment of external auditors of      the Fund; |
|--------|----|--------------------------------------------------------------------------------------------------|

|   | 2. | Review      and approve the Fund’s external auditors’ annual engagement letter,      including the proposed fees containedtherein; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Review      the performance of the external auditors and make recommendations to the      Board regarding their replacement when circumstances warrant. The review      shall take into consideration the evaluation made by management of the      external auditors’ performance. Approve audit  fees: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Review      annually the external auditors’ quality control, any material issues      raised by the most recent quality control review, or peer review, of the      firm, or any inquiry or investigation by governmental or professional      authorities of the firm within the preceding five years, and any steps      taken to deal with such issues; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Obtain      assurances from the external auditors that the audit was conducted in      accordance with Canadian and US generally accepted auditing standards;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Ensure      that management interacts professionally with the auditors and confirm      such behavior annually with bothparties. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | Oversee      the independence of the external auditors by, among other      things: |
|--------|----|-------------------------------------------------------------------------------------|

|   | (a) | requiring      the external auditors to deliver to the Committee on a periodic basis a      formal written statement detailing all relationships between the external      auditors and the Fund; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | reviewing      and approving the Fund’s hiring policies regarding partners, employees and      former partners and employees of current and former external      auditors; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | actively      engaging in a dialogue with the external auditors with respect to any      disclosed relationships or services that may impact the objectivity and      independence of the external auditors and recommending that the Board take      appropriate action to satisfy itself of the auditors’      independence. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Pre-approve      the nature of non-audit related services and the fees    thereon; |
|--------|-----|------------------------------------------------------------------------------------|

|   | (e) | conducting      private sessions with the external auditors and encouraging direct      communications between the Chairman of the Committee and the audit      partner; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | instructing      the Fund’s external auditors that they are ultimately accountable to the      Committee and the Board and that the Committee and the Board are      responsible for the selection (subject to Unitholder approval), evaluation      and termination of the Fund’s externalauditors; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | have      a private meeting with the external auditors at every quarterly Committee      meeting; |
|--------|-----|---------------------------------------------------------------------------------------------------|

----

|   | (h) | obtain      annually the auditors’ views on competency and integrity of the audit      committee and senior financialexecutives; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | Review      and approve the annual audit plan of the external auditors, including the      scope of audit activities, and monitor such plan’s progress and results      quarterly and at year end; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | Confirm,      through private discussions with the external auditors and management,      that no restrictions are being placed on the scope of the external      auditors’ work; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7. | Review      the appropriateness of management’s representation letter transmitted to      the external auditors; |
|--------|----|------------------------------------------------------------------------------------------------------------------------|

|   | 8. | Receipt      of certifications from the CEO andCFO; |
|--------|----|-----------------------------------------------------|

|   | 9. | Review      with management the adequacy of financial results and disclosure in the      management discussion and analysis and press release and recommend      approval to the Board: |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | obtain      satisfactory answers from management following the review of the financial      documents; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (b) | the      qualitative judgments of the external auditors about the appropriateness,      not just the acceptability, of accounting principles and financial      disclosure practices used or proposed to be adopted by the Fund and,      particularly, their views about alternate accounting treatments and their      effects on the financial results; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      methods used to account for significant unusual    transactions; |
|--------|-----|---------------------------------------------------------------------------|

|   | (d) | the      effect of significant accounting policies in controversial or emerging      areas for which there is a lack of authoritative guidance or      consensus; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | management’s      process for formulating sensitive accounting estimates and the      reasonableness of these estimates; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | significant      recorded and unrecorded auditadjustments; |
|--------|-----|------------------------------------------------------------|

|   | (g) | any      material accounting issues among management and the external      auditors; |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (h) | other      matters required to be communicated to the Committee by the external      auditors under generally accepted auditing standards;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | management’s      acknowledgement of its responsibility towards the financial      statements. |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (j) | significant      legal, compliance or regulatory matters that may have a material effect on      the financial statements or the business of the organization (including      material notices to, or inquiries received from, governmental agencies);      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | receive      the report from the Reserves Committee over the appropriateness of      reported reserves and resources. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | 10. | Establishment      of the Fund’s Whistleblower Policy for the submission, receipt, retention      and treatment of complaints and concerns regarding accounting and auditing      matters, and review any developments and responses on reports received      thereunder; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11. | Review      the adequacy and effectiveness of the financial reporting system and      internal control policies and procedures with the external auditors and      management. Ensure that the Fund complies with all new regulations in this      regard; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 12. | Review      with management the Fund’s internal controls, and evaluate whether the      Fund is operating in accordance with prescribed policies and      procedures; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13. | Review      with management and the external auditors any reportable condition and      material weaknesses affecting internalcontrols; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | 14. | Review      the management disclosure and oversight Committee’s CEO and CFO      certification processes to ensure compliance with US and Canadian      requirements. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15. | Receive      periodic reports from the external auditors and management to assess the      impact of significant accounting or financial reporting developments      proposed by the CICA, the AICPA, the Financial Accounting Standards Board,      the SEC, the relevant Canadian securities commissions, stock exchanges or      other regulatory body, or any other significant accounting or financial      reporting related matters that may have a bearing on the    Fund; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16. | Review      annually the report of the external auditor on management’s assessment of      the Fund’s internal control over financial reporting describing any      material issues raised by the most recent reviews of internal controls and      management information systems or by any inquiry or investigation by      governmental or professional authorities and any recommendations made and      steps taken to deal with any suchissues; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17. | Review      with management the process followed to do the Fund’s risk assessment and      the policies to monitor, mitigate and report such business      risks; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 18. | Review      of appointment or dismissal of senior financial  executives; |
|--------|-----|--------------------------------------------------------------------------|

|   | 19. | Conduct      or authorize investigations into any matters within the Committee’s scope      of responsibilities, including retaining outside counsel or other      consultants or experts for thispurpose; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 20. | Review      the disclosure made in the Annual Report, Annual Information Form, 40-F      and the Information Circular regarding the Audit & Risk      Management Committee; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21. | Establish      and maintain a free and open means of communication between the Board, the      Committee, the external auditors, and  management; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22. | Perform      such additional activities, and consider such other matters, within the      scope of its responsibilities, as the Committee or the Board deems      necessary or appropriate; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23. | Once      a year, the Committee reviews the adequacy of its Charter and brings to      the attention of the Board required changes, if any, for approval. The      Committee will also, annually, make a critical review of its past      performance to ensure that it has assumed its responsibilities and      executed all required tasks and will suggest changes if it failed to do      so. This review will also cover individual members’ performance. This      review forms part of the review process undertaken by the Corporate      Governance and Nominating Committee, which reports its findings to the      Board. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                        |   | Canada            |    |   | United      States |   |    | Total   |   |
|-----------------------------------------------------------------------------|--------|-------------------|---------|--------|--------------------|--------|---------|---------|--------|
|                                                                        |   | Oil      and NGLs |    |   | Natural      Gas   |   |    | Bitumen |   |   | Oil      and NGLs |   |   | Natural      Gas |   |   | Oil      and NGLs |   |   | Natural      Gas |   |   | Bitumen |   |
|                                                                        |   | (Mbbls)           |    |   | (Mmcf)             |   |    | (Mbbls) |   |   | (Mbbls) |   |   | (Mmcf) |   |   | (Mbbls) |   |   | (MMcf) |   |   | (Mbbls) |   |
| Proved      Developed and Undeveloped Reserves at December 31,    2004 |   |              | 104,159 |   |               |   | 792,358 |    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 104,159 |   |   |   | 792,358 |   |   |   | - |   |
| Purchases      of reserves in place                                         |   |              | 485     |   |               |   | 6,440   |    |   |   | - |   |   |   | 20,198 |   |   |   | 10,803 |   |   |   | 20,683 |   |   |   | 17,243 |   |   |   | - |   |
| Sales      of reserves in place                                             |   |              | (2,258  | )      |               |   | (10,414 | )       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,258 | ) |   |   | (10,414 | ) |   |   | - |   |
| Discoveries      and extensions                                             |   |              | 735     |   |               |   | 33,834  |    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 735 |   |   |   | 33,834 |   |   |   | - |   |
| Revisions      of previous estimates                                        |   |              | 9,189   |   |               |   | 14,543  |    |   |   | 9,215 |   |   |   | 624 |   |   |   | 792 |   |   |   | 9,813 |   |   |   | 15,335 |   |   |   | 9,215 |   |
| Improved      recovery                                                      |   |              | 3,642   |   |               |   | 28,700  |    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,642 |   |   |   | 28,700 |   |   |   | - |   |
| Production                                                                  |   |              | (9,283  | )      |               |   | (78,737 | )       |   |   | - |   |   |   | (885 | ) |   |   | (486 | ) |   |   | (10,168 | ) |   |   | (79,223 | ) |   |   | - |   |
| Proved      Developed and Undeveloped Reserves at December 31,    2005 |   |              | 106,669 |   |               |   | 786,724 |    |   |   | 9,215 |   |   |   | 19,937 |   |   |   | 11,109 |   |   |   | 126,606 |   |   |   | 797,833 |   |   |   | 9,215 |   |
| Purchases      of reserves in place                                         |   |              | 1,044   |   |               |   | 4,162   |    |   |   | - |   |   |   | 333 |   |   |   | 283 |   |   |   | 1,377 |   |   |   | 4,445 |   |   |   | - |   |
| Sales      of reserves in place                                             |   |              | (30     | )      |               |   | (107    | )       |   |   | (532 | ) |   |   | - |   |   |   | - |   |   |   | (30 | ) |   |   | (107 | ) |   |   | (532 | ) |
| Discoveries      and extensions                                             |   |              | 1,981   |   |               |   | 22,854  |    |   |   | - |   |   |   | 367 |   |   |   | 321 |   |   |   | 2,348 |   |   |   | 23,175 |   |   |   | - |   |
| Revisions      of previous estimates                                        |   |              | (1,895  | )      |               |   | (44,035 | )       |   |   | (294 | ) |   |   | 218 |   |   |   | 1,318 |   |   |   | (1,677 | ) |   |   | (42,717 | ) |   |   | (294 | ) |
| Improved      recovery                                                      |   |              | 2,788   |   |               |   | 22,347  |    |   |   | - |   |   |   | 1,727 |   |   |   | 1,111 |   |   |   | 4,515 |   |   |   | 23,458 |   |   |   | - |   |
| Production                                                                  |   |              | (9,259  | )      |               |   | (74,484 | )       |   |   | - |   |   |   | (3,113 | ) |   |   | (1,804 | ) |   |   | (12,372 | ) |   |   | (76,288 | ) |   |   | - |   |
| Proved      Developed and Undeveloped Reserves at December 31,    2006 |   |              | 101,298 |   |               |   | 717,461 |    |   |   | 8,389 |   |   |   | 19,469 |   |   |   | 12,338 |   |   |   | 120,767 |   |   |   | 729,799 |   |   |   | 8,389 |   |
| Purchases      of reserves in place                                         |   |              | 4       |   |               |   | 2,851   |    |   |   | - |   |   |   | 124 |   |   |   | 13,311 |   |   |   | 128 |   |   |   | 16,162 |   |   |   | - |   |
| Sales      of reserves in place                                             |   |              | -       |   |               |   | (2,587  | )       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,587 | ) |   |   | - |   |
| Discoveries      and extensions                                             |   |              | 1,411   |   |               |   | 18,387  |    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,411 |   |   |   | 18,387 |   |   |   | - |   |
| Revisions      of previous estimates                                        |   |              | (275    | )      |               |   | 3,931   |    |   |   | 35 |   |   |   | 292 |   |   |   | 6,193 |   |   |   | 17 |   |   |   | 10,124 |   |   |   | 35 |   |
| Improved      recovery                                                      |   |              | 2,387   |   |               |   | 6,676   |    |   |   | - |   |   |   | 5,744 |   |   |   | 4,722 |   |   |   | 8,131 |   |   |   | 11,398 |   |   |   | - |   |
| Production                                                                  |   |              | (8,680  | )      |               |   | (72,262 | )       |   |   | - |   |   |   | (3,031 | ) |   |   | (3,435 | ) |   |   | (11,711 | ) |   |   | (75,697 | ) |   |   | - |   |
| Proved      Developed and Undeveloped Reserves at December 31,    2007 |   |              | 96,145  |   |               |   | 674,457 |    |   |   | 8,424 |   |   |   | 22,598 |   |   |   | 33,129 |   |   |   | 118,743 |   |   |   | 707,586 |   |   |   | 8,424 |   |
| Proved      Developed Reserves                                              |   |              |    |   |               |   |    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31,      2004                                                 |   |              | 98,712  |   |               |   | 672,960 |    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 98,712 |   |   |   | 672,960 |   |   |   | - |   |
| December 31,      2005                                                 |   |              | 101,048 |   |               |   | 652,825 |    |   |   | - |   |   |   | 13,354 |   |   |   | 7,442 |   |   |   | 114,402 |   |   |   | 660,267 |   |   |   | - |   |
| December 31,      2006                                                 |   |              | 95,734  |   |               |   | 584,846 |    |   |   | 2,687 |   |   |   | 18,977 |   |   |   | 11,961 |   |   |   | 114,711 |   |   |   | 596,807 |   |   |   | 2,687 |   |
| December 31,      2007                                                 |   |              | 90,715  |   |               |   | 533,654 |    |   |   | 2,341 |   |   |   | 19,707 |   |   |   | 26,839 |   |   |   | 110,422 |   |   |   | 560,493 |   |   |   | 2,341 |   |

|                                                           |   | 2007                  |       |   | 2006   |   |       | 2005   |   |
|----------------------------------------------------------------|--------|-----------------------|------------|--------|--------|--------|------------|--------|--------|
|                                                           |   | (in      $ thousands) |       |
| Capitalized      costs(1)                                      |   | $                     | 5,245,528  |   |   | $      | 4,689,444  |   |   | $ | 4,141,627 |   |
| Less      accumulated depletion, depreciation and amortization |   |                  | (1,970,467 | )      |   |   | (1,608,186 | )      |   |   | (1,212,145 | ) |
| Net      capitalized costs                                     |   | $                     | 3,275,061  |   |   | $      | 3,081,258  |   |   | $ | 2,929,482 |   |

----

| (1) | Includes      capitalized costs of proved and unproved  properties. |
|-----|---------------------------------------------------------------------|

----

|                            |   | For      the Year Ended December 31, 2007 |    |
|---------------------------------|--------|------------------------------------------------|---------|
|                            |   | Canada                                         |    |   | United      States |   |   | Total |   |
|                            |   | (in      $ thousands)                          |    |
| Acquisition      of properties: |   |                                           |    |   |   |   |   |   |   |
| Proved                          |   | $                                              | 10,215  |   |   | $ | 60,954 |   |   | $ | 71,169 |   |
| Unproved                        |   |                                           | 212,154 |   |   |   | 915 |   |   |   | 213,069 |   |
| Exploration      costs          |   |                                           | 33,994  |   |   |   | 13,770 |   |   |   | 47,764 |   |
| Development      costs          |   |                                           | 231,889 |   |   |   | 91,557 |   |   |   | 323,446 |   |
| Asset      retirement costs     |   |                                           | 52,179  |   |   |   | 262 |   |   |   | 52,441 |   |
|                            |   | $                                              | 540,431 |   |   | $ | 167,458 |   |   | $ | 707,889 |   |

|                            |   | For      the Year Ended December 31, 2006 |    |
|---------------------------------|--------|------------------------------------------------|---------|
|                            |   | Canada                                         |    |   | United      States |   |   | Total |   |
|                            |   | (in      $ thousands)                          |    |
| Acquisition      of properties: |   |                                           |    |   |   |   |   |   |   |
| Proved                          |   | $                                              | 35,323  |   |   | $ | 15,990 |   |   | $ | 51,313 |   |
| Unproved                        |   |                                           | 20,006  |   |   |   | 201 |   |   |   | 20,207 |   |
| Exploration      costs          |   |                                           | 32,510  |   |   |   | 1,202 |   |   |   | 33,712 |   |
| Development      costs          |   |                                           | 325,459 |   |   |   | 115,284 |   |   |   | 440,743 |   |
| Asset      retirement costs     |   |                                           | 17,743  |   |   |   | 588 |   |   |   | 18,331 |   |
|                            |   | $                                              | 431,041 |   |   | $ | 133,265 |   |   | $ | 564,306 |   |

|                            |   | For      the Year Ended December 31, 2005 |    |
|---------------------------------|--------|------------------------------------------------|---------|
|                            |   | Canada                                         |    |   | United      States(1) |   |   | Total |   |
|                            |   | (in      $ thousands)                          |    |
| Acquisition      of properties: |   |                                           |    |   |   |   |   |   |   |
| Proved                          |   | $                                              | 91,489  |   |   | $ | 589,613 |   |   | $ | 681,102 |   |
| Unproved                        |   |                                           | 10,633  |   |   |   | 22,926 |   |   |   | 33,559 |   |
| Exploration      costs          |   |                                           | 9,914   |   |   |   | 1,750 |   |   |   | 11,664 |   |
| Development      costs          |   |                                           | 319,038 |   |   |   | 27,354 |   |   |   | 346,392 |   |
| Asset      retirement costs     |   |                                           | 13,789  |   |   |   | 1,766 |   |   |   | 15,555 |   |
|                            |   | $                                              | 444,863 |   |   | $ | 643,409 |   |   | $ | 1,088,272 |   |

----

| (1) | The      Fund commenced oil and gas producing activities in the United States on      August 30, 2005. |
|-----|-------------------------------------------------------------------------------------------------------------|

----

|                                                                 |   | For      the Year Ended December 31, 2007 |      |
|----------------------------------------------------------------------|--------|------------------------------------------------|-----------|
|                                                                 |   | Canada                                         |      |   | United      States |   |   | Total |   |
|                                                                 |   | (in      $ thousands)(1)                       |      |
| Revenue                                                              |   |                                           |      |   |   |   |   |   |   |
| Sales(2)                                                             |   | $                                              | 1,025,822 |   |   | $ | 228,183 |   |   | $ | 1,254,005 |   |
| Deduct                                                               |   |                                           |      |   |   |   |   |   |   |   |   |   |
| Production      Costs(3)                                             |   |                                           | 286,248   |   |   |   | 10,000 |   |   |   | 296,248 |   |
| Depletion,      depreciation, amortization, accretion and impairment |   |                                           | 299,217   |   |   |   | 103,752 |   |   |   | 402,969 |   |
| Current      and Deferred income tax provision                       |   |                                           | 70,827    |   |   |   | 30,204 |   |   |   | 101,031 |   |
| Results      of operations for oil and gas producing activities      |   | $                                              | 369,530   |   |   | $ | 84,227 |   |   | $ | 453,757 |   |

|                                                                 |   | For      the Year Ended December 31, 2006 |      |
|----------------------------------------------------------------------|--------|------------------------------------------------|-----------|
|                                                                 |   | Canada                                         |      |   | United      States |   |   | Total |   |
|                                                                 |   | (in      $ thousands)(1)                       |      |
| Revenue                                                              |   |                                           |      |   |   |   |   |   |   |
| Sales(2)                                                             |   | $                                              | 1,079,251 |   |   | $ | 219,519 |   |   | $ | 1,298,770 |   |
| Deduct                                                               |   |                                           |      |   |   |   |   |   |   |   |   |   |
| Production      Costs(3)                                             |   |                                           | 266,493   |   |   |   | 7,357 |   |   |   | 273,850 |   |
| Depletion,      depreciation, amortization, accretion and impairment |   |                                           | 295,975   |   |   |   | 111,232 |   |   |   | 407,207 |   |
| Current      and Deferred income tax provision (recovery)            |   |                                           | (55,409   | ) |   |   | 19,845 |   |   |   | (35,564 | ) |
| Results      of operations for oil and gas producing activities      |   | $                                              | 572,192   |   |   | $ | 81,085 |   |   | $ | 653,277 |   |

|                                                                 |   | For      the Year Ended December 31, 2005 |      |
|----------------------------------------------------------------------|--------|------------------------------------------------|-----------|
|                                                                 |   | Canada                                         |      |   | United      States(4) |   |   | Total |   |
|                                                                 |   | (in      $ thousands)(1)                       |      |
| Revenue                                                              |   |                                           |      |   |   |   |   |   |   |
| Sales(2)                                                             |   | $                                              | 1,189,551 |   |   | $ | 64,035 |   |   | $ | 1,253,586 |   |
| Deduct                                                               |   |                                           |      |   |   |   |   |   |   |   |   |   |
| Production      Costs(3)                                             |   |                                           | 241,656   |   |   |   | 2,067 |   |   |   | 243,723 |   |
| Depletion,      depreciation, amortization, accretion and impairment |   |                                           | 297,678   |   |   |   | 31,817 |   |   |   | 329,495 |   |
| Current      and Deferred income tax provision                       |   |                                           | 25,248    |   |   |   | 9,384 |   |   |   | 34,632 |   |
| Results      of operations for oil and gas producing activities      |   | $                                              | 624,969   |   |   | $ | 20,767 |   |   | $ | 645,736 |   |

----

| (1) | The      costs in the schedules exclude corporate overhead, interest expense and      other costs which are not directly related to oil and gas producing      activities. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Sales      are presented net of royalties and third party  obligations. |
|-----|-------------------------------------------------------------------------|

| (3) | Production      costs include transportation costs. |
|-----|-----------------------------------------------------|

| (4) | The      Fund commenced oil and gas producing activities in the United States on      August 30, 2005. |
|-----|-------------------------------------------------------------------------------------------------------------|

----

|                                                          |   | As      at December 31, 2007 |   |
|---------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                          |   | Canada                            |   |   | United      States |   |   | Total |   |
|                                                          |   | (in      $ millions)              |   |
| Future      cash inflows                                      |   | $                                 | 11,520 |   |   | $ | 2,035 |   |   | $ | 13,555 |   |
| Future      production costs                                  |   |                              | 3,776  |   |   |   | 297 |   |   |   | 4,073 |   |
| Future      development and asset retirement costs            |   |                              | 587    |   |   |   | 75 |   |   |   | 662 |   |
| Future      income tax expenses                               |   |                              | 1,058  |   |   |   | 427 |   |   |   | 1,485 |   |
| Future      net cash flows                                    |   | $                                 | 6,099  |   |   | $ | 1,236 |   |   | $ | 7,335 |   |
| Deduction:      10% annual discount factor                    |   |                              | 2,818  |   |   |   | 527 |   |   |   | 3,345 |   |
| Standardized      measure of discounted future net cash flows |   | $                                 | 3,281  |   |   | $ | 709 |   |   | $ | 3,990 |   |

|                                                          |   | As      at December 31, 2006 |   |
|---------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                          |   | Canada                            |   |   | United      States |   |   | Total |   |
|                                                          |   | (in      $ millions)              |   |
| Future      cash inflows                                      |   | $                                 | 10,197 |   |   | $ | 1,185 |   |   | $ | 11,382 |   |
| Future      production costs                                  |   |                              | 3,826  |   |   |   | 98 |   |   |   | 3,924 |   |
| Future      development and asset retirement costs            |   |                              | 569    |   |   |   | 22 |   |   |   | 591 |   |
| Future      income tax expenses                               |   |                              | -      |   |   |   | 240 |   |   |   | 240 |   |
| Future      net cash flows                                    |   | $                                 | 5,802  |   |   | $ | 825 |   |   | $ | 6,627 |   |
| Deduction:      10% annual discount factor                    |   |                              | 2,744  |   |   |   | 305 |   |   |   | 3,049 |   |
| Standardized      measure of discounted future net cash flows |   | $                                 | 3,058  |   |   | $ | 520 |   |   | $ | 3,578 |   |

|                                                          |   | As      at December 31, 2005 |   |
|---------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                          |   | Canada                            |   |   | United      States(1) |   |   | Total |   |
|                                                          |   | (in      $ millions)              |   |
| Future      cash inflows                                      |   | $                                 | 13,556 |   |   | $ | 1,397 |   |   | $ | 14,953 |   |
| Future      production costs                                  |   |                              | 3,720  |   |   |   | 88 |   |   |   | 3,808 |   |
| Future      development and asset retirement costs            |   |                              | 513    |   |   |   | 90 |   |   |   | 603 |   |
| Future      income tax expenses                               |   |                              | -      |   |   |   | 311 |   |   |   | 311 |   |
| Future      net cash flows                                    |   | $                                 | 9,323  |   |   | $ | 908 |   |   | $ | 10,231 |   |
| Deduction:      10% annual discount factor                    |   |                              | 4,496  |   |   |   | 329 |   |   |   | 4,825 |   |
| Standardized      measure of discounted future net cash flows |   | $                                 | 4,827  |   |   | $ | 579 |   |   | $ | 5,406 |   |

----

| (1) | The      Fund commenced oil and gas producing activities in the United States on      August 30, 2005. |
|-----|-------------------------------------------------------------------------------------------------------------|

----

|                                                                                   |   | 2007                 |   |   | 2006   |   |   | 2005   |   |
|----------------------------------------------------------------------------------------|--------|----------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                   |   | (in      $ millions) |   |
| Beginning      of year                                                                 |   | $                    | 3,578  |   |   | $      | 5,406  |   |   | $ | 2,934 |   |
| Sales      of oil and natural gas produced, net of production costs                    |   |                 | (972   | )      |   |   | (1,028 | )      |   |   | (1,009 | ) |
| Net      changes in sales prices and production costs                                  |   |                 | 1,197  |   |   |   | (1,963 | )      |   |   | 2,170 |   |
| Changes      in previously estimated development costs incurred during the      period |   |                 | 145    |   |   |   | 240    |   |   |   | 113 |   |
| Changes      in estimated future development costs                                     |   |                 | (221   | )      |   |   | (210   | )      |   |   | (308 | ) |
| Extension,      discoveries and improved recovery, net of related costs                |   |                 | 416    |   |   |   | 725    |   |   |   | 424 |   |
| Purchase      of reserves in place                                                     |   |                 | 42     |   |   |   | 31     |   |   |   | 952 |   |
| Sales      of reserves in place                                                        |   |                 | (4     | )      |   |   | (3     | )      |   |   | (30 | ) |
| Net      change resulting from revisions in previous quantity    estimates             |   |                 | (8     | )      |   |   | (130   | )      |   |   | 126 |   |
| Accretion      of discount                                                             |   |                 | 312    |   |   |   | 442    |   |   |   | 230 |   |
| Net      change income taxes                                                           |   |                 | (496   | )      |   |   | 68     |   |   |   | (196 | ) |
| End      of year                                                                       |   | $                    | 3,990  |   |   | $      | 3,578  |   |   | $ | 5,406 |   |

----

| (1) | The      schedules above are calculated using year-end prices, costs, statutory tax      rates and existing Proved oil and gas reserves. The value of exploration      properties and probable reserves, future exploration costs, future changes      in oil and gas prices and in production and development costs are      excluded. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                           |   | OIL      AND GAS NATURAL RESERVES |    |
|------------------------------------------------|--------|-----------------------------------|---------|
| RESERVES      CATEGORY                         |   | Light &      Medium Oil  |    |   | Heavy      Oil |   |   | Bitumen |   |   | Total      Oil |   |   | Natural      Gas Liquids |   |   | Natural      Gas |   |   | Total |   |
|                                           |   | (Mbbls)                           |    |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MMcf) |   |   | (MBOE) |   |
| Proved      developed producing                |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                           |   |                              | 63,963  |   |   |   | 28,832 |   |   |   | 2,365 |   |   |   | 95,160 |   |   |   | 10,469 |   |   |   | 649,382 |   |   |   | 213,860 |   |
| Enerplus      United States                    |   |                              | 21,672  |   |   |   | - |   |   |   | - |   |   |   | 21,672 |   |   |   | 74 |   |   |   | 28,527 |   |   |   | 26,501 |   |
| Total      Enerplus                            |   |                              | 85,635  |   |   |   | 28,832 |   |   |   | 2,365 |   |   |   | 116,832 |   |   |   | 10,543 |   |   |   | 677,909 |   |   |   | 240,361 |   |
| Focus      Energy Trust                        |   |                              | 3,500   |   |   |   | - |   |   |   | - |   |   |   | 3,500 |   |   |   | 1,774 |   |   |   | 196,111 |   |   |   | 37,959 |   |
| Total      Combined Enerplus + Focus |   |                              | 89,135  |   |   |   | 28,832 |   |   |   | 2,365 |   |   |   | 120,332 |   |   |   | 12,317 |   |   |   | 874,020 |   |   |   | 278,320 |   |
|                                           |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      developed non-producing            |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                           |   |                              | 190     |   |   |   | - |   |   |   | - |   |   |   | 190 |   |   |   | 510 |   |   |   | 14,911 |   |   |   | 3,185 |   |
| Enerplus      United States                    |   |                              | 1,588   |   |   |   | - |   |   |   | - |   |   |   | 1,588 |   |   |   | 5 |   |   |   | 1,623 |   |   |   | 1,863 |   |
| Total      Enerplus                            |   |                              | 1,778   |   |   |   | - |   |   |   | - |   |   |   | 1,778 |   |   |   | 515 |   |   |   | 16,534 |   |   |   | 5,048 |   |
| Focus      Energy Trust                        |   |                              | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 15 |   |   |   | 1,705 |   |   |   | 299 |   |
| Total      Combined Enerplus + Focus |   |                              | 1,778   |   |   |   | - |   |   |   | - |   |   |   | 1,778 |   |   |   | 530 |   |   |   | 18,239 |   |   |   | 5,347 |   |
|                                           |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      undeveloped                        |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                           |   |                              | 3,233   |   |   |   | 2,383 |   |   |   | 6,203 |   |   |   | 11,819 |   |   |   | 694 |   |   |   | 164,829 |   |   |   | 39,984 |   |
| Enerplus      United States                    |   |                              | 3,377   |   |   |   | - |   |   |   | - |   |   |   | 3,377 |   |   |   | 33 |   |   |   | 6,805 |   |   |   | 4,544 |   |
| Total      Enerplus                            |   |                              | 6,610   |   |   |   | 2,383 |   |   |   | 6,203 |   |   |   | 15,196 |   |   |   | 727 |   |   |   | 171,634 |   |   |   | 44,528 |   |
| Focus      Energy Trust                        |   |                              | 127     |   |   |   | - |   |   |   | - |   |   |   | 127 |   |   |   | 956 |   |   |   | 142,830 |   |   |   | 24,888 |   |
| Total      Combined Enerplus + Focus |   |                              | 6,737   |   |   |   | 2,383 |   |   |   | 6,203 |   |   |   | 15,323 |   |   |   | 1,683 |   |   |   | 314,464 |   |   |   | 69,416 |   |
|                                           |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved                              |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                           |   |                              | 67,386  |   |   |   | 31,215 |   |   |   | 8,568 |   |   |   | 107,169 |   |   |   | 11,673 |   |   |   | 829,122 |   |   |   | 257,029 |   |
| Enerplus      United States                    |   |                              | 26,637  |   |   |   | - |   |   |   | - |   |   |   | 26,637 |   |   |   | 112 |   |   |   | 36,955 |   |   |   | 32,908 |   |
| Total      Enerplus                            |   |                              | 94,023  |   |   |   | 31,215 |   |   |   | 8,568 |   |   |   | 133,806 |   |   |   | 11,785 |   |   |   | 866,077 |   |   |   | 289,937 |   |
| Focus      Energy Trust                        |   |                              | 3,627   |   |   |   | - |   |   |   | - |   |   |   | 3,627 |   |   |   | 2,745 |   |   |   | 340,646 |   |   |   | 63,146 |   |
| Total      Combined Enerplus + Focus |   |                              | 97,650  |   |   |   | 31,215 |   |   |   | 8,568 |   |   |   | 137,433 |   |   |   | 14,530 |   |   |   | 1,206,723 |   |   |   | 353,083 |   |
|                                           |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable                                       |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                           |   |                              | 17,837  |   |   |   | 10,948 |   |   |   | 54,930 |   |   |   | 83,715 |   |   |   | 3,797 |   |   |   | 308,276 |   |   |   | 138,891 |   |
| Enerplus      United States                    |   |                              | 6,719   |   |   |   | - |   |   |   | - |   |   |   | 6,719 |   |   |   | 30 |   |   |   | 27,938 |   |   |   | 11,406 |   |
| Total      Enerplus                            |   |                              | 24,556  |   |   |   | 10,948 |   |   |   | 54,930 |   |   |   | 90,434 |   |   |   | 3,827 |   |   |   | 336,214 |   |   |   | 150,297 |   |
| Focus      Energy Trust                        |   |                              | 939     |   |   |   | - |   |   |   | - |   |   |   | 939 |   |   |   | 834 |   |   |   | 118,948 |   |   |   | 21,598 |   |
| Total      Combined Enerplus + Focus |   |                              | 25,495  |   |   |   | 10,948 |   |   |   | 54,930 |   |   |   | 91,373 |   |   |   | 4,661 |   |   |   | 455,162 |   |   |   | 171,895 |   |
|                                           |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved plus Probable                |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                           |   |                              | 85,223  |   |   |   | 42,163 |   |   |   | 63,498 |   |   |   | 190,884 |   |   |   | 15,470 |   |   |   | 1,137,398 |   |   |   | 395,920 |   |
| Enerplus      United States                    |   |                              | 33,356  |   |   |   | - |   |   |   | - |   |   |   | 33,356 |   |   |   | 142 |   |   |   | 64,893 |   |   |   | 44,314 |   |
| Total      Enerplus                            |   |                              | 118,579 |   |   |   | 42,163 |   |   |   | 63,498 |   |   |   | 224,240 |   |   |   | 15,612 |   |   |   | 1,202,291 |   |   |   | 440,234 |   |
| Focus      Energy Trust                        |   |                              | 4,566   |   |   |   | - |   |   |   | - |   |   |   | 4,566 |   |   |   | 3,579 |   |   |   | 459,594 |   |   |   | 84,744 |   |
| Total      Combined Enerplus + Focus |   |                              | 123,145 |   |   |   | 42,163 |   |   |   | 63,498 |   |   |   | 228,806 |   |   |   | 19,191 |   |   |   | 1,661,885 |   |   |   | 524,978 |   |

----

|                                                                                            |   | NET      PRESENT VALUE OF FUTURE NET REVENUE DISCOUNTED AT      (%/YEAR) |   |   |                              |   |
|-------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                                            |   | Before      Deducting Income Taxes                                       |   |   | After      Deducting Income Taxes |   |   |   |   |
| RESERVES      CATEGORY                                                                          |   | 0%                                                                       |   |   | 5%                                |   |   | 10% |   |   | 15% |   |   | 20% |   |   | 0% |   |   | 5% |   |   | 10% |   |   | 15% |   |   | 20% |   |   | UnitValue(1) |   |
|                                                                                            |   | (in      $ millions)                                                |   |   | $/BOE                             |   |
| CONVENTIONAL      OIL AND GAS RESERVES                                                          |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Producing                                                                 |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                                                                            |   |                                                                     | 7,365  |   |                              |   | 4,669 |   |   |   | 3,514 |   |   |   | 2,869 |   |   |   | 2,451 |   |   |   | 6,359 |   |   |   | 4,204 |   |   |   | 3,248 |   |   |   | 2,698 |   |   |   | 2,333 |   |   | $ | 19.80 |   |
| Enerplus      United States                                                                     |   |                                                                     | 1,296  |   |                              |   | 933 |   |   |   | 738 |   |   |   | 618 |   |   |   | 537 |   |   |   | 957 |   |   |   | 686 |   |   |   | 539 |   |   |   | 448 |   |   |   | 387 |   |   | $ | 33.08 |   |
| Total      Enerplus                                                                             |   |                                                                     | 8,661  |   |                              |   | 5,602 |   |   |   | 4,252 |   |   |   | 3,487 |   |   |   | 2,988 |   |   |   | 7,316 |   |   |   | 4,890 |   |   |   | 3,787 |   |   |   | 3,146 |   |   |   | 2,720 |   |   | $ | 21.29 |   |
| Focus      Energy Trust                                                                         |   |                                                                     | 1,132  |   |                              |   | 905 |   |   |   | 758 |   |   |   | 656 |   |   |   | 580 |   |   |   | 1,009 |   |   |   | 822 |   |   |   | 699 |   |   |   | 612 |   |   |   | 547 |   |   | $ | 22.87 |   |
| Total      Combined Enerplus + Focus                                                  |   |                                                                     | 9,793  |   |                              |   | 6,507 |   |   |   | 5,010 |   |   |   | 4,143 |   |   |   | 3,568 |   |   |   | 8,325 |   |   |   | 5,712 |   |   |   | 4,486 |   |   |   | 3,758 |   |   |   | 3,267 |   |   | $ | 21.51 |   |
|                                                                                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Non-Producing                                                             |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                                                                            |   |                                                                     | 92     |   |                              |   | 58 |   |   |   | 42 |   |   |   | 33 |   |   |   | 26 |   |   |   | 75 |   |   |   | 49 |   |   |   | 36 |   |   |   | 27 |   |   |   | 24 |   |   | $ | 17.20 |   |
| Enerplus      United States                                                                     |   |                                                                     | 95     |   |                              |   | 69 |   |   |   | 53 |   |   |   | 43 |   |   |   | 36 |   |   |   | 57 |   |   |   | 42 |   |   |   | 31 |   |   |   | 26 |   |   |   | 20 |   |   | $ | 34.11 |   |
| Total      Enerplus                                                                             |   |                                                                     | 187    |   |                              |   | 127 |   |   |   | 95 |   |   |   | 76 |   |   |   | 62 |   |   |   | 132 |   |   |   | 91 |   |   |   | 67 |   |   |   | 53 |   |   |   | 44 |   |   | $ | 23.80 |   |
| Focus      Energy Trust                                                                         |   |                                                                     | 5      |   |                              |   | 4 |   |   |   | 3 |   |   |   | 3 |   |   |   | 3 |   |   |   | 4 |   |   |   | 4 |   |   |   | 3 |   |   |   | 3 |   |   |   | 2 |   |   | $ | 15.77 |   |
| Total      Combined Enerplus + Focus                                                  |   |                                                                     | 192    |   |                              |   | 131 |   |   |   | 98 |   |   |   | 79 |   |   |   | 65 |   |   |   | 136 |   |   |   | 95 |   |   |   | 70 |   |   |   | 56 |   |   |   | 46 |   |   | $ | 23.38 |   |
|                                                                                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Undeveloped                                                                         |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                                                                            |   |                                                                     | 640    |   |                              |   | 393 |   |   |   | 251 |   |   |   | 162 |   |   |   | 104 |   |   |   | 549 |   |   |   | 332 |   |   |   | 209 |   |   |   | 132 |   |   |   | 79 |   |   | $ | 8.67 |   |
| Enerplus      United States                                                                     |   |                                                                     | 187    |   |                              |   | 119 |   |   |   | 83 |   |   |   | 61 |   |   |   | 47 |   |   |   | 121 |   |   |   | 74 |   |   |   | 50 |   |   |   | 35 |   |   |   | 26 |   |   | $ | 21.04 |   |
| Total      Enerplus                                                                             |   |                                                                     | 827    |   |                              |   | 512 |   |   |   | 334 |   |   |   | 223 |   |   |   | 151 |   |   |   | 670 |   |   |   | 406 |   |   |   | 259 |   |   |   | 167 |   |   |   | 105 |   |   | $ | 10.15 |   |
| Focus      Energy Trust                                                                         |   |                                                                     | 480    |   |                              |   | 313 |   |   |   | 213 |   |   |   | 148 |   |   |   | 103 |   |   |   | 407 |   |   |   | 268 |   |   |   | 182 |   |   |   | 126 |   |   |   | 87 |   |   | $ | 9.78 |   |
| Total      Combined Enerplus + Focus                                                  |   |                                                                     | 1,307  |   |                              |   | 825 |   |   |   | 547 |   |   |   | 371 |   |   |   | 254 |   |   |   | 1,077 |   |   |   | 674 |   |   |   | 441 |   |   |   | 293 |   |   |   | 192 |   |   | $ | 10.00 |   |
|                                                                                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved                                                                               |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                                                                            |   |                                                                     | 8,097  |   |                              |   | 5,120 |   |   |   | 3,807 |   |   |   | 3,064 |   |   |   | 2,581 |   |   |   | 6,983 |   |   |   | 4,585 |   |   |   | 3,493 |   |   |   | 2,857 |   |   |   | 2,436 |   |   | $ | 18.23 |   |
| Enerplus      United States                                                                     |   |                                                                     | 1,578  |   |                              |   | 1,121 |   |   |   | 874 |   |   |   | 722 |   |   |   | 620 |   |   |   | 1,135 |   |   |   | 802 |   |   |   | 620 |   |   |   | 509 |   |   |   | 433 |   |   | $ | 31.44 |   |
| Total      Proved Conventional Reserves, Enerplus                                               |   |                                                                     | 9,675  |   |                              |   | 6,241 |   |   |   | 4,681 |   |   |   | 3,786 |   |   |   | 3,201 |   |   |   | 8,118 |   |   |   | 5,387 |   |   |   | 4,113 |   |   |   | 3,366 |   |   |   | 2,869 |   |   | $ | 19.78 |   |
| Focus      Energy Trust                                                                         |   |                                                                     | 1,617  |   |                              |   | 1,221 |   |   |   | 975 |   |   |   | 807 |   |   |   | 686 |   |   |   | 1,421 |   |   |   | 1,093 |   |   |   | 884 |   |   |   | 741 |   |   |   | 636 |   |   | $ | 17.67 |   |
| Total      Proved Conventional Reserves, Combined      Enerplus + Focus               |   |                                                                     | 11,292 |   |                              |   | 7,462 |   |   |   | 5,656 |   |   |   | 4,593 |   |   |   | 3,887 |   |   |   | 9,539 |   |   |   | 6,480 |   |   |   | 4,997 |   |   |   | 4,107 |   |   |   | 3,505 |   |   | $ | 19.38 |   |
|                                                                                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Probable                                                                                        |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Enerplus      Canada                                                                            |   |                                                                     | 3,195  |   |                              |   | 1,452 |   |   |   | 857 |   |   |   | 582 |   |   |   | 430 |   |   |   | 2,446 |   |   |   | 1,133 |   |   |   | 681 |   |   |   | 472 |   |   |   | 353 |   |   | $ | 12.25 |   |
| Enerplus      United States                                                                     |   |                                                                     | 610    |   |                              |   | 288 |   |   |   | 175 |   |   |   | 125 |   |   |   | 97 |   |   |   | 392 |   |   |   | 181 |   |   |   | 108 |   |   |   | 74 |   |   |   | 57 |   |   | $ | 18.24 |   |
| Total      Probable Conventional Reserves, Enerplus                                             |   |                                                                     | 3,805  |   |                              |   | 1,740 |   |   |   | 1,032 |   |   |   | 707 |   |   |   | 527 |   |   |   | 2,838 |   |   |   | 1,314 |   |   |   | 789 |   |   |   | 546 |   |   |   | 410 |   |   | $ | 12.97 |   |
| Focus      Energy Trust                                                                         |   |                                                                     | 653    |   |                              |   | 394 |   |   |   | 264 |   |   |   | 189 |   |   |   | 143 |   |   |   | 487 |   |   |   | 297 |   |   |   | 201 |   |   |   | 146 |   |   |   | 111 |   |   | $ | 13.85 |   |
| Total      Probable Conventional Reserves, Combined      Enerplus + Focus             |   |                                                                     | 4,458  |   |                              |   | 2,134 |   |   |   | 1,296 |   |   |   | 896 |   |   |   | 670 |   |   |   | 3,325 |   |   |   | 1,611 |   |   |   | 990 |   |   |   | 692 |   |   |   | 521 |   |   | $ | 13.14 |   |
|                                                                                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Plus Probable Conventional Reserves, Enerplus                                 |   |                                                                     | 13,480 |   |                              |   | 7,981 |   |   |   | 5,713 |   |   |   | 4,493 |   |   |   | 3,728 |   |   |   | 10,956 |   |   |   | 6,701 |   |   |   | 4,902 |   |   |   | 3,912 |   |   |   | 3,279 |   |   | $ | 18.07 |   |
| Total      Proved Plus Probable Conventional Reserves, Focus                                    |   |                                                                     | 2,269  |   |                              |   | 1,615 |   |   |   | 1,238 |   |   |   | 996 |   |   |   | 829 |   |   |   | 1,909 |   |   |   | 1,390 |   |   |   | 1,086 |   |   |   | 886 |   |   |   | 746 |   |   | $ | 16.69 |   |
| Total      Proved Plus Probable Conventional Reserves, Combined      Enerplus + Focus |   |                                                                     | 15,749 |   |                              |   | 9,596 |   |   |   | 6,951 |   |   |   | 5,489 |   |   |   | 4,557 |   |   |   | 12,865 |   |   |   | 8,091 |   |   |   | 5,988 |   |   |   | 4,798 |   |   |   | 4,025 |   |   | $ | 17.81 |   |
|                                                                                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BITUMEN      RESERVES (ENERPLUS ONLY)                                                           |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proved      Developed Producing                                                                 |   |                                                                     | 35     |   |                              |   | 28 |   |   |   | 23 |   |   |   | 19 |   |   |   | 16 |   |   |   | 28 |   |   |   | 22 |   |   |   | 19 |   |   |   | 15 |   |   |   | 13 |   |   | $ | 9.63 |   |
| Proved      undeveloped                                                                         |   |                                                                     | 100    |   |                              |   | 56 |   |   |   | 32 |   |   |   | 19 |   |   |   | 11 |   |   |   | 72 |   |   |   | 40 |   |   |   | 22 |   |   |   | 13 |   |   |   | 7 |   |   | $ | 5.63 |   |
|                                                                                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Proved Bitumen Reserves                                                              |   |                                                                     | 135    |   |                              |   | 84 |   |   |   | 55 |   |   |   | 38 |   |   |   | 27 |   |   |   | 100 |   |   |   | 62 |   |   |   | 41 |   |   |   | 28 |   |   |   | 20 |   |   | $ | 6.79 |   |
| Probable      Bitumen Reserves                                                                  |   |                                                                     | 1,293  |   |                              |   | 294 |   |   |   | 89 |   |   |   | 29 |   |   |   | 6 |   |   |   | 928 |   |   |   | 207 |   |   |   | 59 |   |   |   | 15 |   |   |   | (1 | ) |   | $ | 1.84 |   |
| Total      Proved Plus Probable Bitumen Reserves                                                |   |                                                                     | 1,428  |   |                              |   | 378 |   |   |   | 144 |   |   |   | 67 |   |   |   | 33 |   |   |   | 1,028 |   |   |   | 269 |   |   |   | 100 |   |   |   | 43 |   |   |   | 19 |   |   | $ | 2.55 |   |
|                                                                                            |   |                                                                     |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL      ENERPLUS AND FOCUS RESERVES                                                          |   |                                                                     | 17,177 |   |                              |   | 9,974 |   |   |   | 7,095 |   |   |   | 5,556 |   |   |   | 4,590 |   |   |   | 13,893 |   |   |   | 8,360 |   |   |   | 6,088 |   |   |   | 4,841 |   |   |   | 4,044 |   |   | $ | 15.88 |   |

----

| (1) | Calculated      using net present value of future net revenue before deducting income      taxes, discounted at 10% per year. The unit values are based on net      reserves volumes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                               |   | OIL      AND NATURAL GAS RESERVES |   |
|------------------------------------|--------|-----------------------------------|--------|
|                               |   | Light      & Medium Oil       |   |   | Natural      Gas |   |   | Natural      Gas Liquids |   |   | Total |   |
| RESERVES      CATEGORY             |   | CompanyInterest                   |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |
|                               |   | (Mbbls)                           |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| Proved      Developed Producing    |   |                              | 3,500  |   |   |   | 3,493 |   |   |   | 3,042 |   |   |   | 196,111 |   |   |   | 196,093 |   |   |   | 172,417 |   |   |   | 1,774 |   |   |   | 1,774 |   |   |   | 1,367 |   |   |   | 37,959 |   |   |   | 37,949 |   |   |   | 33,145 |   |
| Proved      DevelopedNon-Producing |   |                              | -      |   |   |   | - |   |   |   | - |   |   |   | 1,705 |   |   |   | 1,705 |   |   |   | 1,264 |   |   |   | 15 |   |   |   | 15 |   |   |   | 10 |   |   |   | 299 |   |   |   | 299 |   |   |   | 221 |   |
| Proved      Undeveloped            |   |                              | 127    |   |   |   | 127 |   |   |   | 115 |   |   |   | 142,830 |   |   |   | 142,830 |   |   |   | 125,550 |   |   |   | 956 |   |   |   | 956 |   |   |   | 755 |   |   |   | 24,888 |   |   |   | 24,888 |   |   |   | 21,795 |   |
| Total      Proved Reserves         |   |                              | 3,627  |   |   |   | 3,620 |   |   |   | 3,157 |   |   |   | 340,646 |   |   |   | 340,628 |   |   |   | 299,231 |   |   |   | 2,745 |   |   |   | 2,745 |   |   |   | 2,132 |   |   |   | 63,146 |   |   |   | 63,136 |   |   |   | 55,161 |   |
| Probable      Reserves             |   |                              | 939    |   |   |   | 937 |   |   |   | 828 |   |   |   | 118,948 |   |   |   | 118,940 |   |   |   | 105,410 |   |   |   | 834 |   |   |   | 833 |   |   |   | 654 |   |   |   | 21,598 |   |   |   | 21,593 |   |   |   | 19,050 |   |
| Total      Proved Plus Probable    |   |                              | 4,566  |   |   |   | 4,557 |   |   |   | 3,985 |   |   |   | 459,594 |   |   |   | 459,568 |   |   |   | 404,641 |   |   |   | 3,579 |   |   |   | 3,578 |   |   |   | 2,786 |   |   |   | 84,744 |   |   |   | 84,730 |   |   |   | 74,211 |   |

|                                |   | NET      PRESENT VALUE OF FUTURE NET REVENUE DISCOUNTED AT      (%/YEAR) |   |
|-------------------------------------|--------|--------------------------------------------------------------------------|--------|
|                                |   | Before      Deducting Income Taxes, Discontinued at (%/Year)             |   |   | After      Deducting Income Taxes, Discontinued at (%/Year) |   |   |   |   |
| RESERVES      CATEGORY              |   | 0%                                                                       |   |   | 5% |   |   | 10% |   |   | 15% |   |   | 20% |   |   | 0% |   |   | 5% |   |   | 10% |   |   | 15% |   |   | 20% |   |   | UnitValue(1) |   |
|                                |   | (in $ millions)                                                |   |   | ($/BOE) |   |
| Proved      Developed Producing     |   |                                                                     | 1,132  |   |   |   | 905 |   |   |   | 758 |   |   |   | 656 |   |   |   | 580 |   |   |   | 1,009 |   |   |   | 822 |   |   |   | 699 |   |   |   | 612 |   |   |   | 547 |   |   | $ | 22.87 |   |
| Proved      Developed Non-Producing |   |                                                                     | 5      |   |   |   | 4 |   |   |   | 3 |   |   |   | 3 |   |   |   | 3 |   |   |   | 4 |   |   |   | 4 |   |   |   | 3 |   |   |   | 3 |   |   |   | 2 |   |   | $ | 15.77 |   |
| Proved      Undeveloped             |   |                                                                     | 480    |   |   |   | 313 |   |   |   | 213 |   |   |   | 148 |   |   |   | 103 |   |   |   | 407 |   |   |   | 268 |   |   |   | 182 |   |   |   | 126 |   |   |   | 87 |   |   | $ | 9.78 |   |
| Total      Proved Reserves          |   |                                                                     | 1,617  |   |   |   | 1,221 |   |   |   | 975 |   |   |   | 807 |   |   |   | 686 |   |   |   | 1,421 |   |   |   | 1,093 |   |   |   | 884 |   |   |   | 741 |   |   |   | 636 |   |   | $ | 17.67 |   |
| Probable      Reserves              |   |                                                                     | 653    |   |   |   | 394 |   |   |   | 264 |   |   |   | 189 |   |   |   | 143 |   |   |   | 487 |   |   |   | 297 |   |   |   | 201 |   |   |   | 146 |   |   |   | 111 |   |   | $ | 13.85 |   |
| Total      Proved Plus Probable     |   |                                                                     | 2,269  |   |   |   | 1,615 |   |   |   | 1,238 |   |   |   | 996 |   |   |   | 829 |   |   |   | 1,909 |   |   |   | 1,390 |   |   |   | 1,086 |   |   |   | 886 |   |   |   | 746 |   |   | $ | 16.69 |   |

----

| (1) | Calculated      using net present value of future net revenue before deducting income      taxes, discounted at 10% per year. The unit values are based on net      reserves volumes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                     |   | OIL      AND NATURAL GAS RESERVES |   |
|------------------------------------------|--------|-----------------------------------|--------|
|                                     |   | Light      & Medium Oil       |   |   | Natural      Gas |   |   | Natural      Gas Liquids |   |   | Total |   |
| RESERVES      CATEGORY                   |   | CompanyInterest                   |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |   | CompanyInterest |   |   | Gross |   |   | Net |   |
|                                     |   | (Mbbls)                           |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MMcf) |   |   | (MMcf) |   |   | (MMcf) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (Mbbls) |   |   | (MBOE) |   |   | (MBOE) |   |   | (MBOE) |   |
| Proved      Developed Producing          |   |                              | 3,504  |   |   |   | 3,497 |   |   |   | 3,047 |   |   |   | 195,943 |   |   |   | 195,925 |   |   |   | 172,360 |   |   |   | 1,774 |   |   |   | 1,774 |   |   |   | 1,367 |   |   |   | 37,935 |   |   |   | 37,925 |   |   |   | 33,141 |   |
| Proved      Developed Non-Producing      |   |                              | -      |   |   |   | - |   |   |   | - |   |   |   | 1,697 |   |   |   | 1,697 |   |   |   | 1,258 |   |   |   | 15 |   |   |   | 15 |   |   |   | 10 |   |   |   | 298 |   |   |   | 298 |   |   |   | 220 |   |
| Proved      Undeveloped                  |   |                              | 127    |   |   |   | 127 |   |   |   | 115 |   |   |   | 142,803 |   |   |   | 142,803 |   |   |   | 125,716 |   |   |   | 956 |   |   |   | 956 |   |   |   | 754 |   |   |   | 24,884 |   |   |   | 24,884 |   |   |   | 21,822 |   |
| Total      Proved Reserves               |   |                              | 3,631  |   |   |   | 3,624 |   |   |   | 3,162 |   |   |   | 340,443 |   |   |   | 340,425 |   |   |   | 299,334 |   |   |   | 2,745 |   |   |   | 2,745 |   |   |   | 2,131 |   |   |   | 63,117 |   |   |   | 63,107 |   |   |   | 55,182 |   |
| Probable      Reserves                   |   |                              | 942    |   |   |   | 940 |   |   |   | 831 |   |   |   | 118,606 |   |   |   | 118,598 |   |   |   | 105,178 |   |   |   | 834 |   |   |   | 833 |   |   |   | 654 |   |   |   | 21,544 |   |   |   | 21,539 |   |   |   | 19,015 |   |
| Total      Proved Plus Probable Reserves |   |                              | 4,573  |   |   |   | 4,564 |   |   |   | 3,993 |   |   |   | 459,049 |   |   |   | 459,023 |   |   |   | 404,512 |   |   |   | 3,579 |   |   |   | 3,578 |   |   |   | 2,785 |   |   |   | 84,660 |   |   |   | 84,646 |   |   |   | 74,197 |   |

----

|                                     |   | NET      PRESENT VALUE OF FUTURE NET REVENUE DISCOUNTED AT      (%/YEAR) |   |
|------------------------------------------|--------|--------------------------------------------------------------------------|--------|
|                                     |   | Before      Deducting Income Taxes                                       |   |   | After      Deducting Income Taxes |   |   |   |   |
| RESERVES      CATEGORY                   |   | 0%                                                                       |   |   | 5% |   |   | 10% |   |   | 15% |   |   | 20% |   |   | 0% |   |   | 5% |   |   | 10% |   |   | 15% |   |   | 20% |   |   | UnitValue(1) |   |
|                                     |   | (in $ millions)                                                |   |   | ($/BOE) |   |
| Proved      Developed Producing          |   |                                                                     | 1,045  |   |   |   | 847 |   |   |   | 717 |   |   |   | 624 |   |   |   | 556 |   |   |   | 943 |   |   |   | 777 |   |   |   | 666 |   |   |   | 587 |   |   |   | 527 |   |   | $ | 21.63 |   |
| Proved      Developed Non-Producing      |   |                                                                     | 5      |   |   |   | 4 |   |   |   | 3 |   |   |   | 3 |   |   |   | 2 |   |   |   | 4 |   |   |   | 3 |   |   |   | 3 |   |   |   | 3 |   |   |   | 2 |   |   | $ | 14.62 |   |
| Proved      Undeveloped                  |   |                                                                     | 365    |   |   |   | 235 |   |   |   | 156 |   |   |   | 104 |   |   |   | 68 |   |   |   | 319 |   |   |   | 207 |   |   |   | 137 |   |   |   | 91 |   |   |   | 58 |   |   | $ | 7.16 |   |
| Total      Proved Reserves               |   |                                                                     | 1,414  |   |   |   | 1,086 |   |   |   | 876 |   |   |   | 731 |   |   |   | 626 |   |   |   | 1,266 |   |   |   | 987 |   |   |   | 807 |   |   |   | 680 |   |   |   | 587 |   |   | $ | 15.88 |   |
| Probable      Reserves                   |   |                                                                     | 512    |   |   |   | 319 |   |   |   | 219 |   |   |   | 159 |   |   |   | 121 |   |   |   | 385 |   |   |   | 243 |   |   |   | 168 |   |   |   | 123 |   |   |   | 95 |   |   | $ | 11.51 |   |
| Total      Proved Plus Probable Reserves |   |                                                                     | 1,926  |   |   |   | 1,405 |   |   |   | 1,095 |   |   |   | 891 |   |   |   | 747 |   |   |   | 1,651 |   |   |   | 1,230 |   |   |   | 975 |   |   |   | 803 |   |   |   | 682 |   |   | $ | 14.76 |   |

----

| (1) | Calculated      using net present value of future net revenue before deducting income      taxes, discounted at 10% per year. The unit values are based on net      reserves volumes. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       |   | CRUDE      OIL            |   |   | NATURAL      GAS                                  |   |   | NATURAL      GAS LIQUIDS              |   |   |                                   |   |   |                              |   |
|------------|--------|---------------------------|--------|--------|---------------------------------------------------|--------|--------|---------------------------------------|--------|--------|----------------------------------------|--------|--------|-----------------------------------|--------|
|       |   |                      |   |   |                                              |   |   |                                  |   |   |                                   |   |   |                              |   |   |   |   |   | Edmonton      Par Price |   |   |   |   |   |   |   |
| Year       |   | WTI      Cushing Oklahoma |   |   | Edmonton      Par Price      40° API(1) |   |   | Hardisty      Heavy 12° API |   |   | Cromer      Medium 29.3° API |   |   | 30 day      spot @ AECO |   |   | Henry      Hub Price |   |   | Propanes |   |   | Butanes |   |   | Pentanes      Plus |   |   | InflationRate |   |   | Exchange      Rate |   |
|       |   | ($US/bbl)                 |   |   | ($Cdn/bbl)                                        |   |   | ($Cdn/bbl)                            |   |   | ($Cdn/bbl)                             |   |   | ($Cdn/mmbtu)                      |   |   | ($US/mmbtu) |   |   | ($Cdn/bbl) |   |   | ($Cdn/bbl) |   |   | ($Cdn/bbl) |   |   | (%/year) |   |   | ($US/$Cdn) |   |
| 2008       |   |                      | 89.61  |   |                                              |   | 88.17  |                                  |   |   | 54.67                                  |   |   |                              | 75.83  |   |   |   | 6.51 |   |   |   | 7.56 |   |   |   | 52.29 |   |   |   | 65.72 |   |   |   | 90.30 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| 2009       |   |                      | 86.01  |   |                                              |   | 84.54  |                                  |   |   | 52.42                                  |   |   |                              | 72.71  |   |   |   | 7.22 |   |   |   | 8.27 |   |   |   | 50.14 |   |   |   | 63.01 |   |   |   | 86.58 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| 2010       |   |                      | 84.65  |   |                                              |   | 83.16  |                                  |   |   | 51.56                                  |   |   |                              | 71.52  |   |   |   | 7.69 |   |   |   | 8.74 |   |   |   | 49.32 |   |   |   | 61.98 |   |   |   | 85.17 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| 2011       |   |                      | 82.77  |   |                                              |   | 81.26  |                                  |   |   | 50.38                                  |   |   |                              | 69.89  |   |   |   | 7.70 |   |   |   | 8.75 |   |   |   | 48.20 |   |   |   | 60.57 |   |   |   | 83.23 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| 2012       |   |                      | 82.26  |   |                                              |   | 80.73  |                                  |   |   | 50.05                                  |   |   |                              | 69.43  |   |   |   | 7.61 |   |   |   | 8.66 |   |   |   | 47.88 |   |   |   | 60.17 |   |   |   | 82.68 |   |   |   | 2.0 |   |   |   | 1.00 |   |
| Thereafter |   |                      |   | (2)    |                                              |   |   | (2)                                   |   |   |                                   | (2)    |   |                              |   | (2) |   |   |   | (2) |   |   | +2.0 | % |   |   |   | (2) |   |   |   | (2) |   |   |   | (2) |   |   |   | (2) |   |   | 1.00 |   |

----

| (1) | Edmonton      refinery postings for 40o      API, 0.4% sulphur content crudeoil. |
|-----|----------------------------------------------------------------------------------|

| (2) | Escalation      varies after 2012. |
|-----|------------------------------------|

----

|     |   | CRUDE      OIL     |   |   | NATURAL      GAS                           |   |   | NATURAL      GAS LIQUIDS       |   |   |                            |   |   |                             |   |
|----------|--------|--------------------|--------|--------|--------------------------------------------|--------|--------|--------------------------------|--------|--------|---------------------------------|--------|--------|----------------------------------|--------|
|     |   |               |   |   |                                       |   |   |                           |   |   |                            |   |   |                             |   |   |   |   |   | Edmonton      Par Price |   |   |   |   |   |   |   |
|     |   | WTICushingOklahoma |   |   | EdmontonPar      Price40°      API(1) |   |   | HardistyHeavy12°      API |   |   | CromerMedium29.3°      API |   |   | 30 day      spot@      AECO |   |   | Henry      HubPrice |   |   | Propanes |   |   | Butanes |   |   | PentanesPlus |   |   | InflationRate |   |   | ExchangeRate |   |
|     |   | ($US/bbl)          |   |   | ($Cdn/bbl)                                 |   |   | ($Cdn/bbl)                     |   |   | ($Cdn/bbl)                      |   |   | ($Cdn/mmbtu)                     |   |   | ($US/mmbtu) |   |   | ($Cdn/bbl) |   |   | ($Cdn/bbl) |   |   | ($Cdn/bbl) |   |   | (%/year) |   |   | ($US/$Cdn) |   |
| Constant |   |               | 96.00  |   |                                       |   | 93.44  |                           |   |   | 41.70                           |   |   |                             | 72.58  |   |   |   | 6.52 |   |   |   | 6.80 |   |   |   | 61.75 |   |   |   | 81.79 |   |   |   | 95.59 |   |   |   | - |   |   |   | 1.009 |   |

----

| (1) | Edmonton      refinery postings for 40o      API, 0.4% sulphur content crudeoil. |
|-----|----------------------------------------------------------------------------------|

| Reserves      Category             |   | Revenue              |   |   | Royalties      andProductionTaxes |   |   | OperatingCosts |   |   | DevelopmentCosts |   |   | AbandonmentandReclamationCosts |   |   | Future      NetRevenueBeforeIncomeTaxes |   |   | IncomeTaxes |   |   | RevenueAfterIncomeTaxes |   |
|------------------------------------|--------|----------------------|--------|--------|-----------------------------------|--------|--------|----------------|--------|--------|------------------|--------|--------|--------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------|--------|--------|-------------------------|--------|
|                               |   | (in      $ millions) |   |
| Proved      Reserves               |   |                 | 3,098  |   |                              |   | 411    |           |   |   | 738              |   |   |                           | 281    |   |                                    |   | 51     |        |   |   | 1,617                   |   |   |   | 196 |   |   |   | 1,421 |   |
| Probable      Reserves             |   |                 | 1,168  |   |                              |   | 146    |           |   |   | 294              |   |   |                           | 67     |   |                                    |   | 9      |        |   |   | 652                     |   |   |   | 164 |   |   |   | 488 |   |
| Proved      Plus Probable Reserves |   |                 | 4,266  |   |                              |   | 557    |           |   |   | 1,032            |   |   |                           | 348    |   |                                    |   | 60     |        |   |   | 2,269                   |   |   |   | 360 |   |   |   | 1,909 |   |

| Reserves      Category             |   | Production      Group                                 |   | Future      Net Revenue BeforeIncome      Taxes(Discounted      at 10%/year) |     |   | Unit      Value(3) |   |
|------------------------------------|--------|-------------------------------------------------------|--------|------------------------------------------------------------------------------|----------|--------|--------------------|--------|
|                               |   |                                                  |   | (in      $ millions)                                                         |     |   | ($/Bbl/$/Mcf)      |   |
| Proved      Reserves               |   | Light      and Medium Crude Oil(1)Natural      Gas(2) |   |                                                                         | 106868   |   |               |   | 33.712.90 |   |
| Proved      Plus Probable Reserves |   | Light      and Medium Crude Oil(1)Natural      Gas(2) |   |                                                                         | 1231,116 |   |               |   | 30.772.76 |   |

----

| (1) | Including      solution gas and other by-products. |
|-----|----------------------------------------------------|

| (2) | Including      by-products, but excluding solution gas and by-products from oil      wells. |
|-----|---------------------------------------------------------------------------------------------|

| (3) | Calculated      using net oil or net gas reserves and forecast price and cost      assumptions. |
|-----|-------------------------------------------------------------------------------------------------|

----

|                            |   | Gross      Proved Reserves             |   | Gross      Probable Reserves                    |
|---------------------------------|--------|----------------------------------------|--------|-------------------------------------------------|
| Product      Type               |   | Estimated      2008AggregateProduction |   | Estimated      2008Average      DailyProduction |   | Estimated      2008AggregateProduction |   | Estimated      2008Average      DailyProduction |
| Light      and Medium Crude Oil |   | 579      Mbbls                         |   | 1,581      bbls/d                               |   | 22      Mbbls |   | 61      bbls/d |
| Natural      Gas Liquids        |   | 289      Mbbls                         |   | 791      bbls/d                                 |   | 4      Mbbls |   | 10      bbls/d |
| Total      Liquids              |   | 868      Mbbls                         |   | 2,372      bbls/d                               |   | 26      Mbbls |   | 71      bbls/d |
| Natural      Gas                |   | 40,200      MMcf                       |   | 109,836      Mcf/d                              |   | 1,100      MMcf |   | 3,006      Mcf/d |
| Total                           |   | 7,568      MBOE                        |   | 20,678      BOE/d                               |   | 209      MBOE |   | 572      BOE/d |

|      |   | Proved      Reserves |   |   | Proved      PlusProbable      Reserves |   |
|-----------|--------|----------------------|--------|--------|----------------------------------------|--------|
| Year      |   | Undiscounted         |   |   | Discountedat      10%/year             |   |   | Undiscounted |   |   | Discountedat      10%/year |   |
|      |   | (in      $ millions) |   |
| 2008      |   |                 | 111    |   |                                   |   | 107 |   |   |   | 114 |   |   |   | 109 |   |
| 2009      |   |                 | 99     |   |                                   |   | 86 |   |   |   | 103 |   |   |   | 89 |   |
| 2010      |   |                 | 53     |   |                                   |   | 42 |   |   |   | 85 |   |   |   | 67 |   |
| 2011      |   |                 | 18     |   |                                   |   | 13 |   |   |   | 46 |   |   |   | 33 |   |
| 2012      |   |                 | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Remainder |   |                 | -      |   |                                   |   | - |   |   |   | - |   |   |   | - |   |
| Total     |   |                 | 281    |   |                                   |   | 248 |   |   |   | 348 |   |   |   | 298 |   |

----

----

| Property                            |   | Light      &MediumCrudeOil |   |   | NGLs     |   |   | Natural      Gas |   |   | Total   |   |
|-------------------------------------|--------|--------------------------------|--------|--------|----------|--------|--------|------------------|--------|--------|---------|--------|
|                                |   | (bbls/d)                       |   |   | (bbls/d) |   |   | (Mcf/d)          |   |   | (BOE/d) |   |
| Shackleton,      Saskatchewan       |   |                           | -      |   |     |   | -      |             |   |   | 68,051  |   |   |   | 11,342 |   |
| Tommy      Lakes, British Columbia  |   |                           | -      |   |     |   | 720    |             |   |   | 33,000  |   |   |   | 6,220 |   |
| Red      Earth, Alberta             |   |                           | 1,477  |   |     |   | 17     |             |   |   | -       |   |   |   | 1,494 |   |
| Southwest      Saskatchewan         |   |                           | 273    |   |     |   | -      |             |   |   | 2,886   |   |   |   | 754 |   |
| Pouce      Coupe, Alberta           |   |                           | 11     |   |     |   | 28     |             |   |   | 2,864   |   |   |   | 516 |   |
| Sylvan      Lake, Alberta           |   |                           | 56     |   |     |   | 55     |             |   |   | 1,743   |   |   |   | 402 |   |
| Medicine      Hat, Alberta          |   |                           | -      |   |     |   | -      |             |   |   | 2,074   |   |   |   | 345 |   |
| Kotcho-Cabin,      British Columbia |   |                           | -      |   |     |   | -      |             |   |   | 1,429   |   |   |   | 238 |   |
| TOTAL                               |   |                           | 1,817  |   |     |   | 820    |             |   |   | 112,047 |   |   |   | 21,311 |   |

----

|                  |   | Producing      Wells |   |   | Non-Producing      Wells |   |   | UnprovedProperties(thousand      of acres) |   |
|-----------------------|--------|----------------------|--------|--------|--------------------------|--------|--------|--------------------------------------------|--------|
|                  |   | Oil                  |   |   | Natural      Gas         |   |   | Oil                                        |   |   | Natural      Gas |   |   |   |   |   |   |   |
|                  |   | Gross                |   |   | Net                      |   |   | Gross                                      |   |   | Net |   |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |
| Alberta               |   |                 | 189    |   |                     |   | 82     |                                       |   |   | 145 |   |   |   | 106 |   |   |   | 38 |   |   |   | 16 |   |   |   | 12 |   |   |   | 8 |   |   |   | 14.5 |   |   |   | 10.4 |   |
| Saskatchewan          |   |                 | 79     |   |                     |   | 32     |                                       |   |   | 1,659 |   |   |   | 1,382 |   |   |   | 14 |   |   |   | 11 |   |   |   | 181 |   |   |   | 112 |   |   |   | 412.9 |   |   |   | 314.4 |   |
| British      Columbia |   |                 | -      |   |                     |   | -      |                                       |   |   | 130 |   |   |   | 121 |   |   |   | - |   |   |   | - |   |   |   | 17 |   |   |   | 14 |   |   |   | 76.8 |   |   |   | 63.9 |   |
| Total                 |   |                 | 268    |   |                     |   | 114    |                                       |   |   | 1,934 |   |   |   | 1,609 |   |   |   | 52 |   |   |   | 27 |   |   |   | 210 |   |   |   | 134 |   |   |   | 504.2 |   |   |   | 388.7 |   |

|                   |   | DevelopmentWells |   |   | ExploratoryWells |   |
|------------------------|--------|------------------|--------|--------|------------------|--------|
| Category      of Well  |   | Gross            |   |   | Net              |   |   | Gross |   |   | Net |   |
| Crude      oil wells   |   |             | 3      |   |             |   | 1.3 |   |   |   | - |   |   |   | - |   |
| Natural      gas wells |   |             | 381    |   |             |   | 294.9 |   |   |   | - |   |   |   | - |   |
| Total                  |   |             | 384    |   |             |   | 296.2 |   |   |   | - |   |   |   | - |   |

|                                     |   | Year      Ended December 31, 2007 |    |
|------------------------------------------|--------|----------------------------------------|---------|
|                                     |   | FirstQuarter                           |    |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Crude      oil                           |   |                                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Light      and medium crude oil (bbls/d) |   |                                   | 1,911   |   |   |   | 1,798 |   |   |   | 1,750 |   |   |   | 1,810 |   |   |   | 1,817 |   |
| Natural      gas liquids (bbls/d)        |   |                                   | 810     |   |   |   | 831 |   |   |   | 913 |   |   |   | 724 |   |   |   | 820 |   |
| Total      liquids (bbls/d)              |   |                                   | 2,721   |   |   |   | 2,629 |   |   |   | 2,663 |   |   |   | 2,534 |   |   |   | 2,637 |   |
| Natural      gas (Mcf/d)                 |   |                                   | 115,515 |   |   |   | 115,585 |   |   |   | 109,728 |   |   |   | 107,473 |   |   |   | 112,047 |   |
| Total      (BOE/d)                       |   |                                   | 21,974  |   |   |   | 21,894 |   |   |   | 20,951 |   |   |   | 20,446 |   |   |   | 21,311 |   |

----

|                                        |   | Year      Ended December 31, 2007 |   |
|---------------------------------------------|--------|----------------------------------------|--------|
|                                        |   | FirstQuarter                           |   |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Light      and Medium Crude Oil ($ per bbl) |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)                         |   |                                   | 62.17  |   |   |   | 67.73 |   |   |   | 76.15 |   |   |   | 78.85 |   |   |   | 71.12 |   |
| Royalties                                   |   |                                   | 10.94  |   |   |   | 12.78 |   |   |   | 13.02 |   |   |   | 15.81 |   |   |   | 13.12 |   |
| Production      costs(2)                    |   |                                   | 13.38  |   |   |   | 13.64 |   |   |   | 11.83 |   |   |   | 16.45 |   |   |   | 13.84 |   |
| Netback                                     |   |                                   | 37.85  |   |   |   | 41.31 |   |   |   | 51.30 |   |   |   | 46.59 |   |   |   | 44.16 |   |

|                                 |   | Year      Ended December 31, 2007 |   |
|--------------------------------------|--------|----------------------------------------|--------|
|                                 |   | FirstQuarter                           |   |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Natural      Gas Liquids ($ per bbl) |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)                  |   |                                   | 55.35  |   |   |   | 61.35 |   |   |   | 61.25 |   |   |   | 77.09 |   |   |   | 63.36 |   |
| Royalties                            |   |                                   | 4.86   |   |   |   | 13.40 |   |   |   | 13.21 |   |   |   | 15.76 |   |   |   | 11.79 |   |
| Production      costs(2)             |   |                                   | 3.88   |   |   |   | 2.58 |   |   |   | 2.81 |   |   |   | 3.84 |   |   |   | 3.24 |   |
| Netback                              |   |                                   | 46.61  |   |   |   | 45.37 |   |   |   | 45.23 |   |   |   | 57.49 |   |   |   | 48.33 |   |

|                         |   | Year      Ended December 31, 2007 |   |
|------------------------------|--------|----------------------------------------|--------|
|                         |   | FirstQuarter                           |   |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Natural      Gas ($ per Mcf) |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)          |   |                                   | 7.12   |   |   |   | 6.99 |   |   |   | 5.58 |   |   |   | 6.07 |   |   |   | 6.45 |   |
| Royalties                    |   |                                   | 1.47   |   |   |   | 1.44 |   |   |   | 0.99 |   |   |   | 1.07 |   |   |   | 1.25 |   |
| Production      costs(2)     |   |                                   | 0.61   |   |   |   | 0.47 |   |   |   | 0.52 |   |   |   | 0.68 |   |   |   | 0.57 |   |
| Netback                      |   |                                   | 5.04   |   |   |   | 5.08 |   |   |   | 4.07 |   |   |   | 4.32 |   |   |   | 4.63 |   |

|                     |   | Year      Ended December 31, 2007 |   |
|--------------------------|--------|----------------------------------------|--------|
|                     |   | FirstQuarter                           |   |   | SecondQuarter |   |   | ThirdQuarter |   |   | FourthQuarter |   |   | Total      forYear |   |
| Total      ($ per BOE)   |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      price(1)      |   |                                   | 44.87  |   |   |   | 44.78 |   |   |   | 38.26 |   |   |   | 41.62 |   |   |   | 42.42 |   |
| Royalties                |   |                                   | 8.82   |   |   |   | 9.10 |   |   |   | 6.87 |   |   |   | 7.57 |   |   |   | 8.11 |   |
| Production      costs(2) |   |                                   | 4.50   |   |   |   | 3.71 |   |   |   | 3.84 |   |   |   | 5.15 |   |   |   | 4.29 |   |
| Netback                  |   |                                   | 31.55  |   |   |   | 31.97 |   |   |   | 27.55 |   |   |   | 28.90 |   |   |   | 30.02 |   |

----

| (1) | Net      of transportation costs but before the effects of commodity derivative      instruments. |
|-----|---------------------------------------------------------------------------------------------------|

| (2) | Production      costs are costs incurred to operate and maintain wells and related      equipment and facilities, including operating costs of support equipment      used in oil and gas activities and other costs of operating and      maintaining those wells and related equipment and facilities. Examples of      production costs include items such as field staff labour costs, costs of      materials, supplies and fuel consumed and supplies utilized in operating      the wells and related equipment (such as power, chemicals and lease      rentals), repairs and maintenance costs, property taxes, insurance costs,      costs of workovers, net processing and treating fees, overhead fees, taxes      (other than income, capital, or withholding taxes) and other      costs. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                |   | PropertyAcquisition      Costs |   |   | Development      Costs |   |
|---------------------|--------|--------------------------------|--------|--------|------------------------|--------|
|                |   | ($      in thousands)          |   |
| Costs      incurred |   | $                              | 6,221  |   |                   | $      | 109,919 |   |

| Financial      Contracts |   | Daily      Quantity                                                    |   | Contract      Price             |   | Price      Index     |   | Term                                                                                                                                                                               |
|--------------------------|--------|------------------------------------------------------------------------|--------|---------------------------------|--------|----------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Crude      Oil           |   | 400      bbls400      bbls400      bbls                                |   | $78.53$70.00-$79.00$84.60       |   | WTIWTIWTI            |   | January      2008 - December 2008January      2008 - June 2008July      2008 - December 2008                                                                        |
|                     |   |                                                                   |   |                            |   |                 |   |                                                                                                                                                                               |
| Natural      gas         |   | 15,000      GJ15,000      GJ10,000      GJ15,000      GJ15,000      GJ |   | $8.25-$9.00$8.02$8.60$6.35$6.80 |   | AECOAECOAECOAECOAECO |   | November      2007 - March 2008November      2007 - March 2008November      2007 - March 2008April      2008 - October 2008April      2008 - October 2008 |

----

| Physical      Sales Contacts         |   | Daily      Quantity          |   | Contract      Price |   | Term                                                                     |
|--------------------------------------|--------|------------------------------|--------|---------------------|--------|--------------------------------------------------------------------------|
| Natural      Gas  - fixed price |   | 10,000      GJ10,000      GJ |   | $8.96$7.32          |   | November      2007 - March 2008November      2007 - March 2008 |

----

|  |   | Focus LP      A Units |
|--|--------|----------------------------|

|  |   | Focus LP      Exchangeable Units |
|--|--------|---------------------------------------|

|   | (a) | Focus LP      Exchangeable Units are exchangeable for no additional consideration for      0.425 of a Trust Unit at the option of the holder in accordance with the      terms and conditions of the Focus LP Agreement, the Focus LP      Support Agreement and the Focus LP Voting and Exchange Agreement. See      below under “--  Information Concerning Focus Limited      Partnership  - Focus LP Voting and Exchange Agreement  -      Exchange Right”; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each      Focus LP Exchangeable Unit entitles the holder thereof to receive      non-interest bearing loans from Focus LP equal to cash distributions      made by the Fund on a Trust Unit, multiplied by 0.425. See below under “--       Information Concerning Focus Limited Partnership  - Partnership      Units  - Focus LP Exchangeable Units  - Distribution      Rights”; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      holder of each Focus LP Exchangeable Unit will be entitled to direct      the Voting and Exchange Trustee to vote the Focus LP Special Voting      Right at all meetings of the Fund’s unitholders on the basis of 0.425 of a      vote for each Focus LP ExchangeableUnit; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      holders of Focus LP Exchangeable Units will not be entitled as such      to receive notice of or to attend any meeting of the partners of      Focus LP or to vote at any such meeting. However, holders of      Focus LP Exchangeable Units will be entitled to vote separately as a      class in respect of proposals to add to, change or remove any right,      privilege, restriction or condition attaching to Focus LP      Exchangeable Units or in respect of any other amendment to the applicable      partnership agreement which will have an adverse impact on the holders of      such Focus LP Exchangeable Units. See below under “--       Information Concerning Focus Limited Partnership  - Partnership      Units  - Focus LP Exchangeable Units  - Voting      Rights”; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Focus LP      Exchangeable Units will not be transferable except as set out below under      “--  Information Concerning Focus Limited Partnership  -      Partnership Units  - Focus LP Exchangeable Units  -      Transfer of Focus LP Exchangeable Units”;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Focus LP      will be entitled to acquire all of Focus LP Exchangeable Units in      exchange for Trust Units in certain specified circumstances, including      there being outstanding fewer than 1,000,000 Focus LP Exchangeable      Units or in the event of certain transactions which may involve a change      of control of the Fund. See below under “--  Information Concerning      Focus Limited Partnership  - Partnership Units  - Focus LP      Exchangeable Units  - RedemptionRight”. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | Distribution      Rights |
|--|--------|--------------------------|

|   | (a) | in      the case of a cash distribution declared on Trust Units, in an amount in      cash for each Focus LP Exchangeable Unit equal to the cash      distribution declared on each Trust Unit, multiplied by 0.425;      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of a distribution declared on Trust Units in property other than      cash or Trust Units, in such type and amount of property for each      Focus LP Exchangeable Unit as is the same as, or economically      equivalent to, the type and amount of property declared as a distribution      on each Trust Unit, multiplied by0.425. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |   | Transfer      of Focus LP Exchangeable Units |
|--|--------|---------------------------------------------------|

|  |   | Retraction      Right |
|--|--------|-----------------------|

----

|   | (a) | there      are less than 1.0 million Focus LP Exchangeable Units      outstanding (other than Focus LP Exchangeable Units held by the Fund      or its affiliates), such numbers to be adjusted as determined by the Board      of Directors, in good faith and in its sole discretion, to give effect to      any subdivision, consolidation or distribution in specie of Focus LP      Exchangeable Units, any issue or distribution of rights, options or      warrants to acquire Focus LP Exchangeable Units (or securities      exchangeable for or convertible into or carrying rights to acquire      Focus LP Exchangeable Units), any issue or distribution of other      securities or rights or evidences of indebtedness or assets, or any other      capital reorganization or other transaction affecting Focus LP      Exchangeable Units, in which case the Redemption Date shall be the      business day determined by the Board of Directors and the Board of      Directors shall give such number of days’ prior written notice to the      registered holders of Focus LP Exchangeable Units and the Voting and      Exchange Trustee as the Board of Directors may determine to be reasonably      practicable in such circumstances; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | a      Trust Control Transaction occurs in respect of Focus LP, in which      case, provided that the Board of Directors determines, in good faith and      in its sole discretion, that it is not reasonably practicable to      substantially replicate the terms and conditions of Focus LP      Exchangeable Units, in connection with such a Trust Control Transaction      and that the redemption of all but not less than all of the outstanding      Focus LP Exchangeable Units is necessary to enable the completion of      such Trust Control Transaction in accordance with its terms, the      redemption date shall be the business day determined by the Board of      Directors and the Board of Directors shall give such number of days’ prior      written notice to the registered holders of Focus LP Exchangeable      Units and to the Voting and Exchange Trustee as the Board of Directors may      determine to be reasonably practicable in such    circumstances; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | a      Change of Law occurs, in which case the redemption date shall be the      business day determined by the Board of Directors and the Board of      Directors shall give such number of days’ prior written notice to the      registered holders of Focus LP Exchangeable Units and the Voting and      Exchange Trustee as the Board of Directors may determine to be reasonably      practicable in such circumstances; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a      Class B Unit Voting Event is proposed, in which case, provided that      the Board of Directors has determined, in good faith and in its sole      discretion, that it is not reasonably practicable to accomplish the      business purpose intended by the Focus LP Exchangeable Unit Voting      Event, which business purpose must be bona fide and not for      the primary purpose of causing the occurrence of a Redemption Date, the      redemption date shall be the business day prior to the record date for any      meeting or vote of the holders of Focus LP Exchangeable Units, to      consider the Focus LP Exchangeable Unit Voting Event and the Board of      Directors shall give such number of days’ prior written notice of such      redemption to the registered holders of Focus LP Exchangeable Units      and the Voting and Exchange Trustee as the Board of Directors may      determine to be reasonably practicable in such circumstances;      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | an      Exempt Class B Unit Voting Event is proposed and the holders of      Focus LP Exchangeable Units fail to take the necessary action at a      meeting or other vote of holders of Focus LP Exchangeable Units, to      approve or disapprove, as applicable, the Exempt Focus LP      Exchangeable Unit Voting Event, in which case the redemption date shall be      the business day following the day on which the holders of Focus LP      Exchangeable Units fail to take suchaction, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | Voting      Rights |
|--|--------|--------------------|

|   | (a) | the      amendment provisions themselves may not be amended without the unanimous      consent of the holders of the limited partnership units of      Focus LP; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no      amendment shall be made to the Focus LP Agreement which would have      the effect of, among other things: (i) preventing the loans or      distributions to the holders of Focus LP Exchangeable Units or      adversely affecting the rights of the holders of Focus LP      Exchangeable Units under the Focus LP Support Agreement;      (ii) changing the provision in the Focus LP Agreement that      restricts certain distributions or payments on Focus LP A Units or      issuances of securities ranking superior to Focus LP Exchangeable      Units; (iii) changing the liability of a limited partner;      (iv) allowing any limited partner to exercise control over the      business of Focus LP; (v) changing the right of a limited      partner to vote on resolutions; or (vi) changing Focus LP from a      limited partnership to a general partnership, without such amendment being      passed by an Extraordinary LPResolution; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | no      amendment shall be made to the Focus LP Agreement which would have      the effect of adding, changing or removing any right, privilege,      restriction or condition attaching to Focus LP Exchangeable Units, or      which would have an adverse impact on the holders of Focus LP      Exchangeable Units unless such amendment is approved by a class vote of      662/3% of      the holders of Focus LP Exchangeable Units;  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | no      amendment shall be made which would have the effect of adversely affecting      the rights and obligations of the Focus LP General Partner becoming      effective before 45 days after the resolution approving such      amendment. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | in      the event of any determination by the Fund to institute voluntary      liquidation, dissolution or winding-up proceedings with respect to the      Fund or to effect any other distribution of assets of the Fund among the      its unitholders for the purpose of winding-up its affairs, at least      60 days prior to the proposed effective date of such liquidation,      dissolution, winding-up or other distribution;  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly      following the earlier of (i) receipt by the Fund of notice of, and      (ii) the Fund otherwise becoming aware of, any threatened or      instituted claim, suit, petition or other proceedings with respect to the      involuntary liquidation, dissolution or winding-up of the Fund or to      effect any other distribution of assets of the Fund among the its      unitholders for the purpose of winding-up its affairs, in each case where      the Fund has failed to contest in good faith any such proceeding commenced      in respect of the Fund within 30 days of becoming aware      thereof. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | take      all such actions and do all such things as are reasonably necessary or      desirable to enable and permit Focus LP, in accordance with      applicable law, to pay and otherwise perform its obligations with respect      to the satisfaction of the Liquidation Amount, the Retraction Price, the      Redemption Price or the Automatic Redemption Price in respect of each of      its issued and outstanding Focus LP Exchangeable Units (other than      Focus LP Exchangeable Units owned by Focus or its affiliates) upon      its liquidation, dissolution or winding-up or any other distribution of      its assets among its partners for the purpose of winding-up its affairs,      the delivery of a Retraction Request by a holder of Focus LP      Exchangeable Units, or a redemption of Focus LP Exchangeable Units by      Focus LP; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | not      (and will ensure that each of its affiliates does not) exercise its vote      as a partner to initiate the voluntary liquidation, dissolution or      winding-up of Focus LP or any other distribution of the assets of      Focus LP among its partners for the purpose of winding-up its affairs      nor take any action or omit to take any action that is designed to result      in the liquidation, dissolution or winding-up of Focus LP or any      other distribution of the assets of Focus LP among its partners for      the purpose of winding-up itsaffairs. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | issue      or distribute Trust Units (or securities exchangeable for or convertible      into or carrying rights to acquire Trust Units) to the holders of all or      substantially all of the then outstanding Trust Units by way of      distribution, other than an issue of Trust Units (or securities      exchangeable for or convertible into or carrying rights to acquire Trust      Units) to holders of Trust Units who exercise an option to receive      distributions in Trust Units (or securities exchangeable for or      convertible into or carrying rights to acquire Trust Units) in lieu of      receiving cash distributions, or pursuant to any distribution reinvestment      plan; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | issue      or distribute rights, options or warrants to the holders of all or      substantially all of the then outstanding Trust Units entitling them to      subscribe for or to purchase Trust Units (or securities exchangeable for      or convertible into or carrying rights to acquire Trust Units);      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | issue      or distribute to the holders of all or substantially all of the then      outstanding Trust Units: (i) securities of the Fund of any class      other than Trust Units (other than securities exchangeable for or      convertible into or carrying rights to acquire Trust Units);      (ii) rights, options or warrants other than those referred to in      paragraph (b) above; (iii) evidences of indebtedness of the      Fund; or (iv) other assets of theFund, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----