UPDATE 1-Enerplus Resources Q1 profit rises 54 pct

* Q1 EPS C$0.45 vs C$0.31 last year

* Q1 oil and gas sales per boe rise 33.7 percent

May 7 (BestGrowthStock) – Enerplus Resources Fund’s (ERF_u.TO: )
quarterly profit rose 54 percent on the back of stronger oil
and gas prices, and said it is converting into a corporation by
2011.

Enerplus, the No. 4 Canadian energy trust, posted a
first-quarter profit (Read more your timing to make a profit.) of C$80.0 million, or 45 Canadian cents a
share, compared with C$51.8 million, or 31 Canadian cents a
share, a year ago.

Oil and gas sales on a barrel of oil equivalent(boe) basis
rose 33.7 percent to C$47.65 and operating cash flow rose 12
percent to C$189.4 million.

However, its average production fell 11 percent to 84,719
boe per day.

Shares of the company closed at C$22.88 Thursday on the
Toronto Stock Exchange.

Stock Market

(Reporting by Aftab Ahmed in Bangalore; Editing by Maju
Samuel)
([email protected]; within U.S. +1 646 223 8780;
outside U.S. +91 80 4135 5800; Reuters Messaging:
[email protected]))

UPDATE 1-Enerplus Resources Q1 profit rises 54 pct