2007 ENERPLUS ANNUAL REPORT

Enerplus is a high-yielding equity investment in the oil and natural gas business. We are one of Canada's oldest and largest independent oil and gas producers established in 1986. We have built a balanced and diversified portfolio of producing properties across western Canada and the United States with a focus on large resource plays that offer predictable production and repeatable, low-risk development opportunities in conventional oil and gas production as well as in Canada's oil sands. Enerplus creates value through development drilling, optimization and acquisitions that enhance the sustainability of our business over the long-term. Through our discipline of paying a significant portion of our cash flow to investors each month, we believe we offer an attractive investment in the oil and gas industry.