Waterfloods are an attractive asset for Enerplus because they have large accumulations of original oil in place with low geologic risk. We own 12 major waterflood properties and numerous small waterflood properties with over 1.4 billion barrels of original oil in place. This represents a considerable resource for us as modest improvements in recovery factor can result in significant increases in reserves.

In a crude oil waterflood play, water is injected into the producing reserve formation to supplement the original reservoir pressure and provide a drive mechanism to move additional oil to the producing well. Pressure maintenance and the production of oil from water injection can result in a production profile with more predictable and stable declines and higher recovery of reserve assets. We operate over 80% of our crude oil waterflood production, which is located throughout the Western Canadian Sedimentary Basin.

Our 12 major waterfloods properties are Joarcam, Pembina 5 Way, Giltedge, Medicine Hat Glauconitic "C" Unit, Virden, Gleneath, Silverheights, Pouce Coupe, Cadogan, Freda Lake, Kessler and Mitsue.

Key Statistics:

• 19% of proved plus probable reserves
• 17% of daily production
• 15% of 2008 capital budget
• Over $350 million of future development potential currently identified
• Year-to-date capital spending of $48 million, 28 net wells drilled
• Focusing on step-out and infill drilling
  *as of September 30, 2008

For further information on all of our resource plays, click here.

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