Enerplus Corporation says that the Plan of Arrangement pursuant to which Enerplus Resources Fund (the 'Fund') converted into a corporate entity was completed on January 1, 2011 and will now continue as 'Enerplus Corporation'. The business, directors and management of Enerplus are the same as those of the Fund immediately prior to the conversion.

Shares in Enerplus Corporation will commence trading on the Toronto Stock Exchange as ERF on or about January 10, 2011, at which time the Fund's trust units ('ERF.un') will discontinue trading. Enerplus shares will continue trading as usual on the New York Stock Exchange as 'ERF'.

Under the Plan of Arrangement, investors holding Trust Units received one common share in Enerplus in exchange for each Trust Unit held in the Fund, and investors holding Class B exchangeable limited partnership units ("EELP Units") in Enerplus Exchangeable Limited Partnership received 0.425 of a common share in Enerplus for each EELP Unit held. Pursuant to the Plan of Arrangement, all outstanding securities of the Fund and EELP have been cancelled and the Fund and EELP have been dissolved.

The decision to convert to a corporate entity resulted from a 2006 Government of Canada decision that introduced legislation designed to change the taxation of income trusts. By converting to a corporation, Enerplus has avoided the imposition of a specified-investment flow through ("SIFT") tax applicable beginning in 2011.

'This is another significant milestone in the history of Enerplus,' says Gordon J. Kerr, President and Chief Executive Officer of Enerplus. 'We continue to believe in the value of an income-generating investment. We are focused on providing a combination of both growth and income to our shareholders as we move forward as an oil and gas corporation.'

Tags: Enerplus Resources Fund