Enerplus Resources Fund reports capital spending and operational guidance for 2011 and a preliminary outlook for 2012 that is expected to result in organic growth in production and reserves. Throughout the past 18 months, Enerplus has captured over 475,000 net acres of prospective land primarily in two of the most economic plays in North America - the Bakken light oil play and the Marcellus gas play. In addition, the sale of over 10,000 BOE/day of non-core assets as well as the company's Kirby oil sands lease has helped finance acquisition activities and improved operational focus and profitability. Enerplus have a foundation of mature, low production decline properties that complement their new growth assets that provides a stable platform of production and cash flow from operating activities from which to grow.

Highlights: • 2011 capital spending is anticipated to increase by over 25% to $650 million with 65% projected to be invested in oil projects. Enerplus expect to focus approximately 85% of their spending on their Bakken, Waterflood and Marcellus resource plays. A minimum level of capital investment is planned for the company's natural gas assets with the majority directed to their non-operated Marcellus interests to further delineate the resource and preserve their lease positions. Enerplus also expect a similar level and allocation of spending in 2012. • Production is expected to grow by 10% - 15% over the next two years, exiting 2012 in the range of 86,000 - 90,000 BOE/day. Crude oil volumes are expected to increase more than 20% over the next two years and will represent approximately 48% of total volumes by the end of 2012. • In 2011, Enerplus expect annual production to average 78,000 - 80,000 BOE/day, increasing to 80,000 - 84,000 BOE/day by year end. Given the longer lead time to production associated with a majority of their capital spending in the Marcellus and the Bakken, up to 40% of the production associated with the 2011 drilling program will not come on stream until the remaining completion and tie-in capital is expended in 2012. • Light oil production is expected to grow by over 20% by end of 2011. Natural gas volumes are expected to remain essentially flat throughout the year however Enerplus anticipate shallow gas production will decline and be replaced by more profitable natural gas from the Marcellus. • Based upon the current forward commodity price markets, Enerplus project cash flow from operating activities ("cash flow") will grow by approximately 15% by 2012 as a result of increased production, the higher oil weighting in the portfolio and higher crude oil prices. Cash flow in 2011 is expected to be relatively unchanged from 2010 levels despite selling 10,000 BOE/day of production throughout 2010. This is mainly a result of the increase in crude oil volumes and the increased price outlook for crude oil. • Enerplus expect rates of return on their oil projects to range from 35% to over 100% based on current forward prices. Returns on natural gas investments, the majority of which are being made to delineate and retain land positions, are expected to exceed 15% in today's natural gas price. Enerplus are targeting finding and development costs on their oil properties of approximately $20/bbl and $2.00/Mcf on their natural gas assets. • Approximately $140 million of 2011 expenditures are expected to be directed to natural gas delineation activities in areas such as the Marcellus and the Western Canadian Deep Basin. Enerplus do not expect this spending to result in meaningful production additions in 2011 but will provide valuable insight into the viability and opportunity within new play areas. • Enerplus intend to continue to distribute a significant portion of the cash flow that is generated from operations and plan to maintain their monthly dividend rate of $0.18/share in their forecast for the next two years. However, the company will continue to examine dividend levels as the results of capital spending plans and commodity prices unfold. • Enerplus expect capital spending and dividends to exceed their cash flow in both 2011 and 2012 however the company's balance sheet provides financial flexibility to support these plans. In order to maintain their financial strength beyond 2011, Enerplus have assumed the sale of non-cash flow generating assets within their private equity portfolio or a portion of their non-operated working interests in the Marcellus in 2012. Thereafter, Enerplus' debt-to-cash flow levels are expected to decline as production from our growth plays accelerates. Enerplus expect their 2011 exit debt-to-cash flow ratio to be 1.7 times and 2 times by the end of 2012 based upon the current forward commodity markets.

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