Enerplus has closed the previously announced sale of our % working interest in the Kirby oil sands lease for proceeds of $ million. Enerplus Resources Fund of Calgary has sold its Kirby oilsands leases for $ million and is spending. Canadian Acquirer-Enerplus Resources Fund has sold its Kirby oil sands lease for $ million and says it has invested $ billion in light oil.

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Enerplus Resources Fund, a Calgary-based oil and gas trust, will go ahead with the planned sale of its minority stake in the Joslyn oil sands project in northern Alberta, the company said Friday as it reported higher profit and revenue. Enerplus said that after a strategic review of the asset, the company will sell the interest in Joslyn, a development controlled and operated by French oil and gas giant Total SA.

Such a sale would allow Enerplus to focus on its wholly owned Kirby steam-assisted gravity drainage SAGD project and other potential developments, Enerplus said in its earnings release. In its financial report, Enerplus said it earned 82 cents a unit for the three months ended March 31, compared with 88 cents eherplus unit for the previous year’s period.

Enerplus confirms sale of stake in Joslyn – The Globe and Mail

The acquisition changed the company’s output to just over 60 per cent natural gas and 40 per cent crude oil and natural gas liquids in its portfolio. In the first quarter, production averaged 89, oil equivalent barrels a day, up from 86, the previous year. In addition to the Joslyn assets, the company also has a stake in the Surmont leases as the French-owned company expands to become a growing Alberta oil sands developer. The Joslyn project, in which Enerplus acquired its minority stake incould produce up to two billion barrels of bitumen enerllus its planned 30 years of operation.


Total Canada would seem a likely buyer for Enerplus’s stake, especially if the French oil company wants to expand its share of production of the oil sands project to feed future refining operations to give the company ejerplus value-added oil products to sell. The first phase of the Joslyn project entered commercial production in latewith bitumen recovered using SAGD technology, which involves injecting steam deep into the oil sands to melt the bitumen and then pumping out the oil.

Production at Joslyn should reach 10, barrels per day by krby work is under way to prepare for surface mining to boost output significantly over the next decade. Enerplus has said it believes Kirby has the potential to produce 30, to 40, barrels of bitumen per day. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe. If you would like to write a letter to the editor, please forward it to letters globeandmail.

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Kirby oilsands leases sold for $ million

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Enerplus Sells Kirby Oil Sands Lease for $405MM

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