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Once these most recent quarterly results are finalized, they will be run through Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit Ratings Screener.

On May 8, 2009,

Enerplus Resources Fund

(ERF) - Get Enerplus Corporation Report

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reported that its Q1 FY09 earnings more than halved, hurt by lower revenue. Net income for the quarter stood at Canadian Dollars (Cdn$) 51.79 million or Cdn$0.31 per trust unit compared to Cdn$121.39 million or Cdn$0.82 per trust unit. The latest quarterly earnings beat the most recent consensus estimate of $0.01 per share.

Oil and gas revenue plunged 39.7% to Cdn$307.52 million from Cdn$510.07 million a year ago due to a significant decline in oil and gas prices. Geographically, revenue from Canada decreased 36.9% to Cdn$262.30 million from Cdn$415.70 million, while revenue from the US slumped 55.8% to Cdn$38.90 million from Cdn$88.00 million on a year-over-year basis.

Average production volumes of natural gas climbed 10.1% to 338.86 million cubic feet per day (MMcf/d) from 307.75 MMcf/d, while average selling price decreased to Cdn$5.13 per thousand cubic feet (Mcf) from Cdn$7.52 per Mcf in Q1 FY08. Crude oil production increased 3.5% to 34,427 barrels per day (Bbl/d) from 33,256 Bbl/d, while average crude oil selling price plummeted 50.7% to Cdn$42.41 per barrel (Bbl) from Cdn$86.02 per Bbl. Moreover, natural gas liquids (NGL) production declined 11.8% to 4,059 Bbl/d from 4,603 Bbls/day. However, the average selling price of NGL diminished 41.8% to Cdn$40.59 per Bbl from Cdn$69.75 per Bbl in the year-ago quarter.

Enerplus Resources Fund generated cash flow from operating activities of Cdn$169.39 million, down 33.9% from Cdn$256.22 million in Q1 FY08. The company incurred capital expenditure of $101.80 million. Recently, ERF paid a monthly cash distribution of Cdn$0.18 per unit.

Looking forward to FY09, the company reaffirmed that it expects its production volumes to average 91,000 barrels of oil equivalent per day (Boe/d) and exit rate of 88,000 BOE/d.