Enerplus Resources Fund, Calgary, (NYSE, Toronto: ERF) and Focus Energy Trust, Calgary, (Toronto: FET) plan to merge in a deal valued at approximately C$1.7 billion. Enerplus will pay 0.425 unit per Focus unit, a deal offer representing C$17.38 per Focus unit, a premium of 3%. Enerplus unit-holders will own approximately 79% of the combined trust, which will operate as Enerplus. Enerplus will assume approximately C$300 million of Focus debt. Pro forma, the combined trust will have 363.6 million barrels of oil equivalent of proved reserves, 165.1 million barrels probable and 528.7 million barrels proved plus probable. Production will be more than 100,000 barrels equivalent per day. Total undeveloped acres will be 1.1 million. The combined market cap will be C$7.6 billion.
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