February 26, 2009 / 2:53 PM / in 9 years

UPDATE 1-Enerplus Q4 profit climbs; sees lower 2009 production

* Q4 profit up 92 percent

* Sees 2009 production down 5 pct

* Cuts 2009 Capex plan

* Q4 hedging gains of C$161.2 mln vs. loss C$48.8 mln

Feb 26 (Reuters) - Enerplus Resources Fund ERF_u.TO ERF.N, an energy income trust, reported a 92 percent jump in fourth-quarter profit, helped by increased commodity derivative instrument gains and higher production.

Quarterly net income rose to C$189.5 million ($150.9 million), or C$1.15 per trust unit, from C$98.7 million, or 76 Canadian cents per trust unit, in the year-ago quarter.

Oil and gas sales for the quarter were C$418.3 million, up from C$389.8 million in the corresponding quarter of 2007.

Average daily production for the quarter rose 21 percent to 97,702 barrel of oil equivalent per day (BOE/day), primarily due to the acquisition of Focus Energy Trust.

For 2009, Enerplus expects its annual daily production volumes to average 91,000 BOE/day, down about 5 percent from 2008 and forecast an exit production of about 88,000 BOE/day.

The company also cut its 2009 capital spending plans by 48 percent from 2008 levels to C$300 million, as crude oil and natural gas prices declined dramatically in the fourth quarter.

Units of Enerplus were trading up 44 Canadian cents at C$21.30 early Thursday morning on the Toronto Stock Exchange. ($1=1.256 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Amitha Rajan)

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