May 7, 2010 / 11:05 AM / 7 years ago

UPDATE 1-Enerplus Resources Q1 profit rises 54 pct

* Q1 EPS C$0.45 vs C$0.31 last year

* Q1 oil and gas sales per boe rise 33.7 percent

May 7 (Reuters) - Enerplus Resources Fund’s ERF_u.TO quarterly profit rose 54 percent on the back of stronger oil and gas prices, and said it is converting into a corporation by 2011.

Enerplus, the No. 4 Canadian energy trust, posted a first-quarter profit of C$80.0 million, or 45 Canadian cents a share, compared with C$51.8 million, or 31 Canadian cents a share, a year ago.

Oil and gas sales on a barrel of oil equivalent(boe) basis rose 33.7 percent to C$47.65 and operating cash flow rose 12 percent to C$189.4 million.

However, its average production fell 11 percent to 84,719 boe per day.

Shares of the company closed at C$22.88 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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