Enterra Energy Trust announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported revenue before mark-to-market adjustment of $30,354,000 against $68,026,000 a year ago. FFO was $8,366,000 or $0.13 per diluted share against $27,864,000 or $0.36 per diluted share a year ago. Net loss was $9,462,000 or $0.15 per diluted share against net income of $14,916,000 or $0.23 per diluted share a year ago. Net debt as at September 30, 2009 was $40,084,000 against $69,385,000 a year ago. For the nine months, the company reported revenue before mark-to-market adjustment of $103,451,000 against $199,345,000 a year ago. FFO was $34,842,000 or $1.34 per diluted share against $83,709,000 or $1.70 per diluted share a year ago. Net loss was $32,343,000 or $0.52 per diluted share against net income of $1,154,000 or $0.02 per diluted share a year ago.

Enterra Energy Trust, Q3 2009 Earnings Call, Nov-16-2009

Enterra Energy Trust has accumulated almost 4,000 net acres in a new Cardium oil play in west central Alberta. Beginning in 2010 Enterra anticipates a multi-year drilling program of 10 to 16 horizontal wells and will utilize multi-stage fracture stimulation technology to maximize resource recovery potential of light gravity sweet crude oil from this play. In the Cardium formation in Alberta, industry results using horizontal drilling and multi-stage fracture technology have been encouraging, with reported initial oil production rates in excess of 170 bbls/day and internal expectations are for gross reserves 170,000 bbl per well. It is anticipated that the inventory of drilling prospects will continue to grow as the asset is further delineated while the additional oil reserve potential is expected to maintain Enterra's portfolio balance between oil and natural gas.