First Quarter 2009 Highlights

– Net debt was reduced to CAD39.1 million from CAD52.4 million at December 31, 2008. This represents a decrease of 25%.

– Total bank debt was decreased to CAD80.0 million, a reduction of CAD15.5 million from December 31, 2008.

– Production averaged 9,968 boe per day, a decrease of 9% from first quarter 2008 as a result of property dispositions which took place in first quarter and second quarter 2008.

– Funds from operations for first quarter 2009 were CAD17.9 million, 26% lower when compared to first quarter 2008 of CAD24.3 million as a result of lower commodity prices.

Enterra Energy’s bank borrowing of CAD80.0 million represents less than 73% of its expected senior credit facility of CAD110.0 million. The credit maximum is expected to decrease from CAD135.0 million to CAD110.0 million after the Trust’s Bank Syndicate completes its borrowing base review in May 2009. The borrowing base review is expected to result in Enterra Energy’s reserves supporting a borrowing base of CAD110.0 million at this time based on current commodity prices, which are significantly lower than the prices used when the credit facility was first negotiated in May 2008. Year over year, Enterra Energy has a much improved balance sheet and management has confidence that the Enterra Energy has sufficient cash and adequate availability in its debt facility to manage through the current uncertain economic environment.

In the first quarter of 2009 we have been able to further strengthen our balance sheet to the point that we find ourselves in a stronger financial position than we’ve been in for sometime, commented Don Klapko, Enterra Energy’s chief executive officer. We believe that through our continued efforts to live within our means and effectively balance debt reduction with capital reinvestment, we were able to reduce our net debt by a further 25 percent from the end of Q4 2008 to $39.1 million while funds from operations for the quarter were $17.9 million or $0.29 per unit. The Enterra team is committed to continuing with a conservative, straightforward approach to identifying and exploiting both internal and external strategic growth opportunities.