UBS figures the valuation of the Enerplus Resources merger with Focus Energy "appears reasonable" and the transaction should be accretive for Enerplus. Analyst Grant Hofer figures Enerplus is offering $78,000 per barrel of oil equivalent a day, which compares to group average trading metrics of roughly $72,000 and year-to-date western Canadian transaction metrics of $54,000. "To equate our net asset value with the offer price requires a long-term natural gas price of $9.25 per million cubic feet, clearly rich in today's environment," he adds. Focus units have gained 70 cents or 4.3 per cent to $16.82 at 11 a.m. EST on Monday, while Enerplus has dipped 60 cents or 1.5 per cent to $40.30.