UPDATE 1-Canada's Enerplus Q3 profit plunges 90 pct

* Q3 EPS C$0.23 vs C$2.82 last year

* Cash flow falls 46 pct

Nov 13 (Reuters) - Canadian energy investment trust Enerplus Resources Fund ERF_u.TO reported a 92 percent drop in third-quarter profit on lower natural gas prices.

Net income for the quarter ended Sept. 30 fell to C$38.2 million, or 23 Canadian cents a share, from C$465.8 million, or C$2.82 a share, in the year-ago period.

The company said low commodity price levels, particularly natural gas, impacted its cash flow and earnings in the quarter.

Cash flow totaled C$207.2 million, down from C$383.6 million last year.

During the quarter, benchmark oil prices averaged $68.24 a barrel, down 42 percent from a year ago. Natural gas prices averaged $3.44 per million British thermal units on the New York Mercantile Exchange, down 62 percent.

The Calgary, Alberta-based Enerplus said third-quarter production averaged 90,111 barrels of oil equivalent a day (BOE).

"We continue to expect 2009 annual production volumes to average 91,000 BOE per day," the company said in a statement.

Shares of the company closed at C$24.08 Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Pradeep Kurup)