5 year Detailed Statistical Review


The information contained in the table below reflects the reverse takeover of Enerplus by EnerMark Income Fund on June 21, 2001 as required by Canadian generally accepted accounting principles.


($ thousands, except per unit amount)

2003

2002

2001

2000

1999

financial

Oil and gas sales (net of hedging)

$890,011

$621,450

$639,379

$343,182

$169,541

Cash available for distribution

$379,055

$246,787

$316,454

$168,181

$78,189

Per unit

$4.32

$3.32

$5.67

$5.49

$3.70

Net income

$249,600

$115,876

$180,269

$82,150

  $25,754

Per unit

$2.90

$1.61

$3.28

$3.06

  $1.25

Total net capital expenditures

$312,073

$361,702

$874,420

$700,714

  $17,837

Total assets

$2,615,612

$2,471,631

$2,284,253

$1,567,952

  $576,901

Long-term debt, net of cash

$257,701

$361,011

$411,610

$275,098

$128,833

Net debt/funds flow ratio

  0.6x

  1.2x

  1.2 x

1.6 x

1.6x

($ per BOE except percentage data)

2003

2002

2001

2000

1999

AVERAGE BENCHMARK PRICING

AECO natural gas (per Mcf)

$6.70

$4.07

$6.30

$5.02

$2.96

NYMEX natural gas (US$ per Mcf)

5.44

3.25

4.38

3.91

2.27

WTI crude oil (US$ per bbl)

31.04

26.08

25.97

30.19

19.24

CDN$/US$ exchange rate

$0.7158

$0.6369

$0.6458

$0.6736

$0.6733

($ per BOE except percentage data)

2003

2002

2001

2000

1999

OIL AND GAS ECONOMICS

Net royalty rate

20%

21%

23%

23%

19%

Weighted average price (pre-hedging)

$36.94

$27.49

$29.89

$30.94

$18.35

Hedging

(1.81)

(0.38)

2.54

(0.80)

(0.03)

Weighted average price (net of hedging)

35.13

27.11

32.43

30.14

18.32

Net royalty expense

7.51

5.75

6.73

  7.10

  3.47

Operating expense

6.73

5.86

6.09

4.83

4.02

Operating netback

20.89

15.50

19.61

18.21

10.83

General and administrative expense*

0.95

0.70

0.66

0.63

0.62

Management fee

2.29

0.94

0.47

0.40

0.24

Interest expense, net of interest and other income

0.74

0.78

0.85

1.30

0.87

Foreign exchange*

0.08

-

-

-

-

Capital taxes  

0.26

0.23

0.24

0.26

0.17

Restoration and abandonment
cash costs

0.26

0.20

0.13

0.13

0.12

Gain on sale of investment

-

-

-

-

0.06

Funds flow from operations

$16.31

$12.65

$17.26

$15.49

$8.75

 

*Does not include non-cash portion of expense

 

Combined Operational Statistics

 

The information contained in the table below reflects the combined results of Enerplus and EnerMark Income Fund for the years indicated as if the combination of the funds had been effective January 1, 1997.

This information may not be representative of the actual results had the combination occurred on that date. No pro forma adjustments have been made to give effect to the combination of Enerplus and EnerMark Income Fund for these periods. The information in this table is different from the financial statements and MD&A which account for the combination as a reverse takeover of Enerplus by EnerMark Income

Fund on June 21, 2001 as required by Canadian generally accepted accounting principles.

 

2003 (1)

2002

2001

2000

1999

Daily Production

Crude oil per day (bbls/day)

   24,597

   23,288

   24,010

           18,118

          16,938

NGLs per day (bbls/day)

            4,666

            4,410

            4,650

             3,395

            3,153

Natural Gas per day (Mcf/day)

         240,907

        210,517

        203,727

         149,616

        119,303

BOE per day

           69,414

           62,784

           62,615

           46,449

          39,975

Proved Reserves

Crude oil (Mbbls)

91,063

105,247

94,847

101,439

71,756

NGLs (Mbbls)

13,571

16,035

16,114

16,973

11,740

Natural Gas (MMcf)

867,204

1,001,913

951,133

954,124

550,275

MBOE

249,168

288,267

269,483

277,433

175,209

Risked Probable Reserves (2)

Crude oil (Mbbls)

27,807

16,725

18,821

20,675

13,770

NGLs (Mbbls)

3,742

2,319

2,337

1,722

1,620

Natural Gas (MMcf)

284,096

138,789

130,345

131,818

265,638

MBOE

78,898

42,175

42,882

44,367

59,664

Proved plus Risked Probable Reserves

Crude oil (Mbbls)

118,870

121,972

       113,668

          122,114

          85,526

NGLs (Mbbls)

17,313

18,354

          18,451

           18,695

          13,360

Natural Gas (MMcf)

1,151,300

1,140,702

     1,081,478

      1,085,942

        815,913

MBOE

328,066

330,442

       312,365

         321,800

        234,873

Reserve life index  

(years) BOE Combined (3)

13.3

13.8

               14.0

              13.7

              13.5

(1)2003 Reserve information reflects NI 51-101 reporting methodology. All prior years have not been restated for NI 51-101.

(2)Probable reserves for years 2002 and prior have been risked by 50%

(3)The Reserve Life Index (RLI) is based upon year end proved plus probable reserves (established reserves for years 2002 and prior) divided by following year production volumes determined in the independent reserve engineering report for 2003 and management's estimate for all prior years.


Ten Year Historical Performance

 

 

 

Distribution Reinvestment Plan

 

Enerplus Resources Fund has a convenient method for Canadian residents to reinvest cash distributions or investadditional funds into new trust units. Unitholders who are residents of Canada are eligible to participate in thePlan. If your units are held for you by your broker, investment dealer or other financial intermediary, you mustdirect that company to enroll your units into the Plan.

 

To obtain more information and/or enrolment forms, please contact our Investor Relations Department at:1-800-319-6462, in Calgary at (403) 298-2200, by fax at (403) 298-2211; or by email at investorrelations@enerplus.com.

 

2003 Income Tax Information - Canadian residents (CDN$ per Unit)

 

The following table outlines the breakdown of cash distributions per Unit paid by Enerplus Resources Fund during the period February 10, 2003 up to and including January 10, 2004, for Canadian Income Tax purposes.

Record Date

Payment Date

Total

Distribution Paid

Taxable Other Income

Taxable Dividend

Return of Capital Amount

Feb 10, 2003

Feb 20, 2003

$0.320000

$0.257431

$0.006249

$0.056320

Mar 10, 2003

Mar 20, 2003

$0.350000

$0.282155

$0.006245

$0.061600

Apr 10, 2003

Apr 20, 2003

$0.349823

$0.282017

$0.006237

$0.061569

May 10, 2003

May 20, 2003

$0.370000

$0.298653

$0.006227

$0.065120

Jun 10, 2003

Jun 20, 2003

$0.370000

$0.298675

$0.006205

$0.065120

Jul 10, 2003

Jul 20, 2003

$0.370000

$0.298681

$0.006199

$0.065120

Aug 10, 2003

Aug 20, 2003

$0.370000

$0.299060

$0.005820

$0.065120

Sep 10, 2003

Sep 20, 2003

$0.370000

$0.299069

$0.005811

$0.065120

Oct 10, 2003

Oct 20, 2003

$0.370000

$0.299073

$0.005807

$0.065120

Nov 10, 2003

Nov 20, 2003

$0.350000

$0.282598

$0.005802

$0.061600

Dec 10, 2003

Dec 20, 2003

$0.350000

$0.282611

$0.005789

$0.061600

Dec 31, 2003

Jan 20, 2004

$0.350000

$0.282896

$0.005504

$0.061600

 

 

 

 

TOTAL PER UNIT

$4.289823

$3.462919

$0.071895

$0.755009

Income Tax - United States Residents (US$ per Unit)

Income Tax - United States residents (US$ per Unit)The following table outlines the breakdown of cash dividends paid per Unit by Enerplus Resources Fund, prior toany amounts deducted for Canadian withholding tax, for Units held through a broker or other intermediary forthe period January 20, 2003 to December 20, 2003 for U.S. income tax purposes. All amounts shown are inU.S.dollars as converted on the applicable payment date.

 

Record Date

Payment Date

Distribution Paid CDN$

Exchange

  Rate

Distribution Paid US$

Taxable

Qualified Dividend US$

Non-Taxable     Return of Capital US$

Dec 31, 2002

Jan 20, 2003

$0.30

0.650407

$0.195122

$0.170794

$0.024328

Feb 10, 2003

Feb 20, 2003

$0.32

0.662954

$0.212145

$0.185695

$0.026450

Mar 10, 2003

Mar 20, 2003

$0.35

0.674082

$0.235929

$0.206513

$0.029416

Apr 10, 2003

Apr 20, 2003

$0.35

0.686908

$0.240418

$0.210443

$0.029975

May 10, 2003

May 20, 2003

$0.37

0.738280

$0.273164

$0.239106

$0.034058

Jun 10, 2003

Jun 20, 2003

$0.37

0.740631

$0.274033

$0.239867

$0.034166

Jul 10, 2003

Jul 20, 2003

$0.37

0.708315

$0.262077

$0.229401

$0.032676

Aug 10, 2003

Aug 20, 2003

$0.37

0.711946

$0.263420

$0.230577

$0.032843

Sep 10, 2003

Sep 20, 2003

$0.37

0.741510

$0.274359

$0.240152

$0.034207

Oct 10, 2003

Oct 20, 2003

$0.37

0.757289

$0.280197

$0.245262

$0.034935

Nov 10, 2003

Nov 20, 2003

$0.35

0.765872

$0.268055

$0.234634

$0.033421

Dec 10, 2003

Dec 20, 2003

$0.35

0.748503

$0.261976

$0.229313

$0.032663

TOTAL PER UNIT

$4.24

$3.040895

$2.661757

$0.379138


Directors
Douglas R. Martin (1)(2)(10) Andre Bineau (3)(5) Derek J. M. Fortune(3)(9)
President
Charles Avenue
Capital Corp.
Calgary, Alberta		Vice President of
Investements
Association de
bienfaisance et de
retraite des policie`rs et
policires de la Ville de
Montre?Lal
Montre?Lal, Que?Lbec		Chairman
DF Consulting &
Financial Services Inc.
Ottawa, Ontarioman
Gordon J. Kerr Robert L. Normand(6)(9) Eric P. Tremblay
President & Chief
Executive Officer
EnerMark Inc.
Calgary, Alberta		Corporate Director
Roseme`re, Quebe?Lc		Senior Vice President
Capital Markets
EnerMark Inc.
Calgary, Alberta
Donald West(7) Harry B. Wheeler(5)(8) Robert L. Zorich(4)
Retired Executive
Calgary, Alberta		President
Colchester Investments Ltd.
Calgary, Alberta		Managing Director
EnCap Investments L.P.
Houston, Texas

(1) Chairman of the Board
(2) Ex-Officio member of all Committees of the Board
(3) Member of Corporate Governance Nominating and Environment, Health & Safety Committee
(4) Chairman of the Corporate Governance, Nominating and Environment, Health & Safety Committee
(5) Member of the Audit & Risk Management Committee
(6) Chairman of the Audit & Risk Management Committee
(7) Member of the Reserves Committee
(8) Chairman of the Reserves Committee
(9) Member of Compensation and Human Resources Committee
(10) Chairman of the Compensation and Human Resources Committee


Officers
Gordon J. Kerr Ian C. Dundas
President & Chief Executive Officer Vice President & Director, Business Development
 
Heather J. Culbert Wayne T. Foch
Seniore Vice President, Corporate Services Vice President, Finance
 
Garry A. Tanner David A. McCoy
Senior Vice President & Chief Operating Officer General Counsel & Corporate Secretary
 
Eric P. Tremblay Daniel M. Stevens
Senior Vice President, Capital Markets Vice President, Development Services
 
Robert J. Waters Rodney D. Gray
Senior Vice President & Chief Financial Officer Controller, Finance
Jo-Anne M. Caza Wayne T. Ford
Vice President, Investor Relations Controller, Operations
 
Daryl W. Cook Christina Meeuwsen
Vice President, Operations Assistant Corporate Secretary




Operating Companies Owned by Enerplus Resources FundIndependent Reserve Engineers
EnerMark Inc.
Enerplus Resources Corporation		Sproule Associates Limited
Calgary, Alberta
Legal CounselStock Exchange Listings and Trading Symbols
Blake, Cassels & Graydon LLP
Calgary, Alberta and Toronto, Ontario		New York Stock Exchange: ERF
Toronto Stock Exhange: ERF.un
AuditorsHead Office
Deloitte & Touche LLP
Calgary, Alberta		The Dome Tower
3000, 333 - 7th Avenue S.W.
Calgary, Alberta T2P 2Z1
Transfer Agent
The CIBC Mellon Trust Company
Calgary, Alberta
Toll free: 1.800.387.0825
Email: inquiries@cibcmellon.com		Telephone: 403.298.2200
Toll free: 1.800.319.6462
Fax: 403.298.2211
Email: investorrelations@enerplus.com
Co-Transfer Agent
Mellon Investor Services L.L.C.
Ridgefield, New Jersey		For more information, visit our website: www.enerplus.com
Enerplus Internet Site
Enerplus Resources Fund has a comprehensive website that provides investors with an immediate source of all public information. The following documents are available at www.enerplus.com:
  • Unit Trading Information
  • Annual and Quarterly Reports
  • Tax Information
  • News Releases
  • Recent Presentations
  • 15 Minute Delayed Stock Quote
  • Historical Distribution Tables
  • Distribution Reinvestment and Unit Purchase Plan Information
  • Adjusted Cost Base Calculator
  • Important Dates and Events

Annual General Meeting
Unitholders are encouraged to attend the Annual General Meeting being held on:
Friday, May 7, 2004,
10:00 a.m., local time at
The Metropolitan Centre,
333 - 4th Avenue SW
Calgary, Alberta

Those unable to attend are asked to sign and return the Form of Proxy with this annual report.

Abbreviations
AECO Alberta Energy Company interconnect with the Nova Gas System
ARTC Alberta Royalty Tax Credit
bbl(s)/day barrel(s) per day
BOE(s)/day barrel of oil equivalent per day (6 Mcf gas = 1 bbl crude oil)
COGPE Canadian oil and gas property expense
CAPP Canadian Association of Petroleum Producers
Established Reserves proved and half probable reserves
FD&A Costs finding, development and acquisition costs
FVUP full value unit plan
IP Rate initial production rate
Mbbls thousand barrels
MBOE thousand barrels of oil equivalent
Mcf/day thousand cubic feet per day
MMbbl(s) million barrels
MMBOE million barrels of oil equivalent
MMBtu million British thermal units
MMcf/day million cubic feet per day
NGC natural gas from coal
NI 51-101 National Instrument 51-101 (pertaining to reserve reporting)
NYSE New York Stock Exchange
P+P Reserves proven and risked probable resesrves
PDP Reserves proved developed producing reserves
SAGD steam assisted gravity drainage
TSX Toronto Stock Exchange
W.I. percentage working interest of ownership
WTI West Texas Intermediate oil at Cushing, Oklahoma

Our focus is on creating value consistently over the long-term for our unitholders


Gordon J. Kerr
President & Chief Executive Officer