2005 Highlights
  President's Message
  Operations
    Sustainability
    Competitive
     Advantages
    Key Resources
     Shallow Gas
     Waterflood
     Development
     Bakken Oil
     Oil Sands
     Coalbed Methane
     Other
      Conventional
  Acquistions and
   Divestments
  Reserves
  Corporate
     Governance
  Environment,
      Health and Safety
  Community
      Involvement
  MD&A
  Financial Statements
  Notes
  Supplemental
       Information
   5 Year Detailed
     Statistical Review
   Operational Statistics
   Supplementary
     Reserve Information
   Historical
    Performance
   2005 Income Tax
     Information
   Abbreviations
   Definitions
   Directors & Officers
   Corporate
    Information
  

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1986 - Enerplus Resources Fund completes $9 million IPO and begins operating as Canada's first oil and gas royalty trust

1987 - Enerplus Resources Fund initiates Series B and completes $50 million offering

1988 - Enerplus Resources Fund completes another successful offering with Series C raising $75 million

1989 - Enerplus Resources Fund launches Series D raising $26 million

1990 - Enerplus merges Series A, B, C and D into a single fund and changes to an open-ended structure

1994 - Westrock Energy Income Funds I & II become part of the Enerplus Group of Companies

1996 - Mark Resources, a $500 million energy company, is converted into EnerMark Income Fund and becomes part of the Enerplus Group of Companies

2000 - The Enerplus Group buys over $800 million of oil and gas assets, merges Enerplus with the Westrock Funds and becomes the first Canadian royalty trust to trade on the NYSE

2001 - EnerMark Income Fund is merged into Enerplus Resources Fund to create the largest conventional oil and gas income fund in North America

2002 - Enerplus expands operations into the oil sands of Alberta through the EnerMark Income Fund is merged into Enerplus Resources Fund to create the largest conventional oil and gas income fund in North America of a 16% working interest in the Joslyn lease

2004 - Enerplus completes a milestone year, setting production and drilling records and acquires Ice Energy and assets from ChevronTexaco for $600 million

2005 - Enerplus completes the single largest acquisition in our history and our first acquisitions outside of Canada by purchasing Lyco Energy and Sleeping Giant LLC and establishes a new core growth area in the United States

For the years ended December 31, 2005 2004
Financial (000's)    
Net Income $432,041 $258,316
Funds Flow from Operations (1) 794,410 539,969
Cash Distributed (2) 511,145 426,721
Cash Withheld for Acquisitions and Capital Expenditures 283,265 113,248
Debt Outstanding (net of cash) 649,825 584,991
Development Capital Spending 368,689 206,874
Acquisitions 704,028 636,326
Divestments 66,511 31,742

Financial per Unit 		   
Net Income $3.96 $2.60
Funds Flow from Operations (1) 7.28 5.44
Cash Distributed (2) 4.54 4.20
Cash Withheld for Acquisitions and Capital Expenditures 2.52 1.11
Payout Ratio 64% 79%

Selected Financial Results per BOE (3) 		   
Oil & Gas Sales (4) $52.36 $40.90
Royalties (10.21) (8.40)
Financial Contracts (4.90) (3.50)
Operating Costs (7.45) (7.14)
General and Administrative (1.28) (1.06)
Interest and Foreign Exchange (0.64) (0.67)
Taxes (0.31) (0.24)
Restoration and Abandonment (0.27) (0.25)
Funds Flow from Operations (1) $27.30 $19.64
  Weighted Average Number of Trust Units Outstanding (thousands) 109,083 99,273
Debt/Trailing 12 Month Funds Flow Ratio (1) 0.8x 1.1x

Average Daily Production 		   
Natural gas (Mcf/day)
274,336
271,091
Crude oil (bbls/day)
29,315
25,550
NGLs (bbls/day)
4,689
4,398
Total (BOE/day) (6:1)
79,727
75,130
% Natural gas
57%
60%
 
Average Selling Price (4)
Natural gas (per Mcf)
$8.41
$6.56
Crude oil (per bbl)
55.93
43.80
NGLs (per bbl)
47.33
38.14
US$ exchange rate
0.83
0.77
  Net Wells drilled
393
367
Success Rate
99%
99%
  Proved Reserves (MMBOE)
313.2
279.1
Probable Reserves (MMBOE)
135.9
127.1
Total Proved plus Probable Reserves (MMBOE)
449.1
406.2
  FD&A Cost per BOE, excluding Future Development Capital (5)
$13.98
$7.68
FD&A Cost per BOE, including Future Development Capital (5)
$17.18
$11.34
Recycle Ratio (5)
1.7x
1.9x
  Proved Reserve Life Index (years)
9.9
10.1
Proved plus Probable Reserve Life Index (years)
13.5
14.0



Readers are urged to review the Definitions and Abbreviations section included at the end of this report for information on definitions and the methodology used in determining various metrics. All reserve figures are calculated based upon company interest reserves using forecast prices and costs. Readers are also urged to review our Annual Information Form for full NI 51-101 compliant reserve disclosure.

(1) See the definition of funds flow in Management's Discussion and Analysis
(2) Calculated based on distributions paid or payable each month relating to the period
(3) Non-cash amounts have been excluded
(4) Including oil and gas transportation costs and before financial contracts
(5) Based upon proved plus probable reserves

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