2006 ENERPLUS ANNUAL REPORT

Enerplus Resources Fund is Canada's oldest and one of North America's largest conventional oil and gas income funds. Established in 1986, we have grown our business from a $9 million initial public offering to a market capitalization of over $6 billion today. Since inception, we have provided investors the opportunity to participate in an income-generating investment within the energy industry that distributes cash monthly from the sale of our oil and natural gas production. We are committed to providing investors with a superior return on their investment and will continue to seek opportunities that create value and enhance the sustainability of our business over the long-term.