U.S. Securities and Exchange Commission
 Washington, D.C.  20549  FORM
40-F  o
  
  Registration Statement Pursuant to Section 12 of the Securities
  Exchange Act of 1934orý
  
  Annual Report Pursuant to Section 13(a) or 15(d) of the Securities
  Exchange Act of 1934For the fiscal year ended December 31, 2003
  Commission File Number 1-15150  ENERPLUS
RESOURCES FUND (Exact
name of Registrant as specified in its charter)  Alberta, Canada (Province
or other jurisdiction of incorporation or organization)  1311 (Primary
Standard Industrial Classification Code Number (if applicable))  N/A (I.R.S.
Employer Identification Number (if applicable))  The Dome Tower, 3000, 333
- 7th Avenue S.W. Calgary, Alberta,
Canada  T2P 2Z1 (403) 298-2200 (Address
and telephone number of Registrants principal executive offices)  CT Corporation System 111 Eighth Avenue, 13th
Floor New York, New York 10011 (212) 894-8940 (Name,
address (including zip code) and telephone number (including area code) of
agent for service in the United States)  Securities
registered or to be registered pursuant to Section 12(b) of the Act:  Title of each class
  
  Name of each exchange on which
  registeredTrust
  Units
  
  Toronto
  Stock ExchangeThe
  New York Stock Exchange  Securities
registered or to be registered pursuant to Section 12(g) of the Act:  None  Securities
for which there is a reporting obligation pursuant to Section 15(d) of the
Act:  None 
  
   For
annual reports, indicate by check mark the information filed with this Form:  ýAnnual information
  form
  
  ý  Audited annual financial
  statements
  Indicate
the number of outstanding shares of each of the issuers classes of capital or
common stock as of the close of the period covered by the annual report.  94,349,440
Trust Units  Indicate
by check mark whether the Registrant by filing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the Exchange
Act).  If Yes is marked, indicate the
filing number assigned to the Registrant in connection with such Rule.  Yeso
  
  Noý
  Indicate
by check mark whether the Registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months
(or for such shorter period that the Registrant was required to file such
reports) and (2) has been subject to such filing requirements for the past 90
days.  Yesý
  
  Noo
  2 
   FORWARD-LOOKING STATEMENTS  This annual
report on Form 40-F contains or incorporates by reference forward-looking
statements relating to future events or future performance. In some cases,
forward-looking statements can be identified by terminology such as may,
will, should, expects, projects, plans, anticipates and similar
expressions. These statements represent managements expectations or beliefs
concerning, among other things, future operating results and various components
thereof or the economic performance of the Registrant. Undue reliance should
not be placed on these forward-looking statements which are based upon
managements assumptions and are subject to known and unknown risks and
uncertainties which may cause actual performance and financial results in
future periods to differ materially from any projections of future performance
or results expressed or implied by such forward-looking statements.
Accordingly, readers are cautioned that events or circumstances could cause
results to differ materially from those predicted. The Registrant undertakes no
obligation to update publicly or revise any forward-looking statements
contained herein and such statements are expressly qualified by the cautionary
statement.   ANNUAL INFORMATION FORM,
AUDITED ANNUAL CONSOLIDATED 
FINANCIAL STATEMENTS AND MANAGEMENTS DISCUSSION AND ANALYSIS  A.Annual Information Form  The
Registrants Annual Information Form for the year ended December 31, 2003 is
attached as Exhibit 1 to this Annual Report on Form 40-F and is incorporated by
reference herein.  B.Audited Annual Consolidated Financial Statements  The
Registrants audited annual consolidated financial statements for the year
ended December 31, 2003, including the report of the independent chartered
accountants with respect thereto and the reconciliation of differences between
Canadian and United States generally accepted accounting principles, are
included on pages 77 to 96 of the Registrants 2003 Annual Report filed as
Exhibit 1 to the Registrants Report of Foreign Issuer on Form 6-K filed with
the Securities and Exchange Commission on April 1, 2004, which pages are
incorporated by reference herein.  C.Managements Discussion and Analysis  The
Registrants Managements Discussion and Analysis for the year ended December
31, 2003 is included on pages 54 to 76 of the Registrants 2003 Annual Report
filed as Exhibit 1 to the Registrants Report of Foreign Issuer on Form 6-K
filed with the Securities and Exchange Commission on April 1, 2004, which pages
are incorporated by reference herein.  3 
   DISCLOSURE REGARDING CONTROLS AND PROCEDURES  A.Evaluation of Disclosure Controls and Procedures  As of the end of the Registrants fiscal year ended December 31, 2003,
an evaluation of the effectiveness of the Registrants disclosure controls and
procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the
Securities Exchange Act of 1934, as amended (the Exchange Act)) was carried
out by the Registrants principal executive officer and principal financial
officer. Based upon that evaluation, the Registrants principal executive
officer and principal financial officer have concluded that as of the end of
that fiscal year, the Registrants disclosure controls and procedures are
effective to ensure that the information required to be disclosed by the
Registrant in reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified
in Securities and Exchange Commission rules and forms.  It should be noted that while the Registrants principal executive
officer and principal financial officer believe that the Registrants
disclosure controls and procedures provide a reasonable level of assurance that
they are effective, they do not expect that the Registrants disclosure
controls and procedures or internal control over financial reporting will
prevent all errors and fraud. A control system, no matter how well conceived or
operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. 
Accordingly, the Registrants control systems are designed to provide
reasonable assurance that the Registrant achieves its desired control
objectives and the Registrants principal executive officer and principal
financial officer have concluded that, as of the end of the fiscal year ended
December 31, 2003, the Registrants disclosure controls and procedures are
effective in achieving that level of reasonable assurance.  B.Changes in Internal Control over Financing Reporting  During the fiscal year ended December 31, 2003, there were no changes
in the Registrants internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, the
Registrants internal control over financial reporting.  NOTICES PURSUANT TO REGULATION BTR  None.  AUDIT COMMITTEE FINANCIAL EXPERT  The board of directors of EnerMark Inc., on behalf of the Registrant,
has determined that Mr. Robert Normand, a member and the chairman of the
Registrants audit and risk management committee, is an audit committee
financial expert (as such term is defined by the rules and regulations of the
Securities and Exchange Commission) and is independent (as that term is
defined by the New York Stock Exchanges listing standards applicable to the
Registrant).  The Securities and Exchange Commission has indicated that the
designation of a person as an audit committee financial expert does not
impose on such person any duties, obligations or liability that are greater
than the duties, obligations and liability imposed on such person as a member
of the audit committee and the board of directors in the absence of such
designation.  CODE OF ETHICS  During the fiscal year ended December 31, 2003, the Registrant adopted
an amended code of ethics (as that term is defined by the rule and
regulations of the Securities and Exchange Commission), entitled the Code of
Business Conduct, that applies to each director, officer (including its
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions), employee and
consultant of the Registrant. The Code of Business Conduct is available for
viewing on the Registrants website at www.enerplus.com under About Enerplus 
Corporate Governance. There were not any amendments to any provision of the
Code of Business Conduct during the fiscal year ended December 31, 2003 that
applied to the Registrants principal executive officer,  4 
   principal financial officer, principal accounting officer or
controller, or persons performing similar functions.  Further, there were not any waivers, including implicit waivers,
from any provision of the Code of Business Conduct during the fiscal year ended
December 31, 2003 that applied to the Registrants principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions.  PRINCIPAL ACCOUNTANT FEES AND SERVICES ANDPRE-APPROVAL
POLICIES AND PROCEDURES  The aggregate fees paid by the Registrant to Deloitte & Touche LLP
for professional services rendered in the Registrants last two fiscal years
are as follows:  2003
  
  2002(in
  Cdn$thousands)Audit fees(1)
  
  302.0
  
  495.8Audit-related fees(2)
  
  
  
  Tax fees(3)
  
  47.8
  
  117.3All other fees(4)
  
  
  
  Total(5)
  
  $
  349.8
  
  $
  613.1
  
 (1)Audit fees were for
professional services rendered by Deloitte & Touche LLP for the audit of
the Registrants annual financial statements and reviews of the Registrants
quarterly financial statements, as well as services provided in connection with
statutory and regulatory filings or engagements. (2)Audit-related fees are for
assurance and related services reasonably related to the performance of the
audit or review of the Registrants financial statements and not reported under
Audit Fees above.  No audit-related
fees were incurred in the Registrants last two fiscal years. (3)Tax fees were for tax
compliance, tax advice and tax planning. 
The fees were for services performed by the Registrants auditors tax
division except those tax services related to the audit. (4)All other fees are fees for
products and services provided by the Registrants auditors other than those
described as audit fees, audit-related fees and tax fees. No such fees were
incurred in the Registrants last two fiscal years. (5)Total audit fees billed by
the Registrants former auditors, Arthur Andersen LLP, during 2002 prior to
their resignation as auditors of the Registrant effective June 3, 2002 were
Cdn$27.9 for audit fees and Cdn$36.1 for tax fees.  The Registrants audit and risk management committee has implemented a
policy restricting the services that may be provided by the Registrants
auditors and the fees paid to the Registrants auditors.  Prior to the engagement of the Registrants
auditors to perform both audit and non-audit services, the audit and risk
management committee pre-approves the provision of the services.  In making their determination regarding
non-audit services, the audit and risk management committee considers the
compliance with the policy and the provision of non-audit services in the
context of avoiding impact on auditor independence. All audit and non-audit
fees paid to Deloitte & Touche LLP in 2003 were pre-approved by the
Registrants audit and risk management committee. Based on the audit and risk
management committees discussions with management and the independent
auditors, the committee is of the view that the provision of the non-audit
services by Deloitte & Touche LLP described above is compatible with
maintaining that firms independence from the Registrant.  OFF-BALANCE SHEET ARRANGEMENTS  The Registrant has no material off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on the Registrants
financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources
that is material to investors.  For a
discussion of the Registrants other off-balance sheet arrangements, please
read Notes 10(b) and 10(d) to the Registrants audited annual consolidated
financial statements for the year ended December 31, 2003 included on page 92
of the Registrant's 2003 Annual Report filed as Exhibit 1 to the Registrants
Report of Foreign Issuer on Form 6-K filed with the Securities and Exchange
Commission on April 1, 2004, which notes are incorporated by reference herein.  5 
   TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS  The following table sets forth the Registrant's contractual obligations
as of December 31, 2003.  Payments
  due by periods(Cdn$)Total
  
  2004
  
  2005
  to 2006
  
  2007
  to 2008
  
  2009
  +Senior unsecured notes
  
  $
  338,117,000
  
  $
  
  
  $
  
  
  $
  
  
  $
  338,117,000Pipeline commitments
  
  43,465,589
  
  5,589,884
  
  11,179,768
  
  10,639,736
  
  16,056,201Office lease
  
  25,712,000
  
  4,379,000
  
  8,758,000
  
  8,655,000
  
  3,920,000Totalcommitments
  
  $
  407,294,589
  
  $
  9,968,884
  
  $
  19,937,768
  
  $
  19,294,736
  
  $
  358,093,201  Additional disclosure regarding the Registrants contractual
obligations as of December 31, 2003 is provided under Commitments on page 67
of the Registrants Managements Discussion and Analysis for the year ended
December 31, 2003 filed as Exhibit 1 to the Registrants Report of Foreign
Issuer on Form 6-K filed with the Securities and Exchange Commission on April 1,
2004, which is incorporated by reference herein, and in Note 10 to the
Registrants audited annual consolidated financial statements for the year
ended December 31, 2003 included on page 92 of the Registrant's 2003 Annual
Report filed as Exhibit 1 to the Registrants Report of Foreign Issuer on Form
6-K filed with the Securities and Exchange Commission on April 1, 2004, which
note is incorporated by reference herein.  IDENTIFICATION OF THE AUDIT COMMITTEE  The Registrant has a separately-designated standing audit committee
established in accordance with section 3(a)(58)(A) of the Exchange Act. The
members of the Registrants audit and risk management committee are Robert
Normand (as chairman), Harry B. Wheeler and André Bineau.  Douglas R. Martin, the chairman of the board
of directors of the Registrant, is an ex officio member of the audit and risk
management committee.  COMPLIANCE WITH NYSE CORPORATE GOVERNANCE RULES  The Registrant
has reviewed the New York Stock Exchanges corporate governance rules and
confirms that the Registrants corporate governance practices are not
significantly nor materially different then those followed by domestic
companies under the New York Stock Exchanges listing standards except that, as
a foreign private issuer, the Registrant is not obligated to and does not have
an internal audit function.  The
Registrant is currently reviewing its position on this matter.  UNDERTAKING AND CONSENT TO
SERVICE OF PROCESS  A.Undertaking  The Registrant undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the Commission staff, and to
furnish promptly, when requested to do so by the Commission staff, information
relating to: the securities registered pursuant to Form 40-F; the securities in
relation to which the obligation to file an annual report on Form 40-F arises;
or transactions in said securities.  B.Consent to Service of Process  1.The Registrant previously filed with the Commission a Form F-X in
connection with the class of securitiesin relation to which
the obligation to file this report arises.  2.Any change to the name or address of the Registrants agent for
service shall be communicated promptly tothe Commission by amendment to Form
F-X referencing the file number of the Registrant.  6 
   SIGNATURES  Pursuant to the requirements of the Exchange Act, the Registrant
certifies that it meets all of the requirements for filing on Form 40-F and has
duly caused this annual report to be signed on its behalf by the undersigned,
thereto duly authorized.   ENERPLUS
  RESOURCES FUNDBy
  EnerMark Inc.By:
  /s/
  Gordon J. KerrGordon
  J. KerrPresident
  and Chief Executive OfficerDate:
  April 22, 2004  7 
   EXHIBIT INDEX  1.Renewal
Annual Information Form for the year ended December 31, 2003 dated April 22,
2004.  2.Comments
by auditors for United States readers on differences between Canadian and
United States reporting standards.  3.Consent of Deloitte & Touche LLP.  4.Consent
of Sproule Associates Limited.  5.Certification
of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of
the Securities Exchange Act of 1934.  6.Certification
of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of
the Securities Exchange Act of 1934.  7.Certification
of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  8.Certification of the Chief Financial Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.  8