EXHIBIT 99.2

---



reports

|
|

Management's Report on
Internal Control Over Financial Reporting

The management of Enerplus Resources Fund is responsible for establishing and maintaining adequate internal control over financial reporting for the Fund. Under
the supervision of our Chief Executive Officer and our Chief Financial Officer we have conducted an evaluation of the effectiveness of our internal control over financial reporting based on the Internal Control-Integrated
Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on our assessment, we
have concluded that as of December 31, 2008, our internal control over financial reporting is effective.

Because
of inherent limitations, internal control over financial reporting may not prevent or detect misstatements and even those systems determined to be effective can provide only reasonable
assurance with respect to the financial statement preparation and presentation.

The
effectiveness of the Fund's internal control over financial reporting as of December 31, 2008, has been audited by Deloitte & Touche LLP, the Fund's Independent Registered
Chartered Accountants, who also audited the Fund's Consolidated Financial Statements for the year ended December 31, 2008.

|LOGO                                                |  | LOGO                                                              |  | 
|--------------------------------------------------- |  | ----------------------------------------------------------------- |  | 
|Gordon J. KerrPresident and
Chief Executive Officer |  | Robert J. WatersSenior Vice President and
Chief Financial Officer |  | 

Calgary, Alberta
February 25, 2009

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY33

---



Report of Independent Registered Chartered Accountants

To
the Board of Directors of Enermark Inc. and
Unitholders of Enerplus Resources Fund:

We
have audited the internal control over financial reporting of Enerplus Resources Fund and subsidiaries (the "Fund") as of December 31, 2008, based on the criteria established in
Internal Control  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Fund's management is responsible for
maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's
Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Fund's internal control over financial reporting based on our audit.

We
conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing
such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A
company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing
similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect
on the financial statements.

Because
of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are
subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In
our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2008, based on the criteria established in Internal
Control  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We
have also audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the consolidated
financial statements as of and for the year ended December 31, 2008 of the Fund and our report dated February 25, 2009 expressed an unqualified opinion on those financial statements and
included a separate report titled Comments by Independent Registered Chartered Accountants on Canada-United States of America Reporting Difference referring to changes in accounting principles.

GRAPHIC

Independent
Registered Chartered Accountants
Calgary, Canada
February 25, 2009

34      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

---



Management's Responsibility for Financial Statements

In management's opinion, the accompanying consolidated financial statements of Enerplus Resources Fund (the "Fund") have been prepared within reasonable
limits of materiality and in accordance with Canadian generally accepted accounting principles. Since a precise determination of many assets and liabilities is dependent on future events, the
preparation of financial statements necessarily involves the use of estimates and approximations. These have been made using careful judgment and with all information available up to
February 25, 2009. Management is responsible for all information in the annual report and for the consistency, therewith, of all other financial and operating data presented in
this report.

To
meet its responsibility for reliable and accurate financial statements, management has established and monitors systems of internal control which are designed to provide reasonable assurance that
financial information is relevant, reliable and accurate, and that assets are safeguarded and transactions are executed in accordance with management's authorization.

The
consolidated financial statements have been examined by Deloitte & Touche LLP, Independent Registered Chartered Accountants. Their responsibility is to express a professional opinion
on the fair presentation of the consolidated financial statements in accordance with Canadian generally accepted accounting principles. The Independent Registered Chartered Accountants Report outlines
the scope of their examination and sets forth their opinion.

The
Audit Committee, consisting exclusively of independent directors, has reviewed these statements with management and the Independent Registered Chartered Accountants and has recommended their
approval to the Board of Directors. The Board of Directors has approved the consolidated financial statements of the Fund.

|LOGO                                                |  | LOGO                                                              |  | 
|--------------------------------------------------- |  | ----------------------------------------------------------------- |  | 
|Gordon J. KerrPresident and
Chief Executive Officer |  | Robert J. WatersSenior Vice President and
Chief Financial Officer |  | 

Calgary, Alberta
February 25, 2009

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY35

---



Report of Independent Registered Chartered Accountants

To
the Board of Directors of Enermark Inc. and
Unitholders of Enerplus Resources Fund:

We
have audited the accompanying consolidated balance sheets of Enerplus Resources Fund and subsidiaries (the "Fund") as at December 31, 2008 and 2007, and the related consolidated
statements of income, accumulated deficit, comprehensive income, accumulated other comprehensive income and cash flows for the years then ended. These financial statements are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We
conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). These standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In
our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of Enerplus Resources Fund and subsidiaries as at December 31, 2008 and
2007, and the results of their operations and their cash flows for the years then ended in accordance with Canadian generally accepted accounting principles.

We
have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Fund's internal control over financial reporting as of
December 31, 2008, based on the criteria established in Internal
Control  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2009
expressed an unqualified opinion on the Fund's internal control over financial reporting.

GRAPHIC

Independent
Registered Chartered Accountants
Calgary, Canada
February 25, 2009

Comments by Independent Registered Chartered Accountants on Canada-United States of America Reporting Difference

The standards of the Public Company Accounting Oversight Board (United States) require the addition of an explanatory paragraph (following the opinion
paragraph) when there are changes in accounting principles that have a material effect on the comparability of the Fund's financial statements, such as the changes described in Notes 2
and 15 to the consolidated financial statements. Although we conducted our audits in accordance with both Canadian generally accepted auditing standards and the standards of the Public Company
Accounting Oversight Board (United States), our report to the Board of Directors of Enermark Inc. and Unitholders of Enerplus Resources Fund, dated February 25, 2009, is expressed
in accordance with Canadian reporting standards which do not require a reference to such changes in accounting principles in the auditors' report when the changes are properly accounted for and
adequately disclosed in the financial statements.

GRAPHIC

Independent
Registered Chartered Accountants
Calgary, Canada
February 25, 2009

36      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

---



statements

|
|

Consolidated Balance Sheets

|As at December 31(CDN$ thousands)                          |  |   | 2008       |   |  |  |   | 2007       |   | 
|---------------------------------------------------------- |  | - | ---------- | - |  |  | - | ---------- | - | 
|                                                           |  |  
|Assets                                                     |  |   |            |   |  |  |   |            |   | 
|Current assets                                             |  |   |            |   |  |  |   |            |   | 
|Cash                                                       |  | $ | 6,922      |   |  |  | $ | 1,702      |   | 
|Accounts receivable                                        |  |   | 163,152    |   |  |  |   | 145,602    |   | 
|Deferred financial assets(Note 12)                         |  |   | 121,281    |   |  |  |   | 10,157     |   | 
|Future income taxes(Note 11)                               |  |   |           |   |  |  |   | 10,807     |   | 
|Other current                                              |  |   | 3,783      |   |  |  |   | 6,373      |   | 
|                                                           |  |  
|                                                           |  |   | 295,138    |   |  |  |   | 174,641    |   | 
|Property, plant and equipment(Note 3)                      |  |   | 5,246,998  |   |  |  |   | 3,872,818  |   | 
|Goodwill(Note 1(f))                                        |  |   | 634,023    |   |  |  |   | 195,112    |   | 
|Deferred financial assets(Note 12)                         |  |   | 6,857      |   |  |  |   |           |   | 
|Other assets                                               |  |   | 47,116     |   |  |  |   | 60,559     |   | 
|                                                           |  |  
|                                                           |  | $ | 6,230,132  |   |  |  | $ | 4,303,130  |   | 
|                                                           |  |  
|Liabilities                                                |  |   |            |   |  |  |   |            |   | 
|Current liabilities                                        |  |   |            |   |  |  |   |            |   | 
|Accounts payable                                           |  | $ | 272,818    |   |  |  | $ | 269,375    |   | 
|Distributions payable to unitholders                       |  |   | 41,397     |   |  |  |   | 54,522     |   | 
|Future income taxes(Note 11)                               |  |   | 30,198     |   |  |  |   |           |   | 
|Deferred financial credits(Note 12)                        |  |   |           |   |  |  |   | 52,488     |   | 
|                                                           |  |  
|                                                           |  |   | 344,413    |   |  |  |   | 376,385    |   | 
|                                                           |  |  
|Long-term debt(Note 7)                                     |  |   | 664,343    |   |  |  |   | 726,677    |   | 
|Deferred financial credits(Note 12)                        |  |   | 26,392     |   |  |  |   | 90,090     |   | 
|Future income taxes(Note 11)                               |  |   | 648,821    |   |  |  |   | 304,259    |   | 
|Asset retirement obligations(Note 4)                       |  |   | 207,420    |   |  |  |   | 165,719    |   | 
|                                                           |  |  
|                                                           |  |   | 1,546,976  |   |  |  |   | 1,286,745  |   | 
|                                                           |  |  
|Equity                                                     |  |   |            |   |  |  |   |            |   | 
|Unitholders' capital(Note 10)                              |  |   |            |   |  |  |   |            |   | 
|Trust Units and Trust Units Equivalent                     |  |   |            |   |  |  |   |            |   | 
|Authorized: Unlimited                                      |  |   |            |   |  |  |   |            |   | 
|Issued and Outstanding: 2008  165,590,240                 |  |   |            |   |  |  |   |            |   | 
|2007  129,81
3,445                                        |  |   | 5,471,336  |   |  |  |   | 4,032,680  |   | 
|Accumulated deficit                                        |  |   | (1,181,199 | ) |  |  |   | (1,283,953 | ) | 
|Accumulated other comprehensive income(Notes 1(i) and (j)) |  |   | 48,606     |   |  |  |   | (108,727   | ) | 
|                                                           |  |  
|                                                           |  |   | (1,132,593 | ) |  |  |   | (1,392,680 | ) | 
|                                                           |  |   | 4,338,743  |   |  |  |   | 2,640,000  |   | 
|                                                           |  |  
|                                                           |  | $ | 6,230,132  |   |  |  | $ | 4,303,130  |   | 
|                                                           |  |  

Signed on behalf of the Board of Directors:

|LOGO                      |  | LOGO                      |  | 
|------------------------- |  | ------------------------- |  | 
|Douglas R. MartinDirector |  | Robert B. HodginsDirector |  | 

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY37

---



Consolidated Statements of Accumulated Deficit

|For the year ended December 31(CDN$ thousands)             |  |   | 2008       |   |  |  |   | 2007       |   | 
|---------------------------------------------------------- |  | - | ---------- | - |  |  | - | ---------- | - | 
|                                                           |  |  
|Accumulated income, beginning of year                      |  | $ | 2,286,927  |   |  |  | $ | 1,952,960  |   | 
|Adjustment for adoption of financial instruments standards |  |   |           |   |  |  |   | (5,724     | ) | 
|                                                           |  |  
|Revised Accumulated income, beginning of year              |  |   | 2,286,927  |   |  |  |   | 1,947,236  |   | 
|Net income                                                 |  |   | 888,892    |   |  |  |   | 339,691    |   | 
|                                                           |  |  
|Accumulated income, end of year                            |  |   | 3,175,819  |   |  |  |   | 2,286,927  |   | 
|Accumulated cash distributions, beginning of year          |  |   | (3,570,880 | ) |  |  |   | (2,924,045 | ) | 
|Cash distributions                                         |  |   | (786,138   | ) |  |  |   | (646,835   | ) | 
|                                                           |  |  
|Accumulated cash distributions, end of year                |  |   | (4,357,018 | ) |  |  |   | (3,570,880 | ) | 
|                                                           |  |  
|Accumulated deficit, end of year                           |  | $ | (1,181,199 | ) |  |  | $ | (1,283,953 | ) | 
|                                                           |  |  

Consolidated Statements of Accumulated Other Comprehensive Income

|For the year ended December 31(CDN$ thousands) |                                   |                                          | 2008     |         |   |  |   | 2007     |          |       
|---------------------------------------------- | --------------------------------- | ---------------------------------------- | -------- | ------- | - |  | - | -------- | -------- | ------
|                                               |                                   |                                         
|Balance, beginning of year                     |                                   | $                                        | (108,727 | )       |   |  | $ | (8,979   | )        |       
|                                               | Transition adjustments:           |                                          |          |         |   |  |   |          |          |       
|                                               |                                   | Cash flow hedges                         |          |         |  |  |   |          |          | 660   
|                                               |                                   | Available for sale marketable securities |          |         |  |  |   |          |          | 14,252
|                                               | Other comprehensive (loss)/income |                                          |          | 157,333 |   |  |   |          | (114,660 | )     
|                                               |                                   |                                         
|Balance, end of year                           |                                   | $                                        | 48,606   |         |   |  | $ | (108,727 | )        |       
|                                               |                                   |                                         

38      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

---



Consolidated Statements of Income

|For the year ended December 31(CDN$ thousands except per trust unit amounts) |  |   | 2008      |   |  |  |   | 2007      |   | 
|---------------------------------------------------------------------------- |  | - | --------- | - |  |  | - | --------- | - | 
|                                                                             |  |  
|Revenues                                                                     |  |   |           |   |  |  |   |           |   | 
|Oil and gas sales                                                            |  | $ | 2,331,884 |   |  |  | $ | 1,539,153 |   | 
|Royalties                                                                    |  |   | (429,943  | ) |  |  |   | (285,148  | ) | 
|Commodity derivative instruments(Note 12)                                    |  |   | 66,434    |   |  |  |   | (52,841   | ) | 
|Other income(Note 12)                                                        |  |   | 8,464     |   |  |  |   | 14,991    |   | 
|                                                                             |  |  
|                                                                             |  |   | 1,976,839 |   |  |  |   | 1,216,155 |   | 
|                                                                             |  |  
|Expenses                                                                     |  |   |           |   |  |  |   |           |   | 
|Operating                                                                    |  |   | 332,622   |   |  |  |   | 274,150   |   | 
|General and administrative                                                   |  |   | 65,667    |   |  |  |   | 67,921    |   | 
|Transportation                                                               |  |   | 27,650    |   |  |  |   | 22,098    |   | 
|Interest(Note 8)                                                             |  |   | 24,224    |   |  |  |   | 33,627    |   | 
|Foreign exchange(Note 9)                                                     |  |   | 25,852    |   |  |  |   | (7,071    | ) | 
|Depletion, depreciation, amortization and accretion                          |  |   | 640,440   |   |  |  |   | 463,718   |   | 
|                                                                             |  |  
|                                                                             |  |   | 1,116,455 |   |  |  |   | 854,443   |   | 
|                                                                             |  |  
|Income before taxes                                                          |  |   | 860,384   |   |  |  |   | 361,712   |   | 
|Current taxes                                                                |  |   | 22,722    |   |  |  |   | 23,011    |   | 
|Future income tax recovery(Note 11)                                          |  |   | (51,230   | ) |  |  |   | (990      | ) | 
|                                                                             |  |  
|Net Income                                                                   |  | $ | 888,892   |   |  |  | $ | 339,691   |   | 
|                                                                             |  |  
|Net income per trust unit                                                    |  |   |           |   |  |  |   |           |   | 
|Basic                                                                        |  | $ | 5.54      |   |  |  | $ | 2.66      |   | 
|Diluted                                                                      |  | $ | 5.53      |   |  |  | $ | 2.66      |   | 
|                                                                             |  |  
|Weighted average number of trust units outstanding(thousands)                |  |   |           |   |  |  |   |           |   | 
|Basic                                                                        |  |   | 160,589   |   |  |  |   | 127,691   |   | 
|Diluted                                                                      |  |   | 160,640   |   |  |  |   | 127,752   |   | 
|                                                                             |  |  

Consolidated Statements of Comprehensive Income

|For the year ended December 31(CDN$ thousands) |                                                                                              |   | 2008      |        |   |  |   | 2007     |         |  
|---------------------------------------------- | -------------------------------------------------------------------------------------------- | - | --------- | ------ | - |  | - | -------- | ------- | -
|                                               |                                                                                              |  
|Net income                                     |                                                                                              | $ | 888,892   |        |   |  | $ | 339,691  |         |  
|                                               |                                                                                              |  
|Other comprehensive (loss)/income, net of tax: |                                                                                              |   |           |        |   |  |   |          |         |  
|                                               | Unrealized gain on marketable securities                                                     |   |           | 2,578  |   |  |   |          | 629     |  
|                                               | Realized gains on marketable securities included in net income(Note 12 (b))                  |   |           | (6,158 | ) |  |   |          | (11,302 | )
|                                               | Gains and losses on derivatives designated as hedges in prior periods included in net income |   |           | 74     |   |  |   |          | (733    | )
|Change in cumulative translation adjustment    |                                                                                              |   | 160,839   |        |   |  |   | (103,254 | )       |  
|                                               |                                                                                              |  
|Other comprehensive (loss)/income              |                                                                                              |   | 157,333   |        |   |  |   | (114,660 | )       |  
|                                               |                                                                                              |  
|Comprehensive income                           |                                                                                              | $ | 1,046,225 |        |   |  | $ | 225,031  |         |  
|                                               |                                                                                              |  

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY39

---



Consolidated Statements of Cash Flows

|For the year ended December 31(CDN$ thousands)                 |  |   | 2008       |   |  |  |   | 2007     |   | 
|-------------------------------------------------------------- |  | - | ---------- | - |  |  | - | -------- | - | 
|                                                               |  |  
|Operating Activities                                           |  |   |            |   |  |  |   |          |   | 
|Net income                                                     |  | $ | 888,892    |   |  |  | $ | 339,691  |   | 
|Non-cash items add/(deduct):                                   |  |   |            |   |  |  |   |          |   | 
|Depletion, depreciation, amortization and accretion            |  |   | 640,440    |   |  |  |   | 463,718  |   | 
|Change in fair value of derivative instruments(Note 12)        |  |   | (240,085   | ) |  |  |   | 91,852   |   | 
|Unit based compensation(Note 10 (d))                           |  |   | 6,996      |   |  |  |   | 8,435    |   | 
|Foreign exchange on translation of senior notes(Note 9)        |  |   | 54,792     |   |  |  |   | (41,182  | ) | 
|Future income tax(Note 11)                                     |  |   | (51,230    | ) |  |  |   | (990     | ) | 
|Impairment of marketable securities                            |  |   | 10,000     |   |  |  |   |         |   | 
|Amortization of senior notes premium                           |  |   | (668       | ) |  |  |   | (631     | ) | 
|Reclassification adjustments from AOCI to net income and other |  |   | 92         |   |  |  |   | (865     | ) | 
|Gain on sale of marketable securities(Note 12)                 |  |   | (8,263     | ) |  |  |   | (14,055  | ) | 
|Asset retirement obligations settled(Note 4)                   |  |   | (18,308    | ) |  |  |   | (16,280  | ) | 
|                                                               |  |  
|                                                               |  |   | 1,282,658  |   |  |  |   | 829,693  |   | 
|Decrease/(Increase) in non-cash operating working capital      |  |   | (19,876    | ) |  |  |   | 38,855   |   | 
|                                                               |  |  
|Cash flow from operating activities                            |  |   | 1,262,782  |   |  |  |   | 868,548  |   | 
|                                                               |  |  
|Financing Activities                                           |  |   |            |   |  |  |   |          |   | 
|Issue of trust units, net of issue costs(Note 10)              |  |   | 70,516     |   |  |  |   | 256,369  |   | 
|Cash distributions to unitholders                              |  |   | (786,138   | ) |  |  |   | (646,835 | ) | 
|(Decrease)/Increase in bank credit facilities(Note 7)          |  |   | (447,371   | ) |  |  |   | 148,827  |   | 
|Decrease in non-cash financing working capital                 |  |   | (13,125    | ) |  |  |   | 2,799    |   | 
|                                                               |  |  
|Cash flow from financing activities                            |  |   | (1,176,118 | ) |  |  |   | (238,840 | ) | 
|                                                               |  |  
|Investing Activities                                           |  |   |            |   |  |  |   |          |   | 
|Capital expenditures                                           |  |   | (588,337   | ) |  |  |   | (393,655 | ) | 
|Property acquisitions(Note 6)                                  |  |   | (15,306    | ) |  |  |   | (226,480 | ) | 
|Property dispositions(Note 6)                                  |  |   | 504,859    |   |  |  |   | 2,947    |   | 
|Proceeds on sale of marketable securities                      |  |   | 18,320     |   |  |  |   | 16,467   |   | 
|Purchase of investments                                        |  |   | (7,150     | ) |  |  |   | (2,927   | ) | 
|Increase in non-cash investing working capital                 |  |   | (1,618     | ) |  |  |   | (21,046  | ) | 
|                                                               |  |  
|Cash flow from investing activities                            |  |   | (89,232    | ) |  |  |   | (624,694 | ) | 
|                                                               |  |  
|Effect of exchange rate changes on cash                        |  |   | 7,788      |   |  |  |   | (3,436   | ) | 
|                                                               |  |  
|Change in cash                                                 |  |   | 5,220      |   |  |  |   | 1,578    |   | 
|Cash, beginning of year                                        |  |   | 1,702      |   |  |  |   | 124      |   | 
|                                                               |  |  
|Cash, end of year                                              |  | $ | 6,922      |   |  |  | $ | 1,702    |   | 
|                                                               |  |  
|Supplementary Cash Flow Information                            |  |   |            |   |  |  |   |          |   | 
|Cash income taxes paid                                         |  | $ | 73,914     |   |  |  | $ | 17,431   |   | 
|Cash interest paid                                             |  | $ | 42,695     |   |  |  | $ | 42,861   |   | 
|                                                               |  |  

40      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

---



notes

|
|

Notes to Consolidated Financial Statements

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The management of Enerplus Resources Fund ("Enerplus" or the "Fund") prepares the consolidated financial statements in accordance with Canadian generally
accepted accounting principles ("Canadian GAAP"). A reconciliation between Canadian GAAP and United States of America GAAP ("U.S. GAAP") is disclosed in Note 15. The preparation
of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies, if any, as at the date of the
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated. In particular, the amounts recorded for depletion
and depreciation of the petroleum and natural gas properties and for asset retirement obligations are based on estimates of reserves and future costs. By their nature, these estimates, and those
related to future cash flows used to assess impairment, are subject to measurement uncertainty and the impact on the financial statements of future periods could be material.

The
following significant accounting policies are presented to assist the reader in evaluating these consolidated financial statements and, together with the following notes, should be considered an
integral part of the consolidated financial statements.

(a) Organization and Basis of Accounting

The Fund is an open-end investment trust created under the laws of the Province of Alberta operating pursuant to the Amended and Restated Trust
Indenture between EnerMark Inc. (the Fund's wholly-owned subsidiary), Enerplus Resources Corporation ("ERC") and Computershare Trust Company of Canada. The beneficiaries of the Fund
(the "unitholders") are holders of the trust units issued by the Fund. As a trust under the Income Tax Act (Canada), Enerplus is limited to holding and administering permitted
investments and making distributions to the unitholders.

The
Fund's financial statements include the accounts of the Fund and its subsidiaries on a consolidated basis. All inter-entity transactions have been eliminated. Many of the Fund's production
activities are conducted through joint ventures and the financial statements reflect only the Fund's proportionate interest in such activities.

(b) Revenue Recognition

Revenue associated with the sale of crude oil, natural gas and natural gas liquids is recognized when title passes from the Fund to its customers based on price,
volumes delivered and contractual delivery points. A portion of the properties acquired through the March 5, 2003 acquisition of PCC Energy Inc. and PCC Energy Corp. are subject to a
royalty arrangement, with a private company, that is structured as a net profits interest. The results from operations included in the Fund's consolidated financial statements for these properties are
reduced for this net profits interest.

(c) Property, Plant and Equipment ("PP&E")

The Fund follows the full cost method of accounting for petroleum and natural gas properties under which all acquisition and development costs are capitalized on
a country by country cost centre basis. Such costs include land acquisition, geological, geophysical, drilling costs for productive and non-productive wells, facilities and directly
related overhead charges. Repairs, maintenance and operational costs that do not extend or enhance the recoverable reserves are charged to earnings. Proceeds from the sale of petroleum and natural gas
properties are applied against the capitalized costs. Gains and losses are not recognized upon disposition of oil and natural gas properties unless such a disposition would alter the rate of depletion
by 20% or more. Net costs related to operating and administrative activities during the development of large capital projects are capitalized until commercial production has commenced.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY41

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(d) Impairment Test

A limit is placed on the aggregate carrying value of PP&E (the "impairment test"). The Fund performs an impairment test on a country by country basis. An
impairment loss exists when the carrying amount of the country's PP&E exceeds the estimated undiscounted future net cash flows associated with the country's proved reserves. If an impairment loss is
determined to exist, the costs carried on the balance sheet in excess of the discounted future net cash flows associated with the country's proved and probable reserves are charged to income. Net
costs related to projects in the pre-commercial phase of development are excluded from the country by country impairment test and are tested for impairment separately.

(e) Depletion and Depreciation

The provision for depletion and depreciation of oil and natural gas assets is calculated on a country by country basis using the
unit-of-production method, based on the country's share of estimated proved reserves before royalties. Reserves and production are converted to equivalent units on the basis of
6 Mcf = 1 bbl, reflecting the approximate relative energy content.

(f) Goodwill

The Fund, when appropriate, recognizes goodwill relating to corporate acquisitions when the total purchase price exceeds the fair value of the net identifiable
assets and liabilities of the acquired companies. The goodwill balance is assessed for impairment annually at year-end or as events occur that could result in an impairment. To assess
impairment, the fair values of the Canadian and U.S. reporting units are compared to their respective book values. If the fair value is less than the book value, a second test is performed to
determine the amount of impairment. The amount of impairment is measured by allocating the fair value of the reporting unit to its identifiable assets and liabilities as if they had been acquired in a
business combination for a purchase price equal to their fair value. If goodwill determined in this manner is less than the carrying value of goodwill, an impairment is recognized in the period in
which it occurs. Goodwill is stated at cost less impairment and is not amortized. Goodwill is not deductible for income tax purposes.

(g) Asset Retirement Obligations

The Fund recognizes as a liability the estimated fair value of the future retirement obligations associated with PP&E. The fair value is capitalized and
amortized over the same period as the underlying asset. The Fund estimates the liability based on the estimated costs to abandon and reclaim its net ownership interest in all wells and facilities and
the estimated timing of the costs to be incurred in future periods. This estimate is evaluated on a periodic basis and any adjustment to the estimate is prospectively applied. As time passes, the
change in net present value of the future retirement obligation is expensed through accretion. Retirement obligations settled during the period reduce the future retirement liability. No gains or
losses on retirement activities were realized due to settlements approximating the estimates.

(h) Income Taxes

The Fund is a taxable entity under the Income Tax Act (Canada) and is taxable only on Canadian income that is not distributed or distributable to the
Fund's unitholders. In the Trust structure, payments made between the Canadian operating entities and the Fund ultimately transfers both income and future income tax liability to the unitholders. The
future income tax liability associated with Canadian assets recorded on the balance sheet is recovered over time through these payments. As the Canadian operating entities transfer all of their
Canadian taxable income to the Fund, no provision for current Canadian income tax has been made by any Canadian operating entity.

Effective
January 1, 2011, the Fund will be subject to a 29.5% SIFT (specified investment flow-through) tax on Canadian income that has not been subject to a Canadian corporate
income tax in the Canadian operating entities. Therefore, the future tax liability associated with Canadian assets recorded on the balance sheet as at that date will be realized over time as the
temporary differences between the carrying value of assets in the consolidated financial statements and their respective tax bases are realized. Current Canadian income taxes will be accrued for at
that time to the extent that there is taxable income in the Trust or its underlying operating entities.

The
U.S. operating entity is subject to U.S. income taxes on its taxable income determined under U.S. income tax rules and regulations. Repatriation of funds from
U.S. operations will also be subject to applicable withholding taxes as required under U.S. tax law.

The
Fund follows the liability method of accounting for income taxes. Under this method, income tax liabilities and assets are recognized for the estimated tax consequences attributable to the
temporary differences between the carrying value of the assets and liabilities on the

42      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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consolidated
financial statements and their respective tax bases, using substantively enacted income tax rates. The effect of a change in these income tax rates on future income tax liabilities and
assets is recognized in income during the period that the change occurs.

(i) Financial Instruments

The Fund is exposed to market risks resulting from fluctuations in commodity prices, foreign exchange rates and interest rates in the normal course of
operations. A variety of derivative instruments are used by the Fund to reduce its exposure to these risks. The Fund records its derivative instruments on the Consolidated Balance Sheet at fair value
and recognizes any change in fair value through net income during the period. The fair values of these derivative instruments are generally based on an estimate of the amounts that would be received
or paid to settle these instruments at the balance sheet date.

The
Fund has certain minor equity investments in entities involved in the oil and gas industry. Investments that have a quoted price in an active market are measured at fair value with changes in fair
value recognized in other comprehensive income. When the investment is ultimately sold any gains or losses are recognized in net income and any unrealized gains or losses previously recognized in
other comprehensive income are reversed. Investments that do not have a quoted price in an active market are measured at cost unless there has been any other than temporary impairment, in which case a
charge is recognized in net income to record the loss in value.

(j) Foreign Currency Translation

The Fund's U.S. operations are self-sustaining. Assets and liabilities of these operations are translated into Canadian dollars at period end
exchange rates, while revenues and expenses are converted using average rates for the period. Gains and losses from the translation into Canadian dollars are deferred and included in the cumulative
translation adjustment ("CTA") which is part of accumulated other comprehensive income ("AOCI").

Other
monetary assets and liabilities, not related to the Fund's U.S. operations, are translated into Canadian dollars at rates of exchange in effect at the balance sheet date. The other assets
and related depreciation, depletion and amortization, other liabilities, revenue and other expenses are translated into Canadian dollars at rates of exchange in effect at the respective transaction
dates. The resulting exchange gains or losses are included in earnings.

(k) Unit Based Compensation

The Fund uses the fair value method of accounting for the trust unit rights incentive plan. Under this method, the fair value of the rights is determined on the
date in which fair value can reasonably be determined, generally being the grant date. This amount is charged to earnings over the vesting period of the rights, with a corresponding increase in
contributed surplus. When rights are exercised, the proceeds, together with the amount recorded in contributed surplus, are recorded to unitholders' capital.

2. CHANGES IN ACCOUNTING POLICIES

Current Year Accounting Changes

Effective January 1, 2008, the Fund adopted three new accounting standards that were issued by the Canadian Institute of Chartered Accountants ("CICA"):
Handbook Section 1535, Capital Disclosures, Section 3862, Financial Instruments  Disclosures and Section 3863, Financial
Instruments  Presentation.

(a) Capital Disclosures

Section 1535 establishes standards for disclosing information regarding an entity's capital and how it is managed.

(b) Financial Instruments  Disclosures, Financial Instruments  Presentation

Sections 3862 and 3863 establish standards for enhancing financial statements users' understanding of the significance of financial instruments to
an entity's financial position, performance and cash flows. They require that entities provide disclosures regarding the nature and extent of risks arising from financial instruments to which they are
exposed both during the reporting period and at the balance sheet date, as well as how the entities manage those risks.

These
standards were adopted prospectively.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY43

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Future Accounting Changes

(a) Goodwill and Intangible Assets

In February 2008, the CICA issued Section 3064, Goodwill and Intangible Assets, replacing Section 3062, Goodwill and Other
Intangible Assets and Section 3450, Research and Development Costs. The new Section will be effective on January 1, 2009. Section 3064 establishes standards for the
recognition, measurement, presentation and disclosure of goodwill and intangible assets subsequent to its initial recognition. Standards concerning goodwill are unchanged from the standards included
in the previous Section 3062. The Fund is currently evaluating the impact of the adoption of this new Section, however does not expect a material impact on its Consolidated Financial
Statements.

(b) Convergence of Canadian GAAP with International Financial Reporting Standards ("IFRS")

In 2006, Canada's Accounting Standards Board (AcSB) ratified a strategic plan that will result in Canadian GAAP being converged with International Financial
Reporting Standards (IFRS) by 2011 for public reporting entities. On February 13, 2008 the AcSB confirmed that IFRS will be required for public companies beginning
January 1, 2011.

3. PROPERTY, PLANT AND EQUIPMENT

|($ thousands)                                     |  |   | 2008       |   |  |  |   | 2007       |   | 
|------------------------------------------------- |  | - | ---------- | - |  |  | - | ---------- | - | 
|                                                  |  |  
|Property, plant and equipment                     |  | $ | 8,497,206  |   |  |  | $ | 6,429,241  |   | 
|Accumulated depletion, depreciation and accretion |  |   | (3,250,208 | ) |  |  |   | (2,556,423 | ) | 
|                                                  |  |  
|Net property, plant and equipment                 |  | $ | 5,246,998  |   |  |  | $ | 3,872,818  |   | 
|                                                  |  |  

Capitalized general and administrative ("G&A") expenses for 2008 of $21,766,000 (2007  $17,185,000) are included in PP&E.
The depletion and depreciation calculation includes future capital costs of $773,371,000 (2007  $521,650,000) as indicated in our reserve reports. Excluded from
PP&E for the depletion and depreciation calculation is $257,608,000 (2007  $321,801,000) related to the Kirby oil sands project ("Kirby") which has not yet
commenced commercial production. The 2007 amount included costs related to the Joslyn oil sands project which was sold in July, 2008.

An
impairment test calculation was performed on a country by country basis on the PP&E values at December 31, 2008 in which the estimated undiscounted future net cash flows associated with the
proved reserves exceeded the carrying amount of the Fund's PP&E.

The
following table outlines estimated benchmark prices and the exchange rate used in the impairment tests for both Canadian and U.S. cost centers at December 31, 2008:

|Year        |  |   | WTI Crude Oil | (1) |   | Exchange Rate |  |   | Edm Light Crude | (1) |   | Natural Gas 30 day spot @ AECO(1) | 
|----------- |  | - | ------------- | --- | - | ------------- |  | - | --------------- | --- | - | --------------------------------- | 
|           
|            |  |   | US$/bbl       |     |   | CDN$/US$      |  |   | CDN$/bbl        |     |   | CDN$/Mcf                          | 
|2009        |  | $ | 53.73         |     | $ | 0.80          |  | $ | 65.35           |     | $ | 6.82                              | 
|2010        |  |   | 63.41         |     |   | 0.85          |  |   | 72.78           |     |   | 7.56                              | 
|2011        |  |   | 69.53         |     |   | 0.85          |  |   | 79.95           |     |   | 7.84                              | 
|2012        |  |   | 79.59         |     |   | 0.90          |  |   | 86.57           |     |   | 8.38                              | 
|2013        |  |   | 92.01         |     |   | 0.95          |  |   | 94.97           |     |   | 9.20                              | 
|Thereafter* |  |   | +2% yr        |     |   | 0.95          |  |   | +2% yr          |     |   | +2% yr                            | 
|           

44      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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4. ASSET RETIREMENT OBLIGATIONS

Total future asset retirement obligations were estimated by management based on the Fund's net ownership interest in wells and facilities, estimated costs to
abandon and reclaim the wells and facilities, and the estimated timing of the costs to be incurred in future periods. The Fund has estimated the net present value of its total asset retirement
obligations to be $207,420,000 at December 31, 2008 compared to $165,719,000 at December 31, 2007 based on a total undiscounted liability of $644,423,000 and $542,781,000 respectively.
These payments are expected to be made over the next 66 years with the majority of costs incurred between 2039 and 2048. To calculate the present value of the asset retirement obligations for
2008 the Fund used a weighted credit-adjusted rate of approximately 6.1% and an
inflation rate of 2.0%, (2007  6.1% and 2.0%). Settlements during 2008 and 2007 approximated our estimates and as a result no gains or losses were recognized.

Following
is a reconciliation of the asset retirement obligations:

|($ thousands)                                   |  |   | 2008    |   |  |  |   | 2007    |   | 
|----------------------------------------------- |  | - | ------- | - |  |  | - | ------- | - | 
|                                                |  |  
|Asset retirement obligations, beginning of year |  | $ | 165,719 |   |  |  | $ | 123,619 |   | 
|Corporate acquisition                           |  |   | 36,784  |   |  |  |   |        |   | 
|Changes in estimates                            |  |   | 4,087   |   |  |  |   | 46,000  |   | 
|Acquisition and development activity            |  |   | 7,394   |   |  |  |   | 6,441   |   | 
|Dispositions                                    |  |   | (110    | ) |  |  |   | (756    | ) | 
|Asset retirement obligations settled            |  |   | (18,308 | ) |  |  |   | (16,280 | ) | 
|Accretion expense                               |  |   | 11,854  |   |  |  |   | 6,695   |   | 
|                                                |  |  
|Asset retirement obligations, end of year       |  | $ | 207,420 |   |  |  | $ | 165,719 |   | 
|                                                |  |  

5. CORPORATE ACQUISITIONS

Focus Energy Trust

On February 13, 2008 Enerplus closed the acquisition of Focus Energy Trust ("Focus"). Under the plan of arrangement, Focus unitholders received 0.425 of
an Enerplus trust unit for each Focus trust unit and Focus Exchangeable Limited Partnership Units became exchangeable into Enerplus trust units at the option of the holder on the basis of 0.425 of an
Enerplus trust unit for each Focus Exchangeable Limited Partnership Unit. Total consideration was $1,366,494,000 consisting of 30,150,000 trust units issued, 9,087,000 exchangeable
limited partnership units assumed (convertible into 3,861,833 trust units) and transaction costs of $5,350,000. The Fund also assumed bank debt plus an estimated working capital deficit
including certain transaction costs paid by Focus of $357,305,000.

The
acquisition has been accounted for using the purchase method of accounting and results from the operations of Focus from February 13, 2008 onward have been included in the Fund's
consolidated financial statements. The allocation of the consideration paid to the fair value of the assets acquired and liabilities assumed plus future income tax cost is summarized below:

|Net Assets Acquired($ thousands) |  |   |           |   | 
|-------------------------------- |  | - | --------- | - | 
|                                
|Property, plant and equipment    |  | $ | 1,757,520 |   | 
|Other assets                     |  |   | 4,566     |   | 
|Goodwill                         |  |   | 403,588   |   | 
|Working capital deficit          |  |   | (26,393   | ) | 
|Deferred financial credits       |  |   | (5,919    | ) | 
|Long-term debt                   |  |   | (330,912  | ) | 
|Asset retirement obligations     |  |   | (36,784   | ) | 
|Future income taxes              |  |   | (399,172  | ) | 
|                                
|Total net assets acquired        |  | $ | 1,366,494 |   | 
|                                

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY45

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|
|

|Consideration paid($ thousands)                   |  |   |           | 
|------------------------------------------------- |  | - | --------- | 
|                                                 
|Trust units issued(1)                             |  | $ | 1,206,593 | 
|Exchangeable limited partnership units assumed(1) |  |   | 154,551   | 
|Transaction costs                                 |  |   | 5,350     | 
|                                                 
|Total consideration paid                          |  | $ | 1,366,494 | 
|                                                 

6. PROPERTY ACQUISITIONS AND DISPOSITIONS

Joslyn Oil Sands Interest

On July 31, 2008 the Fund disposed of its interest in the Joslyn oil sands project for net cash proceeds of $502,000,000.

Kirby Oil Sands Project

On April 10, 2007 the Fund acquired a 90% interest in Kirby for total consideration of $182,800,000, consisting of $128,050,000 in cash and the issuance
of 1,104,945 trust units at a price of $49.55 per unit ($54,750,000 of equity). On June 22, 2007 the Fund acquired the remaining 10% interest in Kirby for cash consideration of
$20,276,000. The acquisition of Kirby has been accounted for as an asset acquisition pursuant to the guidance in the Emerging Issues Committee Abstract 124.

7. LONG-TERM DEBT

|($ thousands)                          |  |   | 2008    |  |  |   | 2007    | 
|-------------------------------------- |  | - | ------- |  |  | - | ------- | 
|                                       |  |  
|Bank credit facilities (a)             |  | $ | 380,888 |  |  | $ | 497,347 | 
|Senior notes (b)                       |  |   |         |  |  |   |         | 
|US$175 million (issued June 19, 2002)  |  |   | 217,327 |  |  |   | 175,973 | 
|US$54 million (issued October 1, 2003) |  |   | 66,128  |  |  |   | 53,357  | 
|                                       |  |  
|Total long-term debt                   |  | $ | 664,343 |  |  | $ | 726,677 | 
|                                       |  |  

(a) Unsecured Bank Credit Facility

Enerplus has a $1.4 billion unsecured covenant based facility ($1.0 billion at December 31, 2007) that matures November 18, 2010. The
facility is extendible each year with a bullet payment required at maturity. At December 31, 2008 Enerplus had available credit of $1,019,112,000. Various borrowing options are available under
the facility including prime based advances and bankers' acceptances. This facility carries floating interest rates that are expected to range between 55 and 110 basis points over bankers'
acceptance rates, depending on Enerplus' ratio of senior debt to earnings before interest, taxes and non-cash items. The weighted average effective interest rate on the facility for the
year ended December 31, 2008 was 3.8% (2007  5.1%).

(b) Senior Unsecured Notes

On June 19, 2002 Enerplus issued US$175,000,000 senior unsecured notes that mature June 19, 2014. The notes have a coupon rate of 6.62% priced at
par, with interest paid semi-annually on June 19 and December 19 of each year. Principal payments are required in five equal installments beginning June 19, 2010 and
ending June 19, 2014. Concurrent with the issuance of the notes on June 19, 2002, the Fund entered into a cross currency interest rate swap ("CCIRS") with a syndicate of financial
institutions. Under the terms of the swap, the amount of the notes was fixed for purposes of interest and principal repayments at a notional amount of CDN$268,328,000. Interest payments are made on a
floating rate basis, set at the rate for three-month Canadian bankers' acceptances, plus 1.18%.

On
October 1, 2003, when the CDN/US dollar exchange rate was 0.74, Enerplus issued US$54,000,000 senior unsecured notes that mature October 1, 2015. The notes have a coupon rate of 5.46%
priced at par with interest paid semi-annually on April 1 and October 1 of each year. Principal payments are required in five equal installments beginning October 1,
2011 and ending October 1, 2015. The notes are translated into Canadian dollars using the period end foreign exchange rate. In September 2007 Enerplus entered into foreign exchange

46      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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swaps
that effectively fix the five principal payments on the US$54,000,000 senior unsecured notes at a CDN/US exchange rate of 0.98 or CDN$55,080,000.

On
January 1, 2007 in conjunction with the adoption of CICA Sections 3855 and 3865, the Fund elected to stop designating the CCIRS as a fair value hedge on the US$175,000,000
senior notes. As a result, the Fund recorded the senior notes at their fair value of US$178,681,000. The premium amount of US$3,681,000, representing the difference between the January 1, 2007
fair value and the face amount of the senior notes, will be amortized to net income over the remaining term of the notes using the effective interest method. The effective interest rate over the
remaining term of the senior notes is 6.16%. The senior notes are carried at amortized cost and are translated into Canadian dollars using the period end foreign exchange rate. At December 31,
2008 the amortized cost of the US$175,000,000 senior notes was US$177,467,000.

The
bank credit facility and the senior notes (the "Combined Facilities") are the legal obligation of EnerMark Inc. and are guaranteed by its subsidiaries. Payments with respect to the
Combined Facilities have priority over payments to the Fund and over claims of and future distributions to the unitholders however, unitholders have no direct liability beyond their equity investment
should cash flow be insufficient to repay the Combined Facilities.

8. INTEREST EXPENSE

|($ thousands)    |                                                       |   | 2008   |         |   |  |   | 2007   |        |  
|---------------- | ----------------------------------------------------- | - | ------ | ------- | - |  | - | ------ | ------ | -
|                 |                                                       |  
|Realized         |                                                       |   |        |         |   |  |   |        |        |  
|                 | Interest on long-term debt                            |   | $      | 42,626  |   |  |   | $      | 41,934 |  
|Unrealized       |                                                       |   |        |         |   |  |   |        |        |  
|                 | Gain on cross currency interest rate swap             |   |        | (27,559 | ) |  |   |        | (7,340 | )
|                 | Loss/(gain) on interest rate swaps                    |   |        | 9,825   |   |  |   |        | (447   | )
|                 | Amortization of the premium on senior unsecured notes |   |        | (668    | ) |  |   |        | (631   | )
|                 | Other                                                 |   |        |        |   |  |   |        | 111    |  
|                 |                                                       |  
|Interest Expense |                                                       | $ | 24,224 |         |   |  | $ | 33,627 |        |  
|                 |                                                       |  

9. FOREIGN EXCHANGE

|($ thousands)                |                                                                                     |   | 2008   |         |   |  |   | 2007   |         |  
|---------------------------- | ----------------------------------------------------------------------------------- | - | ------ | ------- | - |  | - | ------ | ------- | -
|                             |                                                                                     |  
|Realized                     |                                                                                     |   |        |         |   |  |   |        |         |  
|                             | Foreign exchange loss                                                               |   | $      | 23,881  |   |  |   | $      | 1,909   |  
|Unrealized                   |                                                                                     |   |        |         |   |  |   |        |         |  
|                             | Foreign exchange loss/(gain) on translation of U.S. dollar denominated senior notes |   |        | 54,792  |   |  |   |        | (41,182 | )
|                             | Foreign exchange (gain)/loss on cross currency interest rate swap                   |   |        | (45,539 | ) |  |   |        | 31,777  |  
|                             | Foreign exchange (gain)/loss on foreign exchange swaps                              |   |        | (7,282  | ) |  |   |        | 425     |  
|                             |                                                                                     |  
|Foreign exchange loss/(gain) |                                                                                     | $ | 25,852 |         |   |  | $ | (7,071 | )       |  
|                             |                                                                                     |  

The US$54,000,000 and US$175,000,000 senior unsecured notes are exposed to foreign currency fluctuations and are translated into Canadian dollars at the exchange
rate in effect at the balance sheet date. Foreign exchange gains and losses are included in the determination of net income for the period.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY47

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10. UNITHOLDERS' CAPITAL

Unitholders' capital as presented on the Consolidated Balance Sheets consists of trust unit capital, exchangeable partnership unit capital and contributed
surplus.

|Unitholders' capital($ thousands)      |  |   | 2008      |  |  |   | 2007      | 
|-------------------------------------- |  | - | --------- |  |  | - | --------- | 
|                                       |  |  
|Trust units                            |  | $ | 5,328,629 |  |  | $ | 4,020,228 | 
|Exchangeable limited partnership units |  |   | 123,107   |  |  |   |          | 
|Contributed surplus                    |  |   | 19,600    |  |  |   | 12,452    | 
|                                       |  |  
|Balance, end of year                   |  | $ | 5,471,336 |  |  | $ | 4,032,680 | 
|                                       |  |  

(a) Trust Units

Authorized:
Unlimited number of trust units

|(thousands)                                                           |  | 2008    |   | 2007
|--------------------------------------------------------------------- |  | ------- | - | ----
|Issued:                                                               |  | Units   |   |     
|                                                                      |  |        
|Balance before Contributed Surplus, beginning of year                 |  | 129,813 |   | $   
|Issued for cash:                                                      |  |         |   |     
|Pursuant to public offerings                                          |  |        |   |     
|Pursuant to rights incentive plan                                     |  | 210     |   |     
|Cancelled trust units                                                 |  | (116    | ) |     
|Exchangeable limited partnership units exchanged                      |  | 786     |   |     
|Trust unit rights incentive plan (non-cash)  exercised               |  |        |   |     
|DRIP*, net of redemptions                                             |  | 1,671   |   |     
|Issued for acquisition of corporate and property interests (non-cash) |  | 30,150  |   |     
|                                                                      |  |        
|                                                                      |  | 162,514 |   |     
|Equivalent exchangeable partnership units                             |  | 3,076   |   |     
|                                                                      |  |        
|Balance, end of year                                                  |  | 165,590 |   | $   
|                                                                      |  |        

On February 13, 2008 the Fund issued 30,150,000 trust units pursuant to the Focus acquisition valued at $40.02 per trust unit, being the weighted
average trading price of the Fund's units on the Toronto Stock Exchange during the five day trading period surrounding the announcement date of December 3, 2007, for a recorded value of
$1,206,593,000.

On
April 10, 2007 the Fund closed an equity offering of 4,250,000 trust units at a price of $49.55 per unit for gross proceeds of $210,588,000 ($199,558,000 net of issuance costs).

In
conjunction with the acquisition of Kirby on April 10, 2007, the Fund issued 1,105,000 trust units at a price of $49.55 per unit for gross proceeds of $54,750,000.

Pursuant
to the monthly Distribution Reinvestment and Unit Purchase Plan ("DRIP"), Canadian unitholders are entitled to reinvest cash distributions in additional trust units of the Fund. Trust units
are issued at 95% of the weighted average market price on the Toronto Stock Exchange for the 20 trading days preceding a distribution payment date without service charges or brokerage fees.
Eligible unitholders are also entitled to make optional cash payments to acquire additional trust units; however, the 5% discount does not apply.

Trust
units are redeemable by unitholders at approximately 85% of the current market price. Redemptions are limited to $500,000 during any rolling two calendar months. Redemption requests in excess of
$500,000 can be paid using investments of the Fund or a non-interest bearing instrument.

48      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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(b) Exchangeable Limited Partnership Units

In conjunction with the Focus acquisition 9,087,000 Exchangeable Limited Partnership Units issued by Focus Limited Partnership (since renamed Enerplus
Exchangeable Limited Partnership) became exchangeable into Enerplus trust units at a ratio of 0.425 of an Enerplus trust unit for each limited partnership unit (3,862,000 trust units). The
exchangeable limited partnership units are convertible at any time into trust units at the option of the holder and receive cash distributions and have voting rights in accordance with the
0.425 exchange ratio. The Board of Directors may redeem the exchangeable limited partnership units after January 8, 2017, unless certain conditions are met to permit an earlier
redemption date. The exchangeable limited partnership units are not listed on any stock exchange and are not transferable. The exchangeable limited partnership units were recorded at fair value, based
on Enerplus' five day weighted average trust unit trading price surrounding the December 3, 2007 announcement date of $40.02 multiplied by the 0.425 exchange ratio.

During
the period February 13, 2008 to December 31, 2008, 1,849,000 exchangeable limited partnership units were converted into 786,000 trust units. As at
December 31, 2008, the 7,238,000 outstanding exchangeable limited partnership units represent the equivalent of 3,076,000 trust units.

|(thousands)                  |  | 2008   |   | 2007
|---------------------------- |  | ------ | - | ----
|Issued:                      |  | Units  |   |     
|                             |  |       
|Assumed on February 13, 2008 |  | 9,087  |   | $   
|Exchanged for trust units    |  | (1,849 | ) |     
|                             |  |       
|Balance, end of period       |  | 7,238  |   | $   
|                             |  |       

(c) Contributed Surplus

|Contributed surplus($ thousands)                        |  |   | 2008   |   |  |  |   | 2007   |   | 
|------------------------------------------------------- |  | - | ------ | - |  |  | - | ------ | - | 
|                                                        |  |  
|Balance, beginning of year                              |  | $ | 12,452 |   |  |  | $ | 6,305  |   | 
|Trust unit rights incentive plan (non-cash)  exercised |  |   | (3,642 | ) |  |  |   | (2,288 | ) | 
|Trust unit rights incentive plan (non-cash)  expensed  |  |   | 6,996  |   |  |  |   | 8,435  |   | 
|Cancelled trust units                                   |  |   | 3,794  |   |  |  |   |       |   | 
|                                                        |  |  
|Balance, end of year                                    |  | $ | 19,600 |   |  |  | $ | 12,452 |   | 
|                                                        |  |  

(d) Trust Unit Rights Incentive Plan

As at December 31, 2008 a total of 4,001,000 rights issued pursuant to the Trust Unit Rights Incentive Plan ("Rights Incentive Plan") were
outstanding at an average exercise price of $45.05. This represents 2.4% of the total trust units outstanding, of which 2,024,000 rights, with an average exercise price of $46.44, were
exercisable. Under the Rights Incentive Plan, distributions per trust unit to Enerplus unitholders in a calendar quarter which represent a return of more than 2.5% of the net PP&E of Enerplus at the
end of such calendar quarter may result in a reduction in the exercise price of the rights. Results for the year ended December 31, 2008 reduced the exercise price of the outstanding rights by
$1.65 per trust unit of which a $0.59 reduction is effective January 2009 and a $0.22 reduction is effective April 2009. Plan members have the choice to exercise rights using the
original exercise price or a reduced strike price. In certain circumstances, it may be more advantageous to use the original exercise price as it could effectively result in higher after tax proceeds
for the plan member.

The
Fund uses a binomial lattice option-pricing model to calculate the estimated fair value of rights granted under the plan. The following assumptions were used to arrive at the estimate of
fair value:

|                                 |  |   | 2008   |  |  |   | 2007   | 
|-------------------------------- |  | - | ------ |  |  | - | ------ | 
|                                 |  |  
|Dividend yield                   |  |   | 12.09% |  |  |   | 10.37% | 
|Volatility                       |  |   | 27.12% |  |  |   | 26.35% | 
|Risk-free interest rate          |  |   | 2.90%  |  |  |   | 4.41%  | 
|Forfeiture rate                  |  |   | 7.30%  |  |  |   | 6.20%  | 
|Right's exercise price reduction |  | $ | 1.91   |  |  | $ | 1.75   | 
|                                 |  |  

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY49

---



The fair value of the rights granted under the plan during 2008 and 2007 ranged between 9% and 12% of the underlying market price of a trust unit on the
grant date.

During
the year the Fund expensed $6,996,000 or $0.04 per unit (2007  $8,435,000 or $0.07 per unit) of unit based compensation expense using the fair value
method. The remaining future fair value of the rights of $4,678,000 at December 31, 2008 (2007  $6,195,000) will be recognized in earnings over the
vesting period of the rights. Activity for the rights issued pursuant to the Rights Incentive Plan is as follows:

|                                          |                       | 2008                    |       | 2007
|----------------------------------------- | --------------------- | ----------------------- | ----- | ----
|                                          |                       | Number of
Rights (000's | )     |     
|                                          |                       |                        
|Trust unit rights outstanding             |                       |                         |       |     
|Beginning of year                         |                       | 3,404                   |       | $   
|                                          | Granted               |                         | 1,403 |     
|                                          | Exercised             |                         | (210  | )   
|                                          | Forfeited and expired |                         | (596  | )   
|                                          |                       |                        
|End of year                               |                       | 4,001                   |       | $   
|                                          |                       |                        
|Rights exercisable at the end of the year |                       | 2,024                   |       | $   
|                                          |                       |                        

The following table summarizes information with respect to outstanding rights as at December 31, 2008. Rights vest between one and three years and expire
between four and six years.

|Rights Outstanding at
December 31, 2008 (000's) |  |   | Original Exercise
Price |  |   | Exercise Price after
Price Reductions |  | Expiry Date
December 31 |  | Rights Exercisable at
December 31, 2008 (000's) | 
|----------------------------------------------- |  | - | ----------------------- |  | - | ------------------------------------- |  | ----------------------- |  | ----------------------------------------------- | 
|                                               
|4                                               |  | $ | 33.00                   |  | $ | 23.85                                 |  | 2009                    |  | 4                                               | 
|2                                               |  |   | 36.00                   |  |   | 27.23                                 |  | 2009                    |  | 2                                               | 
|57                                              |  |   | 37.62                   |  |   | 29.24                                 |  | 2009                    |  | 57                                              | 
|3                                               |  |   | 40.70                   |  |   | 32.71                                 |  | 2009 - 2010             |  | 3                                               | 
|17                                              |  |   | 37.25                   |  |   | 29.63                                 |  | 2009 - 2010             |  | 17                                              | 
|21                                              |  |   | 38.83                   |  |   | 31.61                                 |  | 2009 - 2010             |  | 21                                              | 
|231                                             |  |   | 40.80                   |  |   | 33.93                                 |  | 2009 - 2010             |  | 231                                             | 
|37                                              |  |   | 45.55                   |  |   | 39.00                                 |  | 2009 - 2011             |  | 37                                              | 
|62                                              |  |   | 44.86                   |  |   | 38.66                                 |  | 2009 - 2011             |  | 62                                              | 
|74                                              |  |   | 49.75                   |  |   | 43.95                                 |  | 2009 - 2011             |  | 74                                              | 
|499                                             |  |   | 56.93                   |  |   | 51.54                                 |  | 2009 - 2011             |  | 499                                             | 
|98                                              |  |   | 56.55                   |  |   | 51.64                                 |  | 2010 - 2012             |  | 74                                              | 
|352                                             |  |   | 54.21                   |  |   | 49.80                                 |  | 2010 - 2012             |  | 254                                             | 
|211                                             |  |   | 56.00                   |  |   | 52.10                                 |  | 2010 - 2012             |  | 166                                             | 
|400                                             |  |   | 52.90                   |  |   | 49.51                                 |  | 2010 - 2012             |  | 283                                             | 
|133                                             |  |   | 48.86                   |  |   | 45.97                                 |  | 2011 - 2013             |  | 55                                              | 
|394                                             |  |   | 50.25                   |  |   | 47.87                                 |  | 2011 - 2013             |  | 138                                             | 
|124                                             |  |   | 45.14                   |  |   | 43.27                                 |  | 2011 - 2013             |  | 43                                              | 
|13                                              |  |   | 38.70                   |  |   | 37.35                                 |  | 2011 - 2013             |  | 4                                               | 
|1,142                                           |  |   | 42.05                   |  |   | 41.21                                 |  | 2012 - 2014             |  |                                                | 
|73                                              |  |   | 47.19                   |  |   | 46.78                                 |  | 2012 - 2014             |  |                                                | 
|35                                              |  |   | 38.76                   |  |   | 38.76                                 |  | 2012 - 2014             |  |                                                | 
|19                                              |  |   | 23.58                   |  |   | 23.58                                 |  | 2012 - 2014             |  |                                                | 
|                                               
|4,001                                           |  | $ | 48.28                   |  | $ | 45.05                                 |  |                         |  | 2,024                                           | 
|                                               

50      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

---



(e) Basic and Diluted per Trust Unit Calculations

Basic per-unit calculations are calculated using the weighted average number of trust units and exchangeable limited partnership units (converted at
the 0.425 exchange ratio) outstanding during the period. Diluted per-unit calculations include additional trust units for the dilutive impact of rights outstanding pursuant to the
Rights Incentive Plan.

Net
income per trust unit has been determined based on the following:

|(thousands)               |  | 2008    |  |  | 2007    | 
|------------------------- |  | ------- |  |  | ------- | 
|                          |  |        
|Weighted average units    |  | 160,589 |  |  | 127,691 | 
|Dilutive impact of rights |  | 51      |  |  | 61      | 
|                          |  |        
|Diluted trust units       |  | 160,640 |  |  | 127,752 | 
|                          |  |        

In 2008 we excluded 837,961 rights because their exercise price was greater than the annual average unit market price of $38.49. In 2007 we excluded
222,347 rights because their exercise price was greater than the annual average unit market price of $47.11.

(f) Performance Trust Unit Plan

In 2007 the Board of Directors, upon recommendation of the Compensation Committee, approved new Performance Trust Unit ("PTU") plans for executives and
employees. These plans will result in employees and officers receiving cash compensation in relation to the value of a specified number of underlying notional trust units. The number of notional trust
units awarded is variable to individuals and they vest at the end of three years.

Upon
vesting, the plan participant receives a cash payment based on the fair value of the underlying trust units plus notional accrued distributions. The value determined upon vesting of the PTU Plans
is dependent upon the performance of the Fund compared to its peers over the three year period. The level of performance within the peer group then determines a performance multiplier.

For
the year ended December 31, 2008 the Fund recorded compensation costs of $8,448,000 (2007  $1,934,000) under the plan which are included in general
and administrative expenses.

During
2008 282,000 PTU's were granted and at December 31, 2008 there were 410,000 performance trust units outstanding.

11. INCOME TAXES

The Fund is an inter-vivos trust for income tax purposes. As such, the Fund's income that is not allocated to the Fund's unitholders is taxable. The Fund intends
to allocate all income to unitholders.

For
2008, the Fund had taxable income of $763,000,000 (2007  $632,000,000) or $4.81 per trust unit (2007  $4.92 per trust
unit). Taxable income of the Fund is comprised of dividend, royalty, interest and partnership income, less deductions for Canadian oil and gas property expense ("COGPE") and trust unit
issue costs.

There
were no dividend income and COGPE deductions for 2008. The amounts of COGPE and issue costs in the fund remaining as at December 31, 2008 are $466,700,000 and $17,185,000 respectively.

Canadian Government's Tax on Income Trusts

In 2007, the Canadian Federal government enacted tax legislation which imposed a tax at a rate equivalent to the corporate tax rate on publicly traded trusts in
Canada effective January 1, 2011.

In
2008, the Canadian Federal government introduced draft tax legislation that would have allowed for the conversion of a SIFT into a corporation on a Canadian tax deferred basis; defined the
provincial tax component of the SIFT tax; and accelerated the recognition of the "Safe Harbour" limit. None of the above draft legislations were enacted prior to the prorogation of Parliament in
December 2008. Therefore, all bills containing the draft legislation lapsed in 2008.

Subsequent
to the year end, the Canadian Federal government has introduced draft tax legislation which includes the above mentioned measures as part of Canada's Economic Action Plan.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY51

---



We
continue to evaluate alternatives to our income trust structure beyond 2010. We are currently hesitant to make structural changes as we believe that the exemption period until 2011 has value for
our unitholders. While we are keeping our options open, we will most likely convert into a dividend paying corporation prior to the end of 2010.

The
future income tax liability on the balance sheet arises as a result of the following temporary differences:

|($ thousands)                                                                           |  |   | Canadian |   |   | Foreign |  |   | 2008
Total |   | 
|--------------------------------------------------------------------------------------- |  | - | -------- | - | - | ------- |  | - | ---------- | - | 
|                                                                                       
|Excess of net book value of property, plant and equipment over the underlying tax bases |  | $ | 479,753  |   | $ | 200,837 |  | $ | 680,590    |   | 
|Asset retirement obligations                                                            |  |   | (53,057  | ) |   |        |  |   | (53,057    | ) | 
|Deferred financial assets and other                                                     |  |   | 51,218   |   |   | 268     |  |   | 51,486     |   | 
|                                                                                       
|Future income taxes                                                                     |  | $ | 477,914  |   | $ | 201,105 |  | $ | 679,019    |   | 
|                                                                                       
|Current future income tax liability                                                     |  | $ | 30,198   |   | $ |        |  | $ | 30,198     |   | 
|Long-term future income tax liability                                                   |  | $ | 447,716  |   | $ | 201,105 |  | $ | 648,821    |   | 
|                                                                                       

|
|

|($ thousands)                                                                           |  |   | Canadian |   |   | Foreign |   |   | 2007
Total |   | 
|--------------------------------------------------------------------------------------- |  | - | -------- | - | - | ------- | - | - | ---------- | - | 
|                                                                                       
|Excess of net book value of property, plant and equipment over the underlying tax bases |  | $ | 176,962  |   | $ | 194,393 |   | $ | 371,355    |   | 
|Asset retirement obligations                                                            |  |   | (41,669  | ) |   |        |   |   | (41,669    | ) | 
|Other                                                                                   |  |   | (2,825   | ) |   | (33,409 | ) |   | (36,234    | ) | 
|                                                                                       
|Future income taxes                                                                     |  | $ | 132,468  |   | $ | 160,984 |   | $ | 293,452    |   | 
|                                                                                       
|Current future income tax asset                                                         |  | $ | (10,807  | ) | $ |        |   | $ | (10,807    | ) | 
|Long-term future income tax liability                                                   |  | $ | 143,275  |   | $ | 160,984 |   | $ | 304,259    |   | 
|                                                                                       

The provision for income taxes varies from the amounts that would be computed by applying the combined Canadian federal and provincial income tax rates for the
following reasons:

|($ thousands)                                                               |  |   | 2008     |   |  |  |   | 2007     |   | 
|--------------------------------------------------------------------------- |  | - | -------- | - |  |  | - | -------- | - | 
|                                                                            |  |  
|Income before taxes                                                         |  | $ | 860,384  |   |  |  | $ | 361,712  |   | 
|                                                                            |  |  
|Computed income tax expense at the enacted rate of 29.94% (32.41% for 2007) |  | $ | 257,599  |   |  |  | $ | 117,231  |   | 
|Increase/(decrease) resulting from:                                         |  |   |          |   |  |  |   |          |   | 
|Net income attributed to the Fund                                           |  |   | (213,871 | ) |  |  |   | (162,016 | ) | 
|Recognition of previously unrecognized pools                                |  |   | (13,405  | ) |  |  |   |         |   | 
|Non-taxable portion of (gains)/losses                                       |  |   | (45,495  | ) |  |  |   |         |   | 
|Amended returns and pool balances                                           |  |   | (7,464   | ) |  |  |   | 5,150    |   | 
|Change in tax rate                                                          |  |   | (2,700   | ) |  |  |   | (22,640  | ) | 
|SIFT Tax                                                                    |  |   |         |   |  |  |   | 78,110   |   | 
|Other                                                                       |  |   | (3,172   | ) |  |  |   | 6,186    |   | 
|                                                                            |  |  
|                                                                            |  | $ | (28,508  | ) |  |  | $ | 22,021   |   | 
|                                                                            |  |  
|Future income tax recovery                                                  |  | $ | (51,230  | ) |  |  | $ | (990     | ) | 
|Current tax                                                                 |  | $ | 22,722   |   |  |  | $ | 23,011   |   | 
|                                                                            |  |  

52      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

---



The breakdown of our current and future income tax balances between our Canadian and Foreign operations is as follows:

|For the year ended December 31, 2008($ thousands) |  |   | Canadian |   |   | Foreign |  |   | Total   |   | 
|------------------------------------------------- |  | - | -------- | - | - | ------- |  | - | ------- | - | 
|                                                 
|Future income tax (recovery)/expense              |  | $ | (52,706  | ) | $ | 1,476   |  | $ | (51,230 | ) | 
|Current income tax (recovery)/expense             |  |   | (25,069  | ) |   | 47,791  |  |   | 22,722  |   | 
|                                                 

|
|

|For the year ended December 31, 2007($ thousands) |  |   | Canadian |   |   | Foreign |  |   | Total  |   | 
|------------------------------------------------- |  | - | -------- | - | - | ------- |  | - | ------ | - | 
|                                                 
|Future income tax (recovery)/expense              |  | $ | (8,183   | ) | $ | 7,193   |  | $ | (990   | ) | 
|Current income tax                                |  |   |         |   |   | 23,011  |  |   | 23,011 |   | 
|                                                 

12. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

(a) Fair Value of Financial Instruments

As a result of the adoption of the new financial instrument and hedging accounting standards on January 1, 2007, certain financial instruments are now
measured and reported on the balance sheet at fair value which were previously reported at amortized cost.

The
fair value of a financial instrument is the amount of consideration that would be agreed upon in an arm's-length transaction between knowledgeable, willing parties who are under no compulsion to
act. Fair values are determined by reference to quoted bid or ask prices, as appropriate, in the most advantageous active market for that instrument to which we have immediate access. Where bid and
ask prices are unavailable, we would use the closing price of the most recent transaction for that instrument. In the absence of an active market, we determine fair values based on prevailing market
rates for instruments with similar characteristics, considering credit risk. Fair values may also
be determined based on internal and external valuation models, such as option pricing models and discounted cash flow analysis, that use observable market based inputs and assumptions.

(b) Carrying Value and Fair Value of Non-Derivative Financial Instruments

i. Cash

Cash is classified as held-for-trading and is reported at fair value.

ii. Accounts Receivable

Accounts receivable are classified as loans and receivables which are reported at amortized cost. At December 31, 2008 the carrying value of accounts
receivable approximated their fair value.

iii. Marketable Securities

Marketable securities with a quoted market price in an active market are classified as available-for-sale and are reported at fair value,
with changes in fair value recorded in other comprehensive income. During the first quarter of 2008 the Fund recorded an unrealized gain on certain publicly traded marketable securities of $3,645,000
($2,578,000 net of tax) which was recorded in accumulated other comprehensive income. These marketable securities were then sold, which resulted in a gain of $8,263,000 ($6,158,000 net of tax) being
reclassified from accumulated other comprehensive income to other income on the Consolidated Statement of Income. During the first quarter of 2007 the Fund disposed of certain marketable securities
which resulted in a gain of $14,055,000 ($11,302,000 net of tax) which was also reclassified from accumulated other comprehensive income to other income on the Consolidated Statement of Income.

As
at December 31, 2008 the Fund did not hold any investments in publicly traded marketable securities. As at December 31, 2007 the Fund reported investments in publicly traded
marketable securities at a fair value of $14,676,000.

Marketable
securities without a quoted market price in an active market are reported at cost unless an other than temporary impairment exists. In the fourth quarter of 2008 the Fund reduced the
carrying value of an investment in a private company to nil resulting in a charge of $10,000,000 to the income statement. As at December 31, 2008 the Fund reported investments in marketable
securities of private companies at a cost of $47,116,000 (December 31, 2007  $45,400,000) in other assets on the Consolidated Balance Sheet. Realized
gains and losses on marketable securities are included in other income.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY53

---



iv. Accounts Payable & Distributions Payable to Unitholders

Accounts payable as well as distributions payable to unitholders are classified as other liabilities and are reported at amortized cost. At December 31,
2008 the carrying value of these accounts approximated their fair value.

v. Long-term Debt

Bank Credit Facilities

The bank credit facilities are classified as other liabilities and are reported at cost. At December 31, 2008 the carrying value of the bank credit
facility approximated its fair value.

US$175 million senior notes

The US$175,000,000 senior notes, which are classified as other liabilities, are reported at amortized cost of US$177,467,000 and are translated to Canadian
dollars at the period end exchange rate. At December 31, 2008 the Canadian dollar amortized cost of the senior notes was approximately $217,327,000 and the fair value of these notes was
$205,942,000.

US$54 million senior notes

The US$54,000,000 senior notes, which are classified as other liabilities, are reported at their amortized cost of US$54,000,000 and are translated into Canadian
dollars at the period end exchange rate. At December 31, 2008 the Canadian dollar amortized cost of the senior notes was approximately $66,128,000 and the fair value of these notes was
$60,485,000.

c) Fair Value of Derivative Financial Instruments

The Fund's derivative financial instruments are classified as held for trading and are reported at fair value with changes in fair value recorded through
earnings. The deferred financial assets and credits on the Consolidated Balance Sheets result from recording derivative financial instruments at fair value. At December 31, 2008 a current
deferred financial asset of $121,281,000, a non-current deferred financial asset of $6,857,000 and a non-current deferred financial credit of $26,392,000 are recorded on the
consolidated balance sheet.

The
deferred financial asset relating to crude oil instruments of $96,641,000 at December 31, 2008 represents a gain position of $117,428,000 less the related deferred premiums of $20,787,000.
The deferred financial asset relating to natural gas instruments of $24,292,000 at December 31, 2008 represents a gain position of $41,953,000 less the related deferred premiums
of $17,661,000.

The
following table summarizes the fair value as at December 31, 2008 and change in fair value for the period ended December 31, 2008. The fair values indicated below are determined
using observable market data including price quotations in active markets.

|                                                                |  |   | Interest Rate |     |   | Cross Currency
Interest Rate |     |   | Foreign Exchange |     |   | Electricity |     | Commodity Derivative Instruments |          |     |   |        |    
|--------------------------------------------------------------- |  | - | ------------- | --- | - | ---------------------------- | --- | - | ---------------- | --- | - | ----------- | --- | -------------------------------- | -------- | --- | - | ------ | ---
|($ thousands)                                                   |  |   | Swaps         |     |   | Swaps                        |     |   | Swaps            |     |   | Swaps       |     |                                  | Oil      |     |   | Gas    |    
|                                                               
|Deferred financial (credits)/assets, at the beginning of period |  | $ | (226          | )   | $ | (89,439                      | )   | $ | (425             | )   | $ | 451         |     | $                                | (56,783) | (1) | $ | 8,083  | (2)
|Change in fair value (credits)/asset                            |  |   | (9,825)       | (3) |   | 73,098                       | (4) |   | 7,282            | (5) |   | (103)       | (6) |                                  | 153,424  | (7) |   | 16,209 | (7)
|                                                               
|Deferred financial (credits)/assets, end of period              |  | $ | (10,051       | )   | $ | (16,341                      | )   | $ | 6,857            |     | $ | 348         |     | $                                | 96,641   |     | $ | 24,292 |    
|                                                               
|Balance sheet classification:                                   |  |   |               |     |   |                              |     |   |                  |     |   |             |     |                                  |          |     |   |        |    
|Current (liability)/asset                                       |  | $ |              |     | $ |                             |     | $ |                 |     | $ | 348         |     | $                                | 96,641   |     | $ | 24,292 |    
|Non-current (liability)/asset                                   |  | $ | (10,051       | )   | $ | (16,341                      | )   | $ | 6,857            |     | $ |            |     | $                                |         |     | $ |       |    
|                                                               

54      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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The following table summarizes the income statement effects of commodity derivative instruments:

|($ thousands)                                |  |   | 2008     |   |  |  |   | 2007    |   | 
|-------------------------------------------- |  | - | -------- | - |  |  | - | ------- | - | 
|                                             |  |  
|Gain/(loss) due to change in fair value      |  | $ | 169,633  |   |  |  | $ | (66,393 | ) | 
|Net realized cash (losses)/gain              |  |   | (103,199 | ) |  |  |   | 13,552  |   | 
|                                             |  |  
|Commodity derivative instruments gain/(loss) |  | $ | 66,434   |   |  |  | $ | (52,841 | ) | 
|                                             |  |  

(d) Risk Management

The Fund is exposed to a number of financial risks including market, counterparty credit and liquidity risk. Risk management policies have been established by
the Fund's Board of Directors to assist in managing a portion of these risks, with the goal of protecting earnings, cash flow and unitholder value.

i. Market Risk

Market risk is comprised of commodity price risk, currency risk and interest rate risk.

Commodity Price Risk

The Fund is exposed to commodity price fluctuations as part of its normal business operations, particularly in relation to its crude oil and natural gas sales.
The Fund manages a portion of these risks through a combination of financial derivative and physical delivery sales contracts. The Fund's policy is to enter into commodity contracts considered
appropriate to a maximum of 80% of forecasted production volumes net of royalties. The Fund's outstanding commodity derivative contracts as at February 18, 2009 are summarized below:

Crude Oil Instruments:

Enerplus has entered into the following financial option contracts to reduce the impact of a downward movement in crude oil prices. These contracts are
classified as held-for-trading and are reported at fair value. At December 31, 2008 the fair value of these contracts represented an asset of $96,641,000 and the change
in fair value of these contracts during 2008 represented an unrealized gain of $153,424,000.

The
following table summarizes the Fund's crude oil risk management positions at February 18, 2009:

|                                    |              |                        |       | WTI US$/bbl
|----------------------------------- | ------------ | ---------------------- | ----- | -----------
|                                    |              | Daily Volumes
bbls/day |       |            
|                                   
|Term                                |              |                        |       |            
|January 1, 2009  December 31, 2009 |              |                        |       |            
|                                    | Put          |                        | 1,400 |            
|                                    | Put          |                        | 1,000 |            
|                                    | Put          |                        | 500   |            
|                                    | Collar       |                        | 850   |            
|                                    | Collar       |                        | 1,000 |            
|                                    | 3-Way option |                        | 1,000 |            
|                                    | 3-Way option |                        | 1,000 |            
|                                    | Swap         |                        | 500   |            
|                                   

Natural Gas Instruments:

Enerplus has certain financial contracts outstanding as at February 18, 2009 on its natural gas production that are detailed below.

These
contracts are classified as held-for-trading and are reported at fair value. At December 31, 2008 the fair value of these contracts represented an asset of
$24,292,000 and the change in fair value of these contracts during 2008 represented an unrealized gain of $16,209,000.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY55

---



The
following table summarizes the Fund's natural gas risk management positions at February 18, 2009:

|                                  |              |                        |      | AECO CDN$/Mcf
|--------------------------------- | ------------ | ---------------------- | ---- | -------------
|                                  |              | Daily Volumes
MMcf/day |      |              
|                                 
|Term                              |              |                        |      |              
|January 1, 2009  March 31, 2009  |              |                        |      |              
|                                  | Put          |                        | 4.7  |              
|                                  | Put          |                        | 4.7  |              
|                                  | Put          |                        | 4.7  |              
|                                  | Call         |                        | 5.7  |              
|                                  | Collar       |                        | 3.8  |              
|                                  | Collar       |                        | 1.9  |              
|                                  | Collar       |                        | 4.7  |              
|                                  | Collar       |                        | 4.7  |              
|                                  | 3-Way option |                        | 5.7  |              
|                                  | 3-Way option |                        | 1.9  |              
|                                  | 3-Way option |                        | 5.7  |              
|                                  | 3-Way option |                        | 14.2 |              
|                                  | Swap         |                        | 2.8  |              
|                                  | Swap         |                        | 2.8  |              
|                                  | Swap         |                        | 2.8  |              
|April 1, 2009  October 31, 2009  |              |                        |      |              
|                                  | Put          |                        | 9.5  |              
|                                  | Put(1)       |                        | 14.2 |              
|                                  | Put(1)       |                        | 2.8  |              
|                                  | Put(1)       |                        | 4.7  |              
|                                  | Put(1)       |                        | 4.7  |              
|                                  | Collar       |                        | 2.8  |              
|                                  | Collar       |                        | 2.8  |              
|                                  | Collar       |                        | 5.7  |              
|                                  | Swap         |                        | 3.8  |              
|April 1, 2009  October 31, 2010  |              |                        |      |              
|                                  | Swap(1)      |                        | 23.7 |              
|November 1, 2009  March 31, 2010 |              |                        |      |              
|                                  | Put(1)       |                        | 9.5  |              
|                                  | Put(1)       |                        | 2.8  |              
|                                  | Put(1)       |                        | 9.5  |              
|                                  | Call(1)      |                        | 4.7  |              
|2009  2010                       |              |                        |      |              
|                                  | Physical     |                        | 2.0  |              
|                                 

The following sensitivities show the impact to after-tax net income of the respective changes in forward crude oil and natural gas prices as at
December 31, 2008 on the Fund's outstanding commodity derivative contracts at that time with all other variables held constant:

|                                 |  | Increase/(decrease) to after-tax net income |                                | 
|-------------------------------- |  | ------------------------------------------- | ------------------------------ | 
|($ thousands)                    |  |                                             | 25% decrease in
forward prices | 
|                                
|Crude oil derivative contracts   |  | $                                           | 19,157                         | 
|Natural gas derivative contracts |  | $                                           | 29,565                         | 
|                                

56      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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Electricity Instruments:

The Fund has entered into electricity swaps that fix the price of electricity. These contracts are classified as held-for-trading and are
reported at fair value. At December 31, 2008 the fair value of these contracts represented an asset of $348,000 and the change in fair value of these contracts during 2008 represented an
unrealized loss of $103,000.

Unrealized
gains or losses resulting from changes in fair value along with realized gains or losses on settlement of the electricity contracts are recognized as operating costs.

The
following table summarizes the Fund's electricity management positions at February 18, 2009.

|Term                                |  | Volumes
MWh |  |   | Price
CDN$/MWh | 
|----------------------------------- |  | ----------- |  | - | -------------- | 
|                                   
|January 1, 2009  December 31, 2009 |  | 4.0         |  | $ | 74.50          | 
|January 1, 2009  December 31, 2010 |  | 4.0         |  |   | 77.50          | 
|                                   

Currency Risk

The Fund is exposed to currency risk in relation to its U.S. dollar cash balances and U.S. dollar denominated senior unsecured notes. The Fund
generally maintains a minimal amount of U.S. dollar cash and manages the currency risk relating to the senior unsecured notes through the currency derivative instruments that are
detailed below.

Cross Currency Interest Rate Swap ("CCIRS")

Concurrent with the issuance of the US$175,000,000 senior notes on June 19, 2002, the Fund entered into a CCIRS with a syndicate of financial
institutions. Under the terms of the swap, the amount of the notes was fixed for purposes of interest and principal payments at a notional amount of CDN$268,328,000. Interest payments are made on a
floating rate basis, set at the rate for three-month Canadian bankers' acceptances, plus 1.18%.

Foreign Exchange Swaps

In September 2007 the Fund entered into foreign exchange swaps on US$54,000,000 of notional debt at an average CDN/US foreign exchange rate of 0.98. These
foreign exchange swaps mature between October 2011 and October 2015 in conjunction with the principal repayments on the US$54,000,000 senior notes.

The
following sensitivities show the impact to after-tax net income of the respective changes in the period end and applicable forward foreign exchange rates as at December 31,
2008, with all other variables held constant:

|                                           |  | Increase/(decrease) to after-tax net income
|------------------------------------------ |  | -------------------------------------------
|($ thousands)                              |  |                                            
|                                          
|Translation of US$54 million senior notes  |  | $                                          
|Translation of US$175 million senior notes |  |                                            
|                                          
|Total                                      |  | $                                          
|                                          

|
|

|                                     |  | Increase/(decrease) to after-tax net income
|------------------------------------ |  | -------------------------------------------
|($ thousands)                        |  |                                            
|                                    
|Foreign exchange swaps               |  | $                                          
|Cross currency interest rate swap(1) |  |                                            
|                                    
|Total                                |  | $                                          
|                                    

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY57

---



Interest Rate Risk

The Fund's cash flows are impacted by fluctuations in interest rates as its outstanding bank debt carries floating interest rates and payments made under the
CCIRS are based on floating interest rates. To manage a portion of interest rate risk relating to the bank debt, the Fund has entered into interest rate swaps on $120,000,000 of notional debt at rates
varying from 3.70% to 4.61% that mature between June 2011 and July 2013.

If
interest rates change by 1%, either lower or higher, on our variable rate debt outstanding at December 31, 2008 with all other variables held constant, the Fund's after-tax net
income for a quarter would change by $927,000.

The
following sensitivities show the impact to after-tax net income of the respective changes in the applicable forward interest rates as at December 31, 2008, with all other
variables held constant:

|                                     |  | Increase/(decrease) to after-tax net income
|------------------------------------ |  | -------------------------------------------
|($ thousands)                        |  |                                            
|                                    
|Interest rate swaps                  |  | $                                          
|Cross currency interest rate swap(1) |  |                                            
|                                    
|Total                                |  | $                                          
|                                    

ii. Credit Risk

Credit risk represents the financial loss the Fund would experience due to the potential non-performance of counterparties to our financial
instruments. The Fund is exposed to credit risk mainly through its joint venture, marketing and financial counterparty receivables.

The
Fund mitigates credit risk through credit management techniques, including conducting financial assessments to establish and monitor a counterparty's credit worthiness, setting exposure limits,
monitoring exposures against these limits and obtaining financial assurances such as letters of credit, parental guarantees, or third party credit insurance where warranted. The Fund monitors and
manages its concentration of counterparty credit risk on an ongoing basis.

The
Fund's maximum credit exposure at the balance sheet date consists of the carrying amount of its non-derivative financial assets as well as the fair value of its derivative financial
assets. At December 31, 2008 approximately 95% of our marketing receivables were with companies considered investment grade or just below investment grade. This level of credit concentration is
typical of oil and gas companies of our size producing in similar regions.

At
December 31, 2008 approximately $7,453,000 or 5% of our total accounts receivable are aged over 120 days and considered past due. The majority of these accounts are due from various
joint venture partners. The Fund actively monitors past due accounts and takes the necessary actions to expedite collection, which can include withholding production or net paying when the accounts
are with joint venture partners. Should the Fund determine that the ultimate collection of a receivable is in doubt, it will provide the necessary provision in its allowance for doubtful accounts with
a corresponding charge to earnings. If the Fund subsequently determines an account is uncollectible the account is written off with a corresponding charge to the allowance account. The Fund's
allowance for doubtful accounts balance at December 31, 2008 is $5,352,000 which includes a $2,500,000 provision made during during the year. There were no accounts written off during
the year.

iii. Liquidity Risk & Capital Management

Liquidity risk represents the risk that the Fund will be unable to meet its financial obligations as they become due. The Fund mitigates liquidity risk through
actively managing its capital, which it defines as long-term debt (net of cash) and unitholders' capital. Enerplus' objective is to provide adequate short and longer term liquidity
while maintaining a flexible capital structure to sustain the future development of the business. The Fund strives to balance the portion of debt and equity in its capital structure given its current
oil and gas assets and planned investment opportunities.

Management
monitors a number of key variables with respect to its capital structure, including debt levels, capital spending plans, distributions to unitholders, access to capital markets, as well as
acquisition and divestment activity.

58      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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Debt Levels

The Fund commonly measures its debt levels relative to its "debt-to-cash flow ratio" which is defined as long-term debt
(net of cash) divided by the trailing twelve month cash flow from operating activities. The debt-to-cash flow ratio represents the time period, expressed in years, it
would take to pay off the debt if no further capital investments were made or distributions paid and if cash flow from operating activities remained constant.

At
December 31, 2008 the debt to cash flow ratio was 0.5x (December 31, 2007  0.8x). Enerplus' bank credit facilities and senior debenture
covenants carry a maximum debt-to-cash flow ratio of 3.0x including cash flow from acquisitions on a pro-forma basis. Traditionally Enerplus has managed its debt
levels such that the debt-to-cash flow ratio has been below 1.5x, which has provided flexibility in pursuing acquisitions and capital projects. Enerplus' five-year
history of debt to cash flow is illustrated below:

|                        |  | 2008 |  |  | 2007 |  | 2006 |  | 2005 |  | 2004 | 
|----------------------- |  | ---- |  |  | ---- |  | ---- |  | ---- |  | ---- | 
|                        |  |     
|Debt-to-Cash Flow Ratio |  | 0.5x |  |  | 0.8x |  | 0.8x |  | 0.8x |  | 1.1x | 
|                        |  |     

At December 31, 2008 Enerplus had additional borrowing capacity of $1,019,112,000 under its $1,400,000,000 bank credit facility. Enerplus does not have
any subordinated or convertible debt outstanding at this time.

Capital Spending Plans

In 2009 Enerplus expects to spend approximately $300,000,000 on development capital activities. A portion of this capital spending is considered discretionary.
There are limitations to changing the capital spending plans during a year as long project lead times, economies of scale, logistical considerations and partner commitments reduce the ability to
adjust or down-size the capital program. Alternatively, the ability to rapidly increase spending may be limited by staff capacity, availability of services and equipment, access to sites,
and regulatory approvals.

Distributions to Unitholders

Enerplus distributes a portion of its cash flow to its unitholders every month. These distributions are not guaranteed and the board of directors can change the
amount at any time. During periods of sustained commodity price declines, distributions have been reduced. Similarly, in periods of sustained higher commodity prices, distributions have increased. To
the extent that cash flow exceeds distributions additional funds are available to reduce debt, invest in capital development programs or finance acquisitions. The less cash required to finance these
activities typically means more cash available for distributions and vice versa.

By
paying distributions, we effectively earn a tax deduction against the corporate taxes in our underlying subsidiaries and pass along the Canadian tax liability to our unitholders. If distributions
are lowered and too much cash flow is retained within the structure there is a risk that tax obligations in the operating entities may be created thereby eroding the flow-through advantage
of the trust structure.

Access to Capital Markets

Enerplus relies on both the debt and equity markets to manage its cost of capital and fund future opportunities. There are times when the cost and access to
these markets will vary. For example, the ability to issue new equity at a reasonable cost is strongly influenced by the equity market's perceptions of energy prices, macroeconomic factors, and
Enerplus' future prospects. Similarly, the ability to increase bank credit or issue debentures is dependent on the overall state of the credit markets, as well as creditors' perceptions of the energy
sector and Enerplus' credit quality. We intend to manage our distribution levels and capital spending in order to minimize increases in our debt levels and preserve our balance sheet strength for
future acquisitions.

Enerplus
currently has an NAIC2 rating on the senior unsecured notes in the U.S. private debt markets.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY59

---



Acquisition & Divestment Activity

In periods of market uncertainty and volatility, it is important to have a conservative balance sheet and access to capital markets to take advantage of
acquisition opportunities as they arise. The Fund attempts to manage its capital in a manner that reflects the likelihood and magnitude of potential acquisitions and/or opportunities to dispose of
non-core assets.

Enerplus
was successful in disposing of its Joslyn interest during the third quarter of 2008. The net proceeds of $502.0 million were used to repay debt, reinforcing Enerplus' borrowing
capacity and enhancing the ability to fund future capital spending and acquisition activity.

Utilization of Bank Credit and Term Debt

It is Enerplus' intention to renew the bank credit facility before or as it comes due. Similarly, Enerplus expects that the senior unsecured notes will be
replaced with new notes or bank debt as they become due. Enerplus cannot currently predict with any certainty the terms or rates at which senior unsecured notes or bank debt will be obtained but we
expect such terms and rates may be less favourable than current terms. Over the long-term, Enerplus expects to balance short-term credit requirements with bank debt and to look
to the term debt markets for longer-term credit support.

13. COMMITMENTS AND CONTINGENCIES

(a) Pipeline Transportation

Enerplus has contracted to transport 143 MMcf/day of natural gas on the TransCanada system in Alberta, 70 MMcf/day on TransGas in Saskatchewan,
48 MMcf/day in B.C. via Spectra, as well as 9 MMcf/day on the Alliance pipeline to the U.S. midwest.

In
addition, Enerplus has a contract to transport a minimum of 2,480 bbls/day of crude oil from field locations to suitable marketing sales points within western Canada.

(b) Office Lease

Enerplus has office lease commitments for both its Canadian and U.S. operations that expire in 2014 and 2011 respectively. Annual costs of these lease
commitments include rent and operating fees.

(c) Guarantees

60      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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Enerplus
has the following minimum annual commitments including the Fund's principal maturity analysis for the Fund's non-derivative financial liabilities at
December 31, 2008:

|                                        |  |   |           |  |  | Minimum Annual Commitment Each Year |         |  | Total Committed |        
|--------------------------------------- |  | - | --------- |  |  | ----------------------------------- | ------- |  | --------------- | -------
|($ thousands)                           |  |   | Total     |  |  |                                     | 2009    |  |                 | 2010   
|                                        |  |  
|Accounts Payable(1)                     |  | $ | 272,818   |  |  | $                                   | 272,818 |  | $               |       
|Distributions payable to unitholders(2) |  |   | 41,397    |  |  |                                     | 41,397  |  |                 |       
|Bank credit facility                    |  |   | 380,888   |  |  |                                     |        |  |                 | 380,888
|Senior unsecured notes(3)               |  |   | 323,210   |  |  |                                     |        |  |                 | 53,666 
|Pipeline commitments                    |  |   | 62,747    |  |  |                                     | 18,850  |  |                 | 11,782 
|Processing commitments                  |  |   | 25,568    |  |  |                                     | 7,578   |  |                 | 7,677  
|Office leases                           |  |   | 69,586    |  |  |                                     | 8,730   |  |                 | 11,736 
|                                        |  |  
|Total commitments                       |  | $ | 1,176,214 |  |  | $                                   | 349,373 |  | $               | 465,749
|                                        |  |  

In addition, the Fund is involved in claims and litigation arising in the normal course of business. The resolution of these claims is uncertain and there can be
no assurance they will be resolved in favour of the Fund; however, management believes the resolution of these matters would not have a material adverse impact on the Fund's liquidity, consolidated
financial position or results of operations.

14. GEOGRAPHICAL INFORMATION

|As at December 31, 2008($ thousands) |  |   | Canada    |  |   | U.S.    |  |   | Total     | 
|------------------------------------ |  | - | --------- |  | - | ------- |  | - | --------- | 
|                                    
|Oil and gas revenue                  |  | $ | 1,968,865 |  | $ | 363,019 |  | $ | 2,331,884 | 
|Capital assets                       |  |   | 4,552,483 |  |   | 694,515 |  |   | 5,246,998 | 
|Goodwill                             |  |   | 451,120   |  |   | 182,903 |  |   | 634,023   | 
|                                    

|
|

|As at December 31, 2007($ thousands) |  |   | Canada    |  |   | U.S.    |  |   | Total     | 
|------------------------------------ |  | - | --------- |  | - | ------- |  | - | --------- | 
|                                    
|Oil and gas revenue                  |  | $ | 1,252,413 |  | $ | 286,740 |  | $ | 1,539,153 | 
|Capital assets                       |  |   | 3,293,413 |  |   | 579,405 |  |   | 3,872,818 | 
|Goodwill                             |  |   | 47,532    |  |   | 147,580 |  |   | 195,112   | 
|                                    

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY61

---



15. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

The Fund's consolidated financial statements have been prepared in accordance with Canadian GAAP. These principles, as they pertain to the Fund's consolidated
statements differ from U.S. GAAP as follows:

The
application of U.S. GAAP would have the following effects on net income as reported:

|($ thousands)                                                                                                       |                                                                                       |                                               | 2008       |            |         |  |   | 2007       |           |         
|------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------- | --------------------------------------------- | ---------- | ---------- | ------- |  | - | ---------- | --------- | --------
|                                                                                                                    |                                                                                       |                                              
|Net income as reported in the Consolidated Statement of Income  Canadian GAAP                                      |                                                                                       | $                                             | 888,892    |            |         |  | $ | 339,691    |           |         
|Adjustments:                                                                                                        |                                                                                       |                                               |            |            |         |  |   |            |           |         
|                                                                                                                    | Impairment of property, plant and equipment(Note (a))                                 |                                               |            | (1,404,343 | )       |  |   |            |          |         
|                                                                                                                    | Depletion, depreciation, amortization and accretion(Note (a))                         |                                               |            | 58,065     |         |  |   |            | 60,749    |         
|                                                                                                                    | Capitalized interest(Note (b))                                                        |                                               |            | 3,631      |         |  |   |            | 5,039     |         
|                                                                                                                    | Compensation expense(Note (c))                                                        |                                               |            | 8,350      |         |  |   |            | 14,944    |         
|                                                                                                                    | Income tax recovery/(expense) of adjustments above and impact of changes in tax rates |                                               |            | 340,411    |         |  |   |            | (79,010   | )       
|                                                                                                                   
|Net (loss)/income  U.S. GAAP                                                                                       |                                                                                       | $                                             | (104,994   | )          |         |  | $ | 341,413    |           |         
|                                                                                                                   
|Other comprehensive income/(loss) as reported in the Consolidated Statement of Comprehensive Income  Canadian GAAP |                                                                                       | $                                             | 157,333    |            |         |  | $ | (114,660   | )         |         
|                                                                                                                   
|                                                                                                                    |                                                                                       | Other comprehensive income/(loss)  U.S. GAAP |            | $          | 157,333 |  |   |            | $         | (114,660
|                                                                                                                   
|Comprehensive income  U.S. GAAP                                                                                    |                                                                                       | $                                             | 52,339     |            |         |  | $ | 226,753    |           |         
|                                                                                                                   
|Net (loss)/income per trust unit                                                                                    |                                                                                       |                                               |            |            |         |  |   |            |           |         
|                                                                                                                    | Basic                                                                                 |                                               | $          | (0.65      | )       |  |   | $          | 2.67      |         
|                                                                                                                    | Diluted                                                                               |                                               | $          | (0.65      | )       |  |   | $          | 2.67      |         
|Weighted average number of trust units outstanding                                                                  |                                                                                       |                                               |            |            |         |  |   |            |           |         
|                                                                                                                    | Basic                                                                                 |                                               |            | 160,589    |         |  |   |            | 127,691   |         
|                                                                                                                    | Diluted                                                                               |                                               |            | 160,641    |         |  |   |            | 127,846   |         
|                                                                                                                   
|Deficit:                                                                                                            |                                                                                       |                                               |            |            |         |  |   |            |           |         
|Balance, beginning of year  U.S. GAAP                                                                              |                                                                                       | $                                             | (2,102,097 | )          |         |  | $ | (3,015,590 | )         |         
|                                                                                                                    | Net (loss)/income  U.S. GAAP                                                         |                                               |            | (104,994   | )       |  |   |            | 341,413   |         
|                                                                                                                    | Change in redemption value(Note (d))                                                  |                                               |            | 2,460,865  |         |  |   |            | 1,218,915 |         
|                                                                                                                    | Cash distributions                                                                    |                                               |            | (786,138   | )       |  |   |            | (646,835  | )       
|                                                                                                                   
|Balance, end of year  U.S. GAAP                                                                                    |                                                                                       | $                                             | (532,364   | )          |         |  | $ | (2,102,097 | )         |         
|                                                                                                                   
|Accumulated other comprehensive income/(loss):                                                                      |                                                                                       |                                               |            |            |         |  |   |            |           |         
|Balance, beginning of year  U.S. GAAP                                                                              |                                                                                       | $                                             | (108,727   | )          |         |  | $ | 5,933      |           |         
|                                                                                                                    | Other comprehensive income/(loss)                                                     |                                               |            | 157,333    |         |  |   |            | (114,660  | )       
|                                                                                                                   
|Balance, end of year  U.S. GAAP                                                                                    |                                                                                       | $                                             | 48,606     |            |         |  | $ | (108,727   | )         |         
|                                                                                                                   

Reconciliation of Accumulated Other Comprehensive (loss)/income:

|As at December 31($ thousands)                                                              |  |   | 2008   |  |  |   | 2007     |   | 
|------------------------------------------------------------------------------------------- |  | - | ------ |  |  | - | -------- | - | 
|                                                                                            |  |  
|Unamortized portion of former cash flow hedges, nil (2007  loss of $92, net of tax of $19) |  | $ |       |  |  | $ | (73      | ) | 
|Unrealized gain on available for sale securities, nil (2007  $4,618 net of tax of $1,039)  |  |   |       |  |  |   | 3,579    |   | 
|Cumulative translation adjustment                                                           |  |   | 48,606 |  |  |   | (112,233 | ) | 
|                                                                                            |  |  
|Accumulated other comprehensive (loss)/income                                               |  | $ | 48,606 |  |  | $ | (108,727 | ) | 
|                                                                                            |  |  

62      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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The application of U.S. GAAP would have the following effects on the balance sheet as reported:

|($ thousands)     |                                                  |  | Canadian GAAP |            |   | Increase/ (Decrease) |            |   | U.S. GAAP |            |  
|----------------- | ------------------------------------------------ |  | ------------- | ---------- | - | -------------------- | ---------- | - | --------- | ---------- | -
|                 
|December 31, 2008 |                                                  |  |               |            |   |                      |            |   |           |            |  
|                  | Assets:                                          |  |               |            |   |                      |            |   |           |            |  
|                  | Property, plant and equipment, net(Notes (a)(b)) |  | $             | 5,246,998  |   | $                    | (1,911,412 | ) | $         | 3,335,586  |  
|                  | Liabilities:                                     |  |               |            |   |                      |            |   |           |            |  
|                  | Trust unit rights liability(Note (c))            |  | $             |           |   | $                    | 1,096      |   | $         | 1,096      |  
|                  | Future income taxes/Deferred income taxes        |  |               | 679,019    |   |                      | (462,413   | ) |           | 216,606    |  
|                  | Unitholders' mezzanine equity(Note (d))          |  |               |           |   |                      | 3,372,406  |   |           | 3,372,406  |  
|                  | Unitholders' Equity:                             |  |               |            |   |                      |            |   |           |            |  
|                  | Unitholders' capital(Note (d))                   |  | $             | 5,451,736  |   | $                    | (5,451,736 | ) | $         |           |  
|                  | Contributed surplus(Note (c))                    |  |               | 19,600     |   |                      | (19,600    | ) |           |           |  
|                  | Deficit(Note (d))                                |  |               | (1,181,199 | ) |                      | 648,835    |   |           | (532,364   | )
|                 
|December 31, 2007 |                                                  |  |               |            |   |                      |            |   |           |            |  
|                  | Assets:                                          |  |               |            |   |                      |            |   |           |            |  
|                  | Property, plant and equipment, net(Notes (a)(b)) |  | $             | 3,872,818  |   | $                    | (568,765   | ) | $         | 3,304,053  |  
|                  | Liabilities:                                     |  |               |            |   |                      |            |   |           |            |  
|                  | Trust unit rights liability(Note (c))            |  | $             |           |   | $                    | 4,764      |   | $         | 4,764      |  
|                  | Future income taxes/Deferred income taxes        |  |               | 304,259    |   |                      | (122,002   | ) |           | 182,257    |  
|                  | Unitholders' mezzanine equity(Note (d))          |  |               |           |   |                      | 4,399,297  |   |           | 4,399,297  |  
|                  | Unitholders' Equity:                             |  |               |            |   |                      |            |   |           |            |  
|                  | Unitholders' capital(Note (d))                   |  | $             | 4,020,228  |   | $                    | (4,020,228 | ) | $         |           |  
|                  | Contributed surplus(Note (c))                    |  |               | 12,452     |   |                      | (12,452    | ) |           |           |  
|                  | Deficit(Note (d))                                |  |               | (1,283,953 | ) |                      | (818,144   | ) |           | (2,102,097 | )
|                 

(a) Property, Plant and Equipment and Depletion, Depreciation, Amortization and Accretion

Under U.S. GAAP full cost accounting, the carrying value of petroleum and natural gas properties and related facilities, net of deferred income taxes, is
limited to the present value of after tax future net revenue from proved reserves, discounted at 10% (based on prices and costs at the balance sheet date), plus the lower of cost and fair value of
unproved properties. Under Canadian GAAP, impairment exists when the carrying amount of the Fund's PP&E exceeds the estimated undiscounted future net cash flows associated with the Fund's proved
reserves. If impairment is determined to exist, the costs carried on the balance sheet in excess of the discounted future net cash flows associated with the Fund's proved and probable reserves are
charged to income.

As
at December 31, 2008, the application of the impairment test under U.S. GAAP resulted in a write down of $1,404,343,000 ($1,076,429,000 net of tax) of capitalized costs. There was no
impairment of capitalized costs under Canadian GAAP as at December 31, 2008. The application of the impairment tests under Canadian and U.S. GAAP did not result in an impairment of
capitalized costs in 2007.

Where
the amount of impairment under Canadian GAAP differs from the amount of the impairment under U.S. GAAP, the charge for DDA&A will differ in subsequent years. Historically the Fund's
U.S. GAAP impairments have exceeded the Canadian GAAP impairments, resulting in lower U.S. GAAP DDA&A charges compared to Canadian GAAP DDA&A charges. A U.S. GAAP difference also
exists relating to the basis of measurement of proved reserves that is utilized in the depletion calculation. Under U.S. GAAP, depletion charges are calculated by reference to proved reserves
estimated using constant prices. Under Canadian GAAP, depletion charges are calculated by reference to proved reserves estimated using future prices and costs. For the year ended December 31,
2008 DDA&A calculated under U.S. GAAP was $58,065,000 ($44,507,000 net of tax) lower than DDA&A calculated under Canadian GAAP. For the year ended December 31, 2007 DDA&A calculated
under U.S. GAAP was $60,749,000 ($49,438,000 net of tax) lower than DDA&A calculated under Canadian GAAP.

ENERPLUS RESOURCES2008 FINANCIAL
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(b) Interest Capitalization

U.S. GAAP requires interest expense to be capitalized for development projects that have not reached commercial production. A U.S. GAAP difference
exists as there is not a similar requirement under Canadian GAAP. For the year ended December 31, 2008 the Fund capitalized interest of $3,631,000 ($2,783,000 net of tax)
(2007  $5,039,000, $4,101,000 net of tax) related to projects under development.

(c) Unit-based Compensation

A U.S. GAAP difference exists as rights granted under our rights plan are considered liability awards for U.S. GAAP and equity awards under
Canadian GAAP. The distinction between a liability award and an equity award has an impact on the related accounting treatment.

Under
Canadian GAAP rights are accounted for using the fair value method for an equity award. Under this method, the fair value of the right is determined using a binomial lattice
optionpricing model on the grant date and is not subsequently remeasured. This amount is charged to earnings over the vesting period of the rights, with a corresponding increase in
contributed surplus. When rights are exercised, the proceeds, together with the amount recorded in contributed surplus, are recorded to unitholders' capital.

Under
U.S. GAAP rights are accounted for using the fair value method for a liability award. Under this method, the trust unit rights liability is calculated based on the rights fair value
determined using a binomial lattice option-pricing model at each reporting date until the date of settlement. The compensation cost for each period is based on the change in the fair value of the
rights for each reporting period. When rights are exercised, the proceeds, together with the amount recorded as a trust unit rights liability, are recorded to mezzanine equity.

The
following assumptions were used to arrive at the estimate of fair value as at December 31 for each the respective years:

|                                 |  |   | 2008   |  |  |   | 2007   | 
|-------------------------------- |  | - | ------ |  |  | - | ------ | 
|                                 |  |  
|Dividend yield                   |  |   | 19.34% |  |  |   | 13.02% | 
|Volatility                       |  |   | 40.82% |  |  |   | 26.47% | 
|Risk-free interest rate          |  |   | 1.61%  |  |  |   | 3.96%  | 
|Forfeiture rate                  |  |   | 7.30%  |  |  |   | 6.20%  | 
|Right's exercise price reduction |  | $ | 2.01   |  |  | $ | 1.84   | 
|                                 |  |  

The weighted average grant date fair value of trust unit rights granted in 2008 was $3.91 per trust unit right
(2007  $5.54). The total intrinsic value of trust unit rights exercised during 2008 was $2,314,000 (2007  $3,025,000).

As
at December 31, 2008 2,024,000 trust unit rights were exercisable at a weighted average reduced exercise price of $46.44 with a weighted average remaining contractual term of
3.4 years, giving an aggregate intrinsic value of $nil. As at December 31, 2007, 1,635,000 trust unit rights were exercisable at a weighted average reduced exercise price of
$44.84 with a weighted average remaining contractual term of 3.8 years, giving an aggregate intrinsic value of $3,670,000.

The
following chart details the U.S. GAAP differences related to our trust unit rights plan for the years ended December 31, 2008 and 2007.

|                                |  | 2008 |          | 2007
|------------------------------- |  | ---- | -------- | ----
|($ thousands)                   |  |      | CDN GAAP |     
|                                |  |     
|Compensation expense (recovery) |  | $    | 6,996    |     
|Contributed Surplus             |  | $    | 19,600   |     
|Trust unit rights liability     |  | $    |         |     
|                                |  |     

(d) Unitholders' Mezzanine Equity

A U.S. GAAP difference exists as a result of the redemption feature in the Fund's trust units including the equivalent limited partnership units, which is
required for the Fund to retain its Canadian mutual fund trust status. The trust units are redeemable at the option of the holder for approximately 85% of the current trading price. The amount of
trust units that are redeemable for cash is limited to $500,000 in any two consecutive months. Any redemption in excess of the limit may be honored with promissory notes or other investments of the
Fund. For Canadian GAAP, the trust units are considered to be permanent equity and are presented as unitholders' capital. Under U.S. GAAP, the

64      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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redemption
feature of the trust units excludes them from classification as permanent equity and results in the trust units being classified as mezzanine equity.

For
U.S. GAAP the Fund has recorded unitholders' mezzanine equity in the amount of $3,372,406,000 for 2008 (2007  $4,399,297,000), which represents the
estimated redemption value of the trust units including the equivalent limited partnership units at 85% of the year-end market price. In addition, the Fund has recognized a deficit of
$532,364,000 for 2008 (2007  $2,102,097,000) resulting from eliminating unitholders' capital and replacing it with unitholders' mezzanine equity at redemption
value. Changes in unitholders' mezzanine equity in excess of trust units issued, net of redemptions, net income and cash distributions in any period are recognized as charges to the deficit.

(e) FASB Interpretation No. 48  Accounting for Uncertainty in Income Taxes Disclosures

In June 2006 the FASB issued FASB Interpretation No. 48  Accounting for Uncertainty in Income
Taxes  an interpretation of FASB Statement No. 109. This guidance seeks to reduce the diversity in practice associated with certain aspects of the
recognition and measurement related to accounting for income taxes. This interpretation is effective for fiscal years beginning after December 15, 2006. The Fund adopted this standard on
January 1, 2007.

As
a multinational entity, we are subject to taxation in several jurisdictions, and the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws
and regulations.

An
unrecognized tax benefit is defined as the difference between tax positions taken in a tax return and amounts recognized in the financial statements. Prior to 2007, the tax benefits associated with
tax uncertainties, if any, were recognized to the extent it was more likely than not that they would be realized. The implementation of FIN 48 did not impact these amounts.

Pursuant
to FIN 48, each year we review the balance of estimated tax liabilities and we determine whether the recognition and measurement criteria of FIN 48 have changed. Where the
criteria are no longer met, we reverse the liability and recognize a tax recovery during that period. In addition, where the filing positions taken in the current year do not meet the measurement
criteria, we will record a liability and recognize a tax expense.

In
accordance with our accounting policy, we recognize potential accrued interest and penalties related to unrecognized tax benefits as a component of Interest expense on the Consolidated Statements
of Income.

The
following table summarizes the activity related to our unrecognized tax benefits for 2007 and 2008:

|($ thousands)              |  |   | 2008  |   |  |  |   | 2007  | 
|-------------------------- |  | - | ----- | - |  |  | - | ----- | 
|                           |  |  
|Balance, beginning of year |  | $ | 1,600 |   |  |  | $ | 1,500 | 
|Tax benefits recognized    |  |   | (790  | ) |  |  |   |      | 
|Interest                   |  |   | (110  | ) |  |  |   | 100   | 
|                           |  |  
|Balance, end of year       |  | $ | 700   |   |  |  | $ | 1,600 | 
|                           |  |  

None of the balance of unrecognized tax benefits as at December 31, 2008, if recognized, would affect the effective tax rate. We do not expect that any of
the unrecognized tax benefits will be recognized in the next twelve months.

In
most cases any uncertain tax positions are related to taxation years that remain subject to examination by the relevant taxable authorities. The open taxation years for which no examination has
been initiated or the examination is in progress is 2001 onward for Canada and 2004 onward for the United States.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY65

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(f) Additional Disclosures Required under U.S. GAAP

i. The components of accounts receivable are as follows:

|As at December 31($ thousands)        |  |   | 2008    |   |  |  |   | 2007    |   | 
|------------------------------------- |  | - | ------- | - |  |  | - | ------- | - | 
|                                      |  |  
|Oil & Gas Sales and Accruals          |  | $ | 63,109  |   |  |  | $ | 96,150  |   | 
|Joint Venture                         |  |   | 66,155  |   |  |  |   | 49,879  |   | 
|Other                                 |  |   | 39,240  |   |  |  |   | 1,562   |   | 
|Less: Allowance for Doubtful Accounts |  |   | (5,352  | ) |  |  |   | (1,989  | ) | 
|                                      |  |  
|                                      |  | $ | 163,152 |   |  |  | $ | 145,602 |   | 
|                                      |  |  

ii. The components of accounts payable are as follows:

|As at December 31($ thousands) |  |   | 2008    |  |  |   | 2007    | 
|------------------------------ |  | - | ------- |  |  | - | ------- | 
|                               |  |  
|Contractors and Vendors        |  | $ | 83,548  |  |  | $ | 118,203 | 
|Accrued Liabilities            |  |   | 189,270 |  |  |   | 151,172 | 
|                               |  |  
|                               |  | $ | 272,818 |  |  | $ | 269,375 | 
|                               |  |  

iii. Net Oil and Gas Sales

Under U.S. GAAP oil and gas sales are presented net of royalties.

|For the year ended December 31($ thousands) |  |   | 2008      |   |  |  |   | 2007      |   | 
|------------------------------------------- |  | - | --------- | - |  |  | - | --------- | - | 
|                                            |  |  
|Oil and Gas Sales                           |  | $ | 2,331,884 |   |  |  | $ | 1,539,153 |   | 
|Royalties                                   |  |   | (429,943  | ) |  |  |   | (285,148  | ) | 
|                                            |  |  
|Net Oil and Gas Sales                       |  | $ | 1,901,941 |   |  |  | $ | 1,254,005 |   | 
|                                            |  |  

iv. Consolidated Cash Flows:

The consolidated statements of cash flows prepared in accordance with Canadian GAAP present operating cash flow before changes in non-cash working
capital items. This sub-total cannot be presented under U.S. GAAP.

The
following chart details the changes in non-cash working capital:

|($ thousands)                            |                      |   | 2008    |         |   |  |   | 2007    |         |  
|---------------------------------------- | -------------------- | - | ------- | ------- | - |  | - | ------- | ------- | -
|                                         |                      |  
|Accounts Receivable                      |                      | $ | (17,550 | )       |   |  | $ | 29,852  |         |  
|Other current                            |                      |   | 2,590   |         |   |  |   | 342     |         |  
|Accounts Payable                         |                      |   | 3,443   |         |   |  |   | (14,911 | )       |  
|Distributions Payable to Unitholders     |                      |   | (13,125 | )       |   |  |   | 2,799   |         |  
|Other                                    |                      |   | (9,977  | )       |   |  |   | 2,526   |         |  
|                                         |                      |  
|Total Change in non-cash working capital |                      | $ | (34,619 | )       |   |  | $ | 20,608  |         |  
|Relating to:                             |                      |   |         |         |   |  |   |         |         |  
|                                         | Operating Activities |   | $       | (19,876 | ) |  |   | $       | 38,855  |  
|                                         | Financing Activities |   |         | (13,125 | ) |  |   |         | 2,799   |  
|                                         | Investing Activities |   |         | (1,618  | ) |  |   |         | (21,046 | )
|                                         |                      |  
|                                         |                      | $ | (34,619 | )       |   |  | $ | 20,608  |         |  
|                                         |                      |  

v. Business Combination:

On February 13, 2008 we closed the acquisition of Focus. U.S. GAAP requires supplemental information on a pro forma basis for the current
and preceding year as though the business combination had been completed at the beginning of each year.

66      ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY

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The
following unaudited pro forma results are based on U.S. GAAP revenues, net (loss)/income and net (loss)/income per trust unit adjusted as if the Focus acquisition occurred on
January 1 of each year. These results are not necessarily indicative of actual results or future performance.

|For the year ended December 31($ thousands)         |  |   | 2008      |   |  |  |   | 2007      | 
|--------------------------------------------------- |  | - | --------- | - |  |  | - | --------- | 
|                                                    |  |  
|Revenues                                            |  | $ | 2,015,389 |   |  |  | $ | 1,531,778 | 
|Net (loss)/income                                   |  | $ | (113,160  | ) |  |  | $ | 376,869   | 
|Net (loss)/income per trust unit  Basic ($/unit)   |  | $ | (0.69     | ) |  |  | $ | 2.33      | 
|Net (loss)/income per trust unit  Diluted ($/unit) |  | $ | (0.69     | ) |  |  | $ | 2.33      | 
|                                                    |  |  

U.S. Pronouncements

The following accounting pronouncements have been adopted as of January 1, 2008:

Financial
Accounting Standards Board ("FASB") SFAS 157  Fair Value Measurements. This statement defines fair value, establishes a framework for measuring
fair value and expands disclosures on fair value measurements. SFAS No. 157 did not modify the Fund's methodologies for measuring fair value and does not impact the U.S. GAAP
reconciliation.

Future
accounting pronouncements:

FASB
Statement 141(R)  Business Combinations. SFAS No. 141(R) seeks to increase reliance on fair value in business combinations. Assets acquired
and liabilities assumed will need to be fair valued at the acquisition date and acquisition related costs are to be expensed by the acquirer. SFAS No. 141(R) also expands disclosure on
business combinations and applies prospectively to business combinations. For the Fund, SFAS No. 141(R) is effective as of January 1, 2009.

FASB
Statement 160  Noncontrolling Interests in Consolidated Financial Statements  an amendment to Accounting Research
Bulletin No. 51. SFAS No. 160 requires that noncontrolling interest in a subsidiary be reported as equity in the consolidated financial statements. For the Fund,
SFAS No. 160 is effective as of January 1, 2009.

FASB
Statement 161  Disclosures about Derivative Instruments and Hedging Activities  an amendment of FASB Statement 133.
SFAS No. 161 seeks to enhance disclosures on derivatives and hedging activities and the related accounting treatment. For the Fund, SFAS No. 161 is effective as of
January 1, 2009.

United States
Securities and Exchange Commission ("SEC")  Modernization of Oil and Gas Reporting. The SEC updated its oil and gas reporting requirements
and related rules effective for January 1, 2010. The new rules include changes to pricing where a twelve-month average price would be used compared to the single-day closing price
currently being used. Oil and gas activities would be expanded to include non-traditional sources of reserves and allow disclosure of probable and possible reserves. The adoption of the
new rules is not expected to materially impact the Fund.

ENERPLUS RESOURCES2008 FINANCIAL
SUMMARY67

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