Document:

<PAGE>

                                                                   EXHIBIT 4.1

                       AUDITED FINANCIAL STATEMENTS OF
                           ENERPLUS RESOURCES FUND

                                AUDITORS' REPORT

To the Unitholders of Enerplus Resources Fund:

     We have audited the consolidated balance sheet of Enerplus Resources
Fund as at December 31, 2000, 1999 and 1998 and the consolidated statements
of income, accumulated income, accumulated cash distributions and cash flows
for each of the years in the three year period ended December 31, 2000. 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. Those standards require that we plan and perform an audit
to obtain reasonable assurance 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.

     In our opinion, these consolidated financial statements present fairly,
in all material respects, the financial position of the Fund as at December
31, 2000, 1999 and 1998 and the results of its operations and its cash flows
for each of the years in the three year period ended December 31, 2000 in
accordance with Canadian generally accepted accounting principles.

Calgary, Alberta                                 (Signed) Arthur Andersen LLP
February 28, 2001                                       Chartered Accountants
<PAGE>

                             ENERPLUS RESOURCES FUND

                            CONSOLIDATED BALANCE SHEET

<Table>
<Caption>
                                                                                           AS AT DECEMBER 31,
                                                                               ------------------------------------------
                                                                                  2000            1999            1998
                                                                               ----------      ----------      ----------
                                                                                             ($ thousands)
<S>                                                                            <C>             <C>             <C>
ASSETS
Current assets
  Cash................................................................         $        -      $      437      $      221
  Accounts receivable.................................................             30,321          16,126          17,818
                                                                               ----------      ----------      ----------

                                                                                   30,321          16,563          18,039
                                                                               ----------      ----------      ----------

Site restoration reserve (Note 2).....................................              4,059           3,969           3,722
                                                                               ----------      ----------      ----------

Property, plant and equipment (Note 3 & Note 7).......................            671,404         504,305         468,663
Accumulated depletion and depreciation................................           (298,472)       (275,959)       (254,657)
                                                                               ----------      ----------      ----------

                                                                                  372,932         228,346         214,006
                                                                               ----------      ----------      ----------

                                                                               $  407,312      $  248,878      $  235,767
                                                                               ----------      ----------      ----------
                                                                               ----------      ----------      ----------

LIABILITIES AND EQUITY
Current liabilities
  Bank indebtedness...................................................         $    5,311      $    4,269      $    1,893
  Accounts payable....................................................             18,733          17,239          14,765
  Payable to related company (Note 7).................................              7,968           2,033           1,385
                                                                               ----------      ----------      ----------

                                                                                   32,012          23,541          18,043
Bank loan (Note 3)....................................................            132,400          58,440          67,800
Future income taxes...................................................                250               -               -
Accumulated site restoration..........................................             14,026          13,283          12,070
                                                                               ----------      ----------      ----------

                                                                                  178,688          95,264          97,913
                                                                               ----------      ----------      ----------

Equity
  Unitholders' capital (Note 4).......................................            455,112         385,203         357,482
  Accumulated income..................................................            171,802          96,329          71,595
  Accumulated cash distributions......................................           (398,290)       (327,918)       (291,223)
                                                                               ----------      ----------      ----------

                                                                                  228,624         153,614         137,854
                                                                               ----------      ----------      ----------

                                                                               $  407,312      $  248,878      $  235,767
                                                                               ----------      ----------      ----------
                                                                               ----------      ----------      ----------
</Table>

Signed on behalf of the Board:

          (Signed) Marcel J. Tremblay                (Signed) Arne R. Nielsen
                   Director                                  Director
<PAGE>

                            ENERPLUS RESOURCES FUND

                        CONSOLIDATED STATEMENT OF INCOME

<Table>
<Caption>
                                                                                 FOR THE YEAR ENDED DECEMBER 31,
                                                                               -----------------------------------
                                                                                 2000          1999         1998
                                                                               --------      --------      -------
                                                                                           ($ thousands)
<S>                                                                            <C>           <C>           <C>
Revenues
  Oil and gas sales...................................................         $181,268      $100,680      $75,805
  Crown royalties.....................................................          (26,925)      (13,482)      (9,532)
  Alberta Royalty Tax Credit..........................................            1,079         3,445        3,057
  Freehold and other royalties........................................           (9,716)       (4,950)      (3,879)
                                                                               --------      --------      -------

                                                                                145,706        85,693       65,451
Interest income.......................................................              191           407          722
                                                                               --------      --------      -------

                                                                                145,897        86,100       66,173
                                                                               --------      --------      -------

Expenses
  Operating...........................................................           31,298        27,087       26,452
  General and administrative..........................................            3,585         3,047        2,756
  Management fee (Note 7).............................................            4,020         2,834        2,539
  Interest (Note 3)...................................................            5,804         4,154        3,852
  Depletion, depreciation and amortization............................           24,567        23,203       23,147
                                                                               --------      --------      -------

                                                                                 69,274        60,325       58,746
                                                                               --------      --------      -------

Income before taxes...................................................           76,623        25,775        7,427
Capital taxes.........................................................              900         1,041          376
Future income tax provision...........................................              250             -            -
                                                                               --------      --------      -------

Net income............................................................         $ 75,473      $ 24,734      $ 7,051
                                                                               --------      --------      -------
                                                                               --------      --------      -------

Net income per Unit
  Basic...............................................................         $   4.75      $   1.73      $  0.54
                                                                               --------      --------      -------
                                                                               --------      --------      -------

  Diluted (Note 4)....................................................         $   4.74      $   1.72      $  0.54
                                                                               --------      --------      -------
                                                                               --------      --------      -------

Weighted average number of Units outstanding
  Basic...............................................................           15,890        14,329       13,028
                                                                               --------      --------      -------
                                                                               --------      --------      -------

  Diluted (Note 4)....................................................           15,927        14,363       13,028
                                                                               --------      --------      -------
                                                                               --------      --------      -------
</Table>

                  CONSOLIDATED STATEMENT OF ACCUMULATED INCOME

<Table>
<Caption>
                                                                                 FOR THE YEAR ENDED DECEMBER 31,
                                                                               -----------------------------------
                                                                                 2000          1999         1998
                                                                               --------      --------      -------
                                                                                           ($ thousands)
<S>                                                                            <C>           <C>           <C>
Accumulated income, beginning of year.................................         $ 96,329      $ 71,595      $64,544
Net Income............................................................           75,473        24,734        7,051
                                                                               --------      --------      -------

Accumulated income, end of year.......................................         $171,802      $ 96,329      $71,595
                                                                               --------      --------      -------
                                                                               --------      --------      -------
</Table>
<PAGE>

                             ENERPLUS RESOURCES FUND

                      CONSOLIDATED STATEMENT OF CASH FLOWS

<Table>
<Caption>
                                                                                 FOR THE YEAR ENDED DECEMBER 31,
                                                                               -----------------------------------
                                                                                 2000           1999          1998
                                                                               ---------      --------      --------
                                                                                           ($ thousands)
<S>                                                                            <C>            <C>           <C>
Operating activities
  Net income.........................................................          $  75,473      $ 24,734      $  7,051
  Depletion, depreciation and amortization...........................             24,567        23,203        23,147
  Future income tax provision........................................                250             -             -
                                                                               ---------      --------      --------

  Funds flow from operations.........................................            100,290        47,937        30,198
  Decrease (increase) in non-cash operating working capital..........               (404)        3,083         2,555
                                                                               ---------      --------      --------

                                                                                  99,886        51,020        32,753
                                                                               ---------      --------      --------

Financing activities
  Issue of Trust Units...............................................             43,909        27,721         1,688
  Cash distributions to Unitholders..................................            (70,372)      (36,695)      (31,394)
  Proceeds (payments) of bank loan, net..............................             54,360        (9,360)       39,700
  Increase in bank indebtedness......................................              1,042         2,376         1,246
                                                                               ---------      --------      --------

                                                                                  28,939       (15,958)       11,240
                                                                               ---------      --------      --------

Investing activities
  Purchase of property, plant and equipment..........................            (74,921)      (40,325)      (56,007)
  Acquisition of Enerplus Pension Resource Corporation III (Note 8)..            (64,068)            -             -
  Proceeds on sale of property, plant and equipment..................             11,128         6,414         8,046
  Site restoration reserve contributions.............................             (1,401)         (935)       (1,060)
                                                                               ---------      --------      --------

                                                                                (129,262)      (34,846)      (49,021)
                                                                               ---------      --------      --------

Increase (decrease) in cash..........................................               (437)          216        (5,028)
Cash, beginning of year..............................................                437           221         5,249
                                                                               ---------      --------      --------

Cash, end of year....................................................          $       -      $    437      $    221
                                                                               ---------      --------      --------
                                                                               ---------      --------      --------

Supplemental information
  Income taxes paid..................................................                  -             -             -
  Interest paid......................................................          $   5,718      $  3,997      $  4,095
                                                                               ---------      --------      --------
                                                                               ---------      --------      --------
</Table>

            CONSOLIDATED STATEMENT OF ACCUMULATED CASH DISTRIBUTIONS

<Table>
<Caption>
                                                                                   FOR THE YEAR ENDED DECEMBER 31,
                                                                               ---------------------------------------
                                                                                  2000          1999           1998
                                                                               ---------      ---------      ---------
                                                                                           ($ thousands)
<S>                                                                            <C>            <C>            <C>
Accumulated cash distributions, beginning of year....................          $(327,918)     $(291,223)     $(259,829)
Cash distributions...................................................            (70,372)       (36,695)       (31,394)
                                                                               ---------      ---------      ---------

Accumulated cash distributions, end of year..........................          $(398,290)     $(327,918)     $(291,223)
                                                                               ---------      ---------      ---------
                                                                               ---------      ---------      ---------
</Table>
<PAGE>

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                        DECEMBER 31, 2000, 1999 AND 1998

          (TABULAR AMOUNTS SHOWN IN $ THOUSANDS AND THOUSANDS OF UNITS)

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     The Management of Enerplus Resources Fund (the "Fund"), prepares its
     financial statements following Canadian generally accepted accounting
     principles. 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 at the date of the
     financial statements and the reported amounts of revenues and expenses
     during the reporting period. 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, pursuant to a Trust Indenture between Enerplus
          Resources Corporation ("Enerplus") and CIBC Mellon Trust Company as
          Trustee. The beneficiaries of the Fund are the holders of the Trust
          Units (the "Unitholders"). Operations consist of acquiring and
          holding, as the Fund's sole assets, Enerplus Petroleum Royalty Units,
          Series G.

          Enerplus acquires oil and natural gas properties for its own account,
          and sells a royalty in the form of Petroleum Royalty Units to the
          Fund. The royalty interests in producing oil and natural gas
          properties acquired from Enerplus effectively transfer all of the
          economic interest in the properties acquired by Enerplus to the
          Unitholders. The Petroleum Royalty Units constitute a security
          interest in the oil and natural gas properties owned by Enerplus but
          do not confer ownership in the underlying properties. The security
          interest provides the Unitholders priority in the case of subsequent
          encumbrances or purchases. Enerplus manages the oil and natural gas
          properties and distributes the royalties to the Unitholders.

          The Fund's financial statements include the accounts of the Fund and
          the accounts of Enerplus on a consolidated basis. All inter-entity
          transactions have been eliminated.

          The Fund and Enerplus are inextricably linked through contractual
          arrangements and effectively operate as a single entity for the
          benefit of the Unitholders. All of the equity raised in the Fund is
          invested in Enerplus which in turn utilizes these funds in oil and gas
          related activities. The Fund receives substantially all of the risks
          and rewards of ownership of Enerplus' assets through the royalty. In
          addition, the Unitholders of the Fund have the contractual right to
          elect the majority of the board of directors of Enerplus. Therefore,
          the Fund controls Enerplus and the contractual arrangements guarantee
          the continuation of this control.

          On April 17, 2000, the Fund and Enerplus entered into a merger
          agreement with Westrock Energy Income Fund I ("Westrock I"), Westrock
          Energy Income Fund II ("Westrock II"), Westrock Energy Resources
          Corporation, Westrock Energy Resources II Corporation and Westrock
          Energy Corporation to provide for the merger of the Fund with Westrock
          I and Westrock II (the "Merger"). Westrock I and Westrock II were oil
          and gas funds with organization structures similar to that of the
          Fund. Unitholders of each of the Fund, Westrock I and Westrock II
          approved the Merger on June 8, 2000 and the Merger was completed on
          that day. Under the terms of the Merger, each Westrock I Unit was
          exchanged for 2.683 Enerplus Units and each Westrock II Unit was
          exchanged for 2.667 Enerplus Units (the "Exchange"). As it was not
          possible to identify an acquirer, the Merger was accounted for as a
          pooling of interests and, as a result, the consolidated balance sheet
          and statements of income, accumulated income, cash flows and
          accumulated cash distributions have been prepared as though the Fund,
          Westrock I and Westrock II had been combined since their inception.
          The assets and liabilities have been recorded at historical cost and
          the revenues, expenses and net income of the Fund are comprised of the
          revenues, expenses and net income of the Fund, Westrock I and Westrock
          II for all years presented.
<Page>

          In conjunction with the Merger, the Unitholders also approved a
          consolidation of the Trust Units on the basis that one new Trust Unit
          be issued for every six previously issued and outstanding Trust Units,
          after giving effect to the Exchange (the "Consolidation"). All
          disclosures relating to the number of Trust Units and per Trust Unit
          amounts reflect the Exchange and the Consolidation.

          Immediately subsequent to the Merger and the Consolidation, the issued
          and outstanding Trust Units of the Fund totalled approximately 15.5
          million of which approximately 43% were held by the former Unitholders
          of the Fund, 22% were held by the former Unitholders of Westrock I and
          35% were held by the former Unitholders of Westrock II. The quoted
          market value of the Trust Units, on the first trading day following
          the Merger, was $297.1 million.

          The assets, liabilities, revenues and net income of the Fund, Westrock
          I and Westrock II as at and for the 160 day period ended June 8, 2000
          were as follows:

<Table>
<Caption>
                                                FUND      WESTROCK I    WESTROCK II      TOTAL
                                              --------    ----------    -----------    --------
          <S>                                 <C>         <C>           <C>            <C>
          Total assets....................    $132,667     $65,042        $85,353      $283,062
          Total liabilities...............      73,252      30,305         24,607       128,164
          Revenues, net of royalties......      25,679       9,055         13,120        47,854
          Net income......................    $ 11,603     $ 3,888        $ 6,514      $ 22,005
</Table>

     (b)  PROPERTY, PLANT AND EQUIPMENT

          The Fund follows the full cost method of accounting (see Note 1i). All
          costs of acquiring oil and natural gas properties and related
          development costs are capitalized and accumulated in one cost centre.
          Maintenance and repairs are charged against earnings, and renewals and
          enhancements, which extend the economic life of the property, plant
          and equipment, are capitalized. During 2000, general and
          administrative costs of $3,995,000 (1999 - $1,324,000 and 1998 -
          $814,000) were capitalized.

          Gains and losses are not recognized upon disposition of oil and
          natural gas properties unless such a disposition would significantly
          alter the rate of depletion.

     (c)  CEILING TEST

          The Fund places a limit on the aggregate cost of property, plant and
          equipment which may be carried forward for amortization against
          revenues of future periods (the "ceiling test"). The ceiling test is a
          cost recovery test whereby the capitalized costs less accumulated
          depletion and site restoration are limited to an amount equal to
          estimated undiscounted future net revenues from proven reserves less
          recurring general and administrative expenses, management fees, site
          restoration expenditures, future financing costs and income taxes.
          Costs and prices at the balance sheet dates are used. Any costs
          carried on the balance sheet in excess of the ceiling test limitation
          are charged to earnings.

     (d)  DEPLETION, DEPRECIATION AND AMORTIZATION

          The provisions for depletion and depreciation of property, plant and
          equipment and amortization of estimated future site restoration costs
          are calculated using the unit of production method based on estimated
          proven reserves. Reserves are converted to equivalent units on the
          basis of approximate relative energy content. Actual site restoration
          costs are charged against accumulated site restoration as incurred.
          Property, plant and equipment is periodically evaluated and, if
          conditions warrant, an impairment reserve is provided.

     (e)  JOINT VENTURE

          The Fund conducts substantially all of its oil and gas production
          activities on a joint venture basis and the
<Page>

          accounts reflect the Fund's proportionate interest in such
          activities.

     (f)  CASH AVAILABLE FOR DISTRIBUTION

          Cash available for distribution is calculated on a cash received basis
          and is paid monthly to the Unitholders. A reconciliation of cash
          available for distribution with funds flow from operations is
          presented in Note 5.

     (g)  INCOME TAXES

          The Fund follows the liability method of accounting for income taxes.
          Under this methodology, income tax liabilities and assets are
          recognized for the estimated tax consequences attributable to
          differences between the amounts reported in the financial statements
          of the Fund's corporate subsidiaries and their respective tax bases,
          using enacted income tax rates. The effect of a change in income tax
          rates on future income tax liabilities and assets is recognized in
          income in the period the change occurs. Temporary differences arising
          on acquisitions result in future income tax assets and liabilities.

          The Fund is a taxable entity under the Income Tax Act (Canada) and is
          taxable only on income that is not distributed or distributable to the
          Unitholders. As the Fund distributes all of its taxable income to the
          Unitholders and meets the requirements of the Income Tax Act (Canada)
          applicable to the Fund, no provision for income taxes has been made in
          the Fund.

     (h)  FINANCIAL INSTRUMENTS

          From time to time, the Fund uses various financial instruments to
          manage risk associated with crude oil and natural gas price
          fluctuations. These instruments are not used for trading purposes.
          Proceeds and costs realized from holding the related contracts, all of
          which constitute effective hedges, are recognized in oil and gas
          revenues at the time that each transaction under a contract is settled
          (see Note 9).

     (i)  CHANGE IN ACCOUNTING POLICY

          1.   Prior to the Merger described in Note 1a, the Fund followed the
               successful efforts method of accounting for its property, plant
               and equipment. Westrock I and Westrock II followed the full cost
               method of accounting. In connection with the Merger, the Fund has
               retroactively adopted the full cost method of accounting. The
               effect of the change in accounting policy on the financial
               statements previously presented is as follows:

<Table>
<Caption>
                                                                             1999         1998
                                                                           --------     --------
          <S>                                                              <C>          <C>
          PROPERTY, PLANT AND EQUIPMENT, NET:
            As previously reported by the Fund, Westrock I and
          Westrock II...............................................       $231,334     $218,537
            Adjustment..............................................         (2,988)      (4,531)
                                                                           --------     --------

            As restated.............................................       $228,346     $214,006
                                                                           --------     --------
                                                                           --------     --------

          ACCUMULATED SITE RESTORATION:
            As previously reported by the Fund, Westrock I and
          Westrock II...............................................       $ 11,989     $ 10,766
            Adjustment..............................................          1,294        1,304
                                                                           --------     --------

            As restated.............................................       $ 13,283     $ 12,070
                                                                           --------     --------
                                                                           --------     --------

          NET INCOME:
            As previously reported by the Fund, Westrock I and
          Westrock II...............................................       $ 23,181     $  4,027
</Table>
<Page>

<Table>
          <S>                                                              <C>          <C>
            Adjustment..............................................          1,553        3,024
                                                                           --------     --------

            As restated.............................................       $ 24,734     $  7,051
                                                                           --------     --------
                                                                           --------     --------

          ACCUMULATED INCOME:
            Beginning of year, as previously reported by the Fund,
              Westrock I and Westrock II............................       $ 77,430     $ 73,403
            Adjustment..............................................         (5,835)      (8,859)
                                                                           --------     --------

            As restated.............................................         71,595       64,544
            Net income as restated..................................         24,734        7,051
                                                                           --------     --------

            End of year, as restated................................       $ 96,329     $ 71,595
                                                                           --------     --------
                                                                           --------     --------
</Table>

          2.   Effective January 1, 2000 the Fund adopted the liability method
               of accounting for income taxes. This change in accounting policy
               has been applied retroactively but prior periods have not been
               restated. The cumulative effect of the change as at January 1,
               2000 is nil. The change does not affect 2000 net income, nor does
               it affect the Fund's cash flows or liquidity.

2.   SITE RESTORATION RESERVE

     Effective January 1, 1991, a site restoration reserve (the "reserve") was
     established by the Fund to finance future site restoration and abandonment
     costs. Contributions to the reserve have been deducted from cash
     distributions to the Unitholders (see Note 5).

<Table>
<Caption>
                                                          2000       1999       1998
                                                        -------     ------     ------
     <S>                                                <C>         <C>        <C>
     Site restoration reserve, beginning of year....    $ 3,969     $3,722     $3,598
     Contributions from cash distributions..........      1,401        935      1,060
     Payments for site restoration costs............     (1,311)      (688)      (936)
                                                        -------     ------     ------

     Site restoration reserve, end of year..........    $ 4,059     $3,969     $3,722
                                                        -------     ------     ------
                                                        -------     ------     ------
</Table>

3.   BANK LOAN

     The loan is comprised of a revolving credit facility totalling $165 million
     ($115 million at December 31, 1999, and $95 million at December 31, 1998).
     Under the terms of the credit facility, the loan may be converted on or
     before May 31 of each year to a three year term loan with 12 equal
     quarterly payments.

     Under the terms of the credit facility, Enerplus has available various
     borrowing options including prime based advances and bankers acceptances.
     The average borrowing rate at December 31, 2000 was 7.5%. Interest on the
     bank loan amounted to $5,541,000 in 2000 (1999 - $4,021,000, 1998 -
     $2,922,000).

     The security for the loan is a fixed and floating charge debenture on the
     assets of Enerplus. The loan is the legal obligation of Enerplus. The
     Unitholders have no direct liability to Enerplus should the properties
     securing this debt generate insufficient revenue to repay this loan. The
     payment of the principal and interest are allowable deductions in the
     calculation of the royalty available for distribution to the Unitholders.

<Page>

4.   UNITHOLDERS' CAPITAL

     (a)  UNITHOLDERS' CAPITAL

          Authorized: Unlimited Enerplus Resources Fund Trust Units, Series G

<Table>
<Caption>
                                                                    2000                     1999                    1998
                                                             -------------------     --------------------     -------------------
                                                             UNITS       AMOUNT      UNITS        AMOUNT      UNITS       AMOUNT
                                                             ------     --------     ------      --------     ------     --------
     <S>                                                     <C>        <C>          <C>         <C>          <C>        <C>
     Issued:

     Beginning of year.....................................  15,138     $385,203     13,062      $357,482     12,974     $355,794
     Issued for cash, net of costs.........................   1,725       37,660      1,964        26,061          -            -
     Acquisition of Enerplus Pension Resource
       Corporation III, net of costs.......................   1,145       25,967          -             -          -            -
     Issued pursuant to Distribution Reinvestment Plan.....     204        3,775         99         1,492         64        1,230
     Issued pursuant to Trust Unit Option Plan.............     318        4,777         13           168          -            2
     Costs associated with Merger..........................       -       (2,270)         -             -          -            -
     Issued pursuant to Employee Unit Purchase Plan........       -            -          -             -         24          456
                                                             ------     --------     ------      --------     ------     --------

     End of year...........................................  18,530     $455,112     15,138      $385,203     13,062     $357,482
                                                             ------     --------     ------      --------     ------     --------
                                                             ------     --------     ------      --------     ------     --------
</Table>

          A total of 1,725,000 Trust Units were issued at a price of $23.10 per
          Unit pursuant to a Special Warrants Offering which closed on September
          29, 2000. Costs associated with the issue were $2,188,000.

          The Fund, pursuant to the terms of the offer to acquire Enerplus
          Pension Resource Corporation III (EPRC III), purchased 100% of the
          outstanding common shares of EPRC III on December 19, 2000 (Note 8).
          The total consideration paid included the issuance of 1,145,375 Units
          of the Fund at $22.70 per Unit. Costs associated with the issue were
          $33,000.

          Pursuant to a Distribution Reinvestment and Unit Purchase Plan,
          Unitholders are entitled to reinvest cash distributions in additional
          Units of the Fund. Unitholders are also entitled to make optional cash
          payments, up to a maximum of the greater of the distribution received
          or $5,000 per month to purchase Units of the Fund. Units are issued at
          a discount of 5% below the Average Market Price ("AMP") on the Toronto
          Stock Exchange for the 20 trading days preceding a distribution
          payment date.

          Pursuant to an Employee Unit Purchase Program, the Fund issued
          additional Units of the Fund in an amount equal to the aggregate of
          Services' employee contributions, up to a maximum of 4% of each
          individual employee's annual salary. The Units were issued at a
          discount of 5% below the AMP.

     (b)  UNIT OPTIONS

          Pursuant to the Trust Unit Option Plan, at December 31, 2000, options
          granted on 256,882 Trust Units are outstanding. These options are held
          by directors, officers, employees and consultants of the Fund or its
          affiliates and related parties involved in the management of the Fund.

          A summary of the status of the Fund's option plan as at December 31,
          2000, 1999 and 1998, and the changes during the years then ended, is
          as follows:

<Table>
<Caption>
                                                 2000                              1999                             1998
                                      ---------------------------     ----------------------------     ----------------------------
                                      NUMBER                          NUMBER                           NUMBER
                                        OF       WEIGHTED AVERAGE       OF        WEIGHTED AVERAGE       OF        WEIGHTED AVERAGE
                                      OPTIONS     EXERCISE PRICE      OPTIONS      EXERCISE PRICE      OPTIONS      EXERCISE PRICE
                                      -------    ----------------     -------     ----------------     -------     ----------------
     <S>                              <C>        <C>                  <C>         <C>                  <C>         <C>
     Beginning of year...........       638          $19.02             867             $24.24           696           $25.14
     Granted.....................       257       $16.55-$17.10         261         $11.40-$15.30        213         $19.38-$23.52
     Exercised...................      (318)      $14.02-$16.74         (13)        $11.52-$15.30          -            $20.80
     Cancelled...................      (320)      $20.28-$23.70        (477)        $20.28-$30.24        (42)        $20.52-$27.30
</Table>
<Page>

<Table>
     <S>                              <C>        <C>                  <C>         <C>                  <C>         <C>
     End of year.................       257          $18.85            638             $19.02            867           $24.24
     Options exercisable at end
       of year...................       148                            402                               359
</Table>

          The following table summarizes information about the outstanding Unit
          Options at December 31, 2000:

<Table>
<Caption>
           NUMBER OUTSTANDING         EXERCISE        EXPIRY DATE          NUMBER EXERCISABLE
          AT DECEMBER 31, 2000         PRICES         DECEMBER 31,        AT DECEMBER 31, 2000
          --------------------        --------        ------------        --------------------
          <S>                         <C>             <C>                 <C>
                   85                  $23.52             2001                     85
                   71                  $15.30             2002                     37
                  101                  $17.10             2003                     26
                  ---                                                             ---
                  257                                                             148
                  ---                                                             ---
                  ---                                                             ---
</Table>

     (c)  PER UNIT AMOUNTS

          The Fund has adopted the new CICA recommendations for calculating
          diluted earnings per Unit. Under the treasury stock method, proceeds
          received on the exercise of "in the money" Trust Unit options are used
          to repurchase Trust Units at the average market price during the year.
          Under the imputed interest method, fully diluted earnings per share
          would have been $4.71.
<Page>

5.   RECONCILIATION OF CASH AVAILABLE FOR DISTRIBUTION

<Table>
<Caption>
                                                                     2000         1999        1998
                                                                   --------     -------     -------
     <S>                                                           <C>          <C>         <C>
     Year ended December 31
     Funds flow from operations..............................      $100,290     $47,937     $30,198
     Add (deduct)
       Debt repayments related to capital expenditures.......        (6,300)     (3,000)     (1,950)
       Site restoration reserve contributions................        (1,401)       (935)     (1,060)
       Accruals..............................................       (13,591)     (3,044)       2,084
       ARTC received during the year.........................         2,117       1,913       2,236
       ARTC accrual for the current year.....................          (567)     (2,117)     (1,913)
                                                                   --------     -------     -------

     Cash available for distribution.........................      $ 80,548     $40,754     $29,595
                                                                   --------     -------     -------
                                                                   --------     -------     -------

     Cash available for distribution per Unit................      $   4.83     $  2.77     $  2.27
                                                                   --------     -------     -------
                                                                   --------     -------     -------
</Table>

6.   INCOME TAXES

     The Fund is taxable on any taxable income which is not allocated to the
     Unitholders. During 2000, the Fund had taxable income of $44,947,000 or
     $2.8020 per Unit (1999 - $10,837,000 or $0.7579 per Unit, 1998 -
     $11,075,000 or $0.8524 per Unit), which was allocated to the Unitholders.

     Taxable income of the Fund is comprised of royalty income from Petroleum
     Royalty Units less deductions for Canadian Oil and Gas Property Expense
     (COGPE) and issue costs.

     The future income tax liability reflects the temporary difference between
     the carrying value and the tax basis of Enerplus' property, plant and
     equipment.

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

<Table>
<Caption>
                                                                        2000         1999        1998
                                                                      --------     --------    --------
     <S>                                                              <C>          <C>         <C>
     Income before taxes.........................................     $ 76,623     $ 25,775    $  7,427
                                                                      --------     --------    --------

     Expected income tax expense at Statutory rates..............     $ 34,189     $ 11,501     $ 3,314
     Effect on income tax of Income attributable to the Fund.....      (33,939)     (11,501)     (3,314)
                                                                      --------     --------    --------

     Future income tax provision.................................     $    250     $      -    $      -
                                                                      --------     --------    --------
                                                                      --------     --------    --------
</Table>

     The amount of COGPE and issue costs remaining in the Fund are as follows:

<Table>
<Caption>
                                            2000                              1999                              1998
                                 -------------------------         -------------------------         --------------------------
                                 PER UNIT(1)       AMOUNT          PER UNIT(1)       AMOUNT          PER UNIT(1)       AMOUNT
                                 -----------      --------         -----------      --------         -----------      ---------
     <S>                         <C>              <C>              <C>              <C>              <C>              <C>
     COGPE................         $12.05         $223,263           $10.99         $166,309           $12.06         $157,553
     Issue costs..........           0.22            4,152             0.10            1,639             0.08              976
                                   ------         --------           ------         --------           ------         --------

     Total................         $12.27         $227,415           $11.09         $167,948           $12.14         $158,529
                                   ------         --------           ------         --------           ------         --------
                                   ------         --------           ------         --------           ------         --------
</Table>
<Page>

     -----------
     NOTE:

     (1) Per Unit amount for 2000 is based on the actual number of Trust Units
     outstanding at year end of 18,530,000 Units (1999 - 15,138,000 Units,
     1998 - 13,062,000 Units).

7.   RELATED PARTY TRANSACTIONS

     An agreement (the "Management Agreement") has been entered into with
     Enerplus Energy Services Ltd. ("EES") and Enerplus Management Inc. ("EMI")
     to provide management, advisory and administration services. In addition
     to the fees reported on the Statement of Income, EES and EMI received fees
     of $2,026,000 (1999 - $679,000, 1998 - $646,000), in relation to the
     capital expenditures of the Fund. These amounts are included in the cost
     of property, plant and equipment.

8.   ACQUISITION OF ENERPLUS PENSION RESOURCE CORPORATION III

     On December 19, 2000, the Fund, pursuant to the terms of the offer to
     acquire EPRC III, purchased 100% of the outstanding common shares of EPRC
     III, a private Canadian pension resource corporation that owned producing
     oil and natural gas properties in Western Canada. The total net
     consideration of $90,035,000 consisted of 1,145,375 Trust Units of the Fund
     with an assigned value of $25,967,000, cash of $62,790,000 and costs
     associated with the acquisition in the amount of $1,278,000.

     The acquisition has been accounted for using the purchase method of
     accounting. The net assets acquired and bank loan assumed are summarized as
     follows:

<Table>
     <S>                                                            <C>
     Property, plant and equipment.............................     $105,245
     Working capital...........................................        4,390
     Bank loan assumed.........................................      (19,600)
                                                                    --------

     Net assets acquired.......................................     $ 90,035
                                                                    --------
                                                                    --------
</Table>

     EPRC III was formally amalgamated with Enerplus on December 29, 2000.

9.   FINANCIAL INSTRUMENTS

     The Fund's financial instruments that are included in the balance sheet are
     comprised of current assets, site restoration reserve, current liabilities
     and bank loan.

     The fair values of these instruments approximate their carrying amount due
     to the short-term maturity of these instruments and the variable interest
     rates applied to the bank loan. Virtually all of the Fund's accounts
     receivable are with customers in the oil and natural gas industry and are
     subject to normal industry credit risks.

     The Fund uses various types of derivative financial instruments to manage
     the risk related to fluctuating commodity prices. The fair values of these
     derivative instruments are based on an approximation of the amounts that
     would have been paid to or received from counterparties to settle these
     instruments prior to maturity. The Fund is exposed to losses in the event
     of default by the counterparties to these derivative instruments. This
     credit risk is controlled by the Fund through the selection of financially
     sound counterparties.

     As at December 31, 2000, the following contract positions were outstanding:
<Page>

     NATURAL GAS

<Table>
<Caption>
                                                                 $CDN/
                                             VOLUMES           GIGAJOULE                                 MONTHS        SETTLEMENT
     INSTRUMENT                           GIGAJOULES/DAY        AT AECO               TERM              REMAINING         VALUE
     ----------                           --------------       ---------       -------------------      ---------      ----------
     <S>                                  <C>                  <C>             <C>                      <C>            <C>
     Combined put/swap
       Put option component...........        3,200             $2.70          November 1, 1999 to          3           $      -
                                                                                 March 31, 2001
       Swap option component..........        3,200             $2.75           April 1, 2001 to           43            (11,404)
                                                                                October 31, 2004
                                                                                                                        --------
                                                                                                                        $(11,404)
                                                                                                                        --------
                                                                                                                        --------

10.  SUBSEQUENT EVENTS

     On February 28, 2001, the Fund issued 2,070,000 Trust Units at $22.40 per Unit. The total offering was $46.4 million before
     estimated costs of $2.3 million.

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

     The Fund's consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting
     principles ("Canadian GAAP"). These principles, as they pertain to the Fund's consolidated financial statements, differ from
     United States generally accepted accounting principles ("U.S. GAAP") as follows:

     (a)  As referenced in Note 1, the Merger of the Fund with Westrock I and Westrock II has been accounted for using the pooling
          of interests method in accordance with Canadian GAAP. In accordance with U.S. GAAP, the Merger has been accounted for
          using the purchase method, with the Fund determined to be the acquirer of Westrock I and Westrock II. Therefore, under
          U.S. GAAP, the assets, liabilities and results of operations of Westrock I and Westrock II are not included in the
          consolidated financial statements of the Fund until June 8, 2000.

     (b)  The Canadian GAAP ceiling test is comparable to the Securities and Exchange Commission ("SEC") method using constant
          prices, costs and tax legislation except that the SEC requires the resulting amounts to be discounted at 10%. In
          addition, the SEC does not require the inclusion of any general and administrative or interest expense in the calculation.

     (c)  U.S. GAAP utilizes the concept of comprehensive income which includes items not included in net income. The Fund's net
          income under U.S. GAAP is the same as its comprehensive income.

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

</Table>

<Table>
<Caption>
                                                                                  2000          1999         1998
                                                                                --------      --------      -------
     <S>                                                                        <C>           <C>           <C>
     NET INCOME AS REPORTED IN THE CONSOLIDATED STATEMENT
     OF EARNINGS...........................................................     $ 75,473      $ 24,734      $ 7,051
     Adjustments
       Purchase versus pooling of interests method of accounting...........      (13,841)      (13,873)      (6,713)
       Impact of ceiling test differences..................................          221           447          552
                                                                                --------      --------      -------

     NET INCOME UNDER U.S. GAAP............................................     $ 61,853      $ 11,308      $   890
                                                                                --------      --------      -------
                                                                                --------      --------      -------
</Table>
<Page>

<Table>
     <S>                                                                        <C>           <C>           <C>
     EARNINGS PER SHARE
       Basic...............................................................     $   3.89      $   1.77      $  0.15
       Diluted.............................................................     $   3.88      $   1.77      $  0.15

     WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING
       Basic...............................................................       15,890         6,377        6,041
       Diluted.............................................................       15,927         6,383        6,041
</Table>

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

<Table>
<Caption>
                                                                 CDN. GAAP        INCREASE         U.S. GAAP
                                                                 ---------        ---------        ---------
                                                                                 (DECREASE)
     <S>                                                         <C>              <C>              <C>
     DECEMBER 31, 2000
       Property, plant and equipment, net...............         $ 372,932        $  66,101        $ 439,033
       Accumulated site restoration.....................            14,026           (3,657)          10,369
       Unitholders' capital.............................           455,112            9,774          464,886
       Accumulated income...............................           171,802          (94,891)          76,911
       Accumulated cash distributions...................         $(398,290)       $ 154,875        $(243,415)
     DECEMBER 31, 1999
       Current assets...................................           $16,563        $  (7,860)       $   8,703
       Site restoration reserve.........................             3,969             (714)           3,255
       Property, plant and equipment, net...............           228,346         (123,679)         104,667
       Current liabilities..............................            23,541           (7,089)          16,452
       Bank loan........................................            58,440          (21,400)          37,040
       Accumulated site restoration.....................            13,283           (3,480)           9,803
       Unitholders' capital.............................           385,203         (159,930)         225,273
       Accumulated income...............................            96,329          (81,271)          15,058
       Accumulated cash distributions...................         $(327,918)       $ 140,917        $(187,001)
     DECEMBER 31, 1998
       Current assets...................................           $18,039        $  (9,587)       $   8,452
       Site restoration reserve.........................             3,722             (479)           3,243
       Property, plant and equipment, net...............           214,006         (108,972)         105,034
       Current liabilities..............................            18,043           (5,775)          12,268
       Bank loan........................................            67,800          (25,000)          42,800
       Accumulated site restoration.....................            12,070           (2,949)           9,121
       Unitholders' capital.............................           357,482         (137,412)         220,070
       Accumulated income...............................            71,595          (67,845)           3,750
       Accumulated cash distributions...................         $(291,223)       $ 119,943        $(171,280)
</Table><PAGE>
                                                                   EXHIBIT 4.2

CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
(THOUSANDS CDN$), (UNAUDITED)             MAR. 31, 2001    Dec. 31, 2000   Mar. 31, 2000
                                          -------------    -------------   -------------
<S>                                       <C>              <C>             <C>
Assets
Current assets
   Accounts receivable                      $  16,599       $  30,321       $  22,429
   Prepaid expenses                             4,171            --             1,463
                                            ---------       ---------       ---------
                                               20,770          30,321          23,892
                                            ---------       ---------       ---------
Site restoration reserve                        3,680           4,059           4,261
                                            ---------       ---------       ---------
Property, plant and equipment (note 5)        670,230         671,404         508,820
Accumulated depletion and depreciation       (305,850)       (298,472)       (280,952)
                                            ---------       ---------       ---------
                                              364,380         372,932         227,868
                                            ---------       ---------       ---------
                                            $ 388,830       $ 407,312       $ 256,021
                                            =========       =========       =========
Liabilities
Current liabilities
   Bank indebtedness                        $   8,998       $   5,311       $   4,865
   Accounts payable                            17,629          18,733          16,830
   Payable to related company (note 5)          2,073           7,968             748
                                            ---------       ---------       ---------
                                               28,700          32,012          22,443
Bank loan (note 2)                             65,570         132,400          66,100
Future income taxes                               394             250            --
Accumulated site restoration                   14,052          14,026          13,698
                                            ---------       ---------       ---------
                                              108,716         178,688         102,241
                                            ---------       ---------       ---------
Equity
   Unitholders' capital (note 3)              501,103         455,112         385,750
   Accumulated income                         206,081         171,802         108,757
   Accumulated cash distributions            (427,070)       (398,290)       (340,727)
                                            ---------       ---------       ---------
                                              280,114         228,624         153,780
                                            ---------       ---------       ---------
                                            $ 388,830       $ 407,312       $ 256,021
                                            =========       =========       =========

NUMBER OF TRUST UNITS OUTSTANDING
   (THOUSANDS)                                 20,707          18,530          15,179
                                            =========       =========       =========
</TABLE>

1st quarter interim report 2001 Enerplus Resources Fund                       9
<PAGE>

CONSOLIDATED STATEMENT OF INCOME

<TABLE>
<CAPTION>
(THOUSANDS CDN$, EXCEPT PER UNIT AMOUNTS),     THREE MONTHS ENDED MARCH 31
(UNAUDITED)                                        2001           2000
                                                 --------       --------
<S>                                            <C>              <C>
Revenues
   Oil and gas sales                             $ 72,139       $ 33,809
   Crown royalties                                (11,909)        (5,077)
   Alberta Royalty Tax Credit                         125            548
   Freehold and other royalties (note 5)           (4,110)        (1,801)
                                                 --------       --------
                                                   56,245         27,479
Interest and other income                             157             32
                                                 --------       --------
                                                   56,402         27,511
                                                 --------       --------
Expenses
   Operating                                        9,464          6,806
   General and administrative                         817            765
   Management fee (note 5)                          1,628            785
   Interest                                         1,761          1,090
   Depletion, depreciation and amortization         8,033          5,466
                                                 --------       --------
                                                   21,703         14,912
                                                 --------       --------
Income before taxes                                34,699         12,599
Capital taxes                                         276            171
Future income tax provision                           144             --
                                                 --------       --------
NET INCOME                                       $ 34,279       $ 12,428
                                                 ========       ========

NET INCOME PER TRUST UNIT
   BASIC                                         $   1.78       $   0.82
                                                 ========       ========
   DILUTED                                       $   1.77       $   0.82
                                                 ========       ========
WEIGHTED AVERAGE NUMBER OF
   TRUST UNITS OUTSTANDING (THOUSANDS)
   BASIC                                           19,288         15,160
                                                 ========       ========
   DILUTED                                         19,330         15,200
                                                 ========       ========
</TABLE>

CONSOLIDATED STATEMENT OF ACCUMULATED INCOME

<TABLE>
<CAPTION>
                                               THREE MONTHS ENDED MARCH 31
(THOUSANDS CDN$), (UNAUDITED)                      2001            2000
                                                 --------        -------
<S>                                            <C>              <C>
Accumulated income, beginning of year            $171,802       $ 96,329
Net income                                         34,279         12,428
                                                 --------        -------
Accumulated income, end of period                $206,081        108,757
                                                 ========        =======
</TABLE>

10                       1st quarter interim report 2001 Enerplus Resources Fund
<PAGE>

CONSOLIDATED STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                               THREE MONTHS ENDED MARCH 31
(THOUSANDS CDN$), (UNAUDITED)                      2001            2000
                                                 --------        -------
<S>                                            <C>              <C>
Operating activities
   Net income                                    $ 34,279       $ 12,428
   Depletion, depreciation and amortization         8,033          5,466
   Future income tax provision                        144             --
                                                 --------        -------
   Funds flow from operations                      42,456         17,894
   Increase in non-cash operating
      working capital                              (2,116)        (8,121)
                                                 --------        -------
                                                   40,340          9,773
Financing activities
   Issue of Trust Units                            45,991            547
   Cash distributions to Unitholders              (28,780)       (12,809)
   Proceeds (payments) of bank loan, net          (66,830)         7,660
   Increase in bank indebtedness                    3,687            596
                                                 --------        -------
                                                  (45,932)        (4,006)
                                                 --------        -------
Investing activities
   Purchase of property, plant
      and equipment                                (3,286)        (5,938)
   Proceeds on sale of property, plant
      and equipment                                 9,128             84
   Site restoration reserve contributions            (250)          (350)
                                                 --------        -------
                                                    5,592         (6,204)
                                                 --------        -------
Decrease in cash                                       --           (437)
Cash, beginning of year                                --            437
                                                 --------        -------
Cash, end of period                              $     --       $     --
                                                 --------        -------
FUNDS FLOW FROM OPERATIONS PER UNIT              $   2.20       $   1.18
                                                 ========       ========
Supplemental information
   Income taxes paid                                   --             --
   Interest paid                                 $  1,794       $  1,121
                                                 ========       ========
</TABLE>

CONSOLIDATED STATEMENT OF ACCUMULATED CASH DISTRIBUTIONS

<TABLE>
<CAPTION>
                                               THREE MONTHS ENDED MARCH 31
(THOUSANDS CDN$), (UNAUDITED)                      2001            2000
                                                ---------       ---------
<S>                                            <C>              <C>
Accumulated cash distributions,
   beginning of year                            $ 398,290       $ 327,918
Cash distributions                                 28,780          12,809
                                                ---------       ---------
Accumulated cash distributions, end of period   $ 427,070       $ 340,727
                                                =========       =========
</TABLE>

1st quarter interim report 2001 Enerplus Resources Fund                      11
<PAGE>

Selected Notes to the
Consolidated Financial Statements

(TABULAR AMOUNTS IN THOUSANDS OF CANADIAN DOLLARS AND THOUSANDS OF UNITS)
(UNAUDITED)

1.   SIGNIFICANT ACCOUNTING POLICIES

     The interim consolidated financial statements of Enerplus Resources Fund
     ("Enerplus") have been prepared by management in accordance with Canadian
     generally accepted accounting principles. The interim consolidated
     financial statements have been prepared following the same accounting
     policies and methods of computation as the consolidated financial
     statements for the fiscal year ended December 31, 2000. The disclosures
     provided below are incremental to those included with the annual
     consolidated financial statements. The interim consolidated financial
     statements should be read in conjunction with the consolidated financial
     statements and the notes for the year ended December 31, 2000.

2.   BANK LOAN

     The loan is comprised of a revolving credit facility totalling $165
     million. Under the terms of the credit facility, the loan may be converted
     on or before May 31 of each year to a three year term loan with 12 equal
     quarterly payments.

3.   UNITHOLDERS' CAPITAL

     a.  Unitholders' capital

     Authorized: Unlimited Enerplus Resources Fund Trust Units, Series G

<TABLE>
<CAPTION>
                                                         Units        Amount
                                                         ------      --------
<S>                                                      <C>         <C>
Balance at December 31, 2000                             18,530      $455,112
Issued for cash, net of costs                             2,070        43,775
Issued pursuant to Distribution Reinvestment Plan            85         1,859
Issued pursuant to Trust Unit Option Plan                    22           357
                                                         ------      --------
BALANCE AT MARCH 31, 2001                                20,707      $501,103
                                                         ======      ========
</TABLE>

     On February 28, 2001, Enerplus issued 2,070,000 Trust Units at $22.40 per
     Unit. The gross proceeds of the offering were $46.4 million before
     estimated costs of $2.6 million.

12                       1st quarter interim report 2001 Enerplus Resources Fund
<PAGE>

     b.  Unit options

         Pursuant to the Trust Unit Option Plan, at March 31, 2001, options
         granted on 463,000 Trust Units are outstanding. These options are
         held by directors, officers and employees of the Fund or its
         affiliates and related parties involved in the management of the
         Fund.

               A summary of the status of Enerplus' option plan at March 31,
         2001 is as follows:

<TABLE>
<CAPTION>
                                           Number of    Weighted Average
                                            Options      Exercise Price
                                           ---------    ----------------
<S>                                        <C>          <C>
Outstanding as at December 31, 2000           257           $18.85
Granted                                       261           $22.90
Exercised                                     (20)      $15.30 - $17.10
Cancelled                                     (35)      $15.30 - $23.52
                                              ---
Outstanding at March 31, 2001                 463           $21.07
                                              ===           ======
EXERCISABLE AT MARCH 31, 2001                 119
                                              ===
</TABLE>

4.   FINANCIAL INSTRUMENTS

     Enerplus uses various types of derivative financial instruments to manage
     the risk related to fluctuating commodity prices.

         As at March 31, 2001, Enerplus had a swap of 3.0 MMcf/day of natural
     gas at an Alberta AECO spot price of $2.90/Mcf, commencing April 1, 2001
     and expiring October 31, 2004. The estimated fair value cost of this swap
     is approximately $13.7 million.

         During March of 2001, Enerplus entered into a Revenue Protection Plan
     for each of the 2nd, 3rd and 4th quarters of 2001. The plan is comprised of
     6,000 barrels per day of crude oil and 38 MMcf/day of natural gas. Under
     the terms of the contract, the minimum benchmark prices are based on a West
     Texas Intermediate crude oil price of approximately US$25.00 per barrel
     (Cdn$38.70 per barrel) and an Alberta AECO spot price for natural gas of
     Cdn$6.33/Mcf. The total cost of this plan was $4.1 million.

5.   RELATED PARTY TRANSACTIONS

     An agreement (the "Management Agreement") has been entered into with
     Enerplus Global Energy Management Inc. ("EGEM") to provide management,
     advisory and administrative services. The Statement of Income includes
     management fees of $1,628,000 and included in freehold and other royalties
     is the 1% residual royalty of $377,000. In addition, EGEM received fees of
     $120,000 in relation to the capital expenditures of Enerplus which are
     included in the cost of property, plant and equipment.

6.   SUBSEQUENT EVENT

     On May 10, 2001, Enerplus and EnerMark Income Fund announced their plan to
     merge into a single fund and continue as Enerplus Resources Fund, subject
     to the approval of the Unitholders of each Fund. Meetings of the
     Unitholders of each Fund to approve the merger will be held on June 21,
     2001.

         Under the terms of the agreement between Enerplus and EnerMark, each
     Trust Unit of EnerMark will be exchanged for 0.173 Enerplus Trust Units on
     a tax free rollover basis. The proposed merger is more fully described
     under the heading of 'Proposed Merger' included elsewhere in this interim
     report.

1st quarter interim report 2001 Enerplus Resources Fund                       13

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