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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K

Report of Foreign Issuer pursuant to Rule 13-a-16 or 15d-16
of the Securities Exchange Act of 1934

FOR THE MONTH OF NOVEMBER, 2002


COMMISSION FILE NUMBER 1-15150

LOGO

The Dome Tower
Suite 3000, 333 - 7th Avenue S.W.
Calgary, Alberta
Canada T2P 2Z1
(403) 298-2200


Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  o        Form 40-F  ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

Yes  o        No  ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Yes  o        No  ý

Indicate by check mark whether, by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the securities Exchange Act of 1934.

Yes  o        No  ý

EXHIBIT INDEX

EXHIBIT 1

2


EXHIBIT 1

FOR IMMEDIATE RELEASE

EXHIBIT 1        EXPLANATORY LETTER, TOGETHER WITH RE-AUDITED 2001 FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001. THE RE-AUDIT WAS COMPLETED BY DELOITTE & TOUCHE LLP, WHICH WAS APPOINTED AUDITORS OF ENERPLUS RESOURCES FUND AFTER ARTHUR ANDERSEN LLP, THE PREVIOUS AUDITORS OF ENERPLUS RESOURCES FUND, CEASED TO PRACTICE PUBLIC ACCOUNTING IN CANADA ON JUNE 3, 2002. DUE TO THE TIMING OF THE AUDIT, DELOITTE & TOUCHE LLP WAS REQUIRED TO INCLUDE A SUBSEQUENT EVENTS NOTE WITH THE FINANCIAL STATEMENTS AS THE AUDIT REPORT IS DATED TO CORRESPOND WITH THE DATE OF SUBSTANTIAL COMPLETION OF THEIR AUDIT WORK. THE SUBSEQUENT EVENTS NOTE (NOTE 11) IS THE ONLY CHANGE TO THE FINANCIAL STATEMENTS.

3


GRAPHIC


November 14, 2002


VIA SEDAR		  

Suite 3500, East Tower, Bankers Hall
855 - 2nd Street S.W.
Calgary, Alberta, Canada
T2P 4J8

Telephone: 403.260.9600
Facsimile: 403.260.9700
www.blakes.com

 Chad Schneider
Direct Dial: 403.260.9660
E-mail: chad.schneider@blakes.com

Reference: 85337/19

Alberta Securities Commission
British Columbia Securities Commission
Saskatchewan Securities Commission
The Manitoba Securities Commission
Ontario Securities Commission
Commission des valeurs mobilières du Québec
Nova Scotia Securities Commission
Justice Securities Administration, New Brunswick
Securities Division, Department of Justice—Government of Newfoundland and Labrador
Prince Edward Island—Department of Provincial Affairs and Attorney General

Attention: Continuous Disclosure Filings

Dear Sirs/Mesdames:

Re: Re-audited Annual Financial Statements of Enerplus Resources Fund (the "Fund")

We are solicitors for the Fund. Enclosed for filing with the securities commissions or similar regulatory authorities in each province of Canada are the Fund's audited consolidated financial statements for the year ended December 31, 2001 (the "2001 Statements"), together with the comparative audited financial statements of the Fund for the years ended December 31, 2000 and 1999 (the "Comparative Statements"). Accompanying the financial statements is the auditors' report of Deloitte & Touche LLP with respect to the 2001 Statements and the auditors' report of PricewaterhouseCoopers LLP with respect to the Comparative Statements.

Arthur Andersen LLP ("Andersen Canada") were the auditors of the Fund until June 3, 2002, the date on which Andersen Canada ceased practising public accounting in Canada. Deloitte & Touche LLP has been appointed as auditors of the Fund to replace Andersen Canada and has re-audited the Fund's annual consolidated financial statements for the year ended December 31, 2001. Other than the addition of subsequent event note (see Note 11) to the 2001 Statements to discuss significant events occurring subsequent to year end 2001 but prior to the date of the auditors' report and certain additions to the footnote reconciling Canadian and U.S. GAAP (see Note 10) to ensure the disclosures meets the disclosure requirements of Item 18 of Form 20-F for a filing with the Securities Commission in the United States under the Securities Act of 1933, no changes have been made to the Fund's audited consolidated comparative financial statements that were filed on SEDAR Project No. 00430997 on March 26, 2002 together with the auditors' report of Andersen Canada.

The merger of Enerplus Resources Fund and EnerMark Income Fund which occurred on June 21, 2001 (in which the continuing entity continued under the name "Enerplus Resources Fund") was accounted for as a reverse take-over of Enerplus Resources Fund by EnerMark Income Fund such that the historical financial statements of EnerMark Income Fund (previously audited by PricewaterhouseCoopers LLP) are the relevant comparative statements to the financial statements of the Fund for the year ended December 31, 2001. For

2


the ease of readers of the Fund's financial statements, we have included the auditors' report of PricewaterhouseCoopers LLP on the Comparative Statements together with the auditors' report of Deloitte & Touche LLP on the 2001 Statements. No changes have been made to the Comparative Statements from the financial statements filed by the Fund on March 26, 2002.

No fees are being filed with the enclosed financial statements as the Fund paid these fees at the time of filing its audited annual comparative financial statements on March 26, 2002 in compliance with its continuous disclosure requirements under applicable securities laws. The accompanying 2001 Statements and the Comparative Statements are simply being filed to provide additional public information for the Fund's unitholders and potential investors.

I trust the foregoing is satisfactory. If you have any questions, please do not hesitate to contact me.

    Yours truly,

 "Chad Schneider"

Chad Schneider


Blake, Cassels & Graydon LLP is a limited liability partnership under the laws of Ontario
Montreal  •  Ottawa  •  Toronto  •  Calgary  •   Vancouver  •  London  •  Beijing

3


AUDITORS' REPORT

To the Unitholders of Enerplus Resources Fund:

        We have audited the consolidated balance sheet of Enerplus Resources Fund as at December 31, 2001 and the consolidated statements of income, accumulated income, accumulated cash distributions, and cash flows for the year 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 audit.

        We conducted our audit 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 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, 2001 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.

        The consolidated financial statements as at December 31, 2000 and 1999 and for the years then ended are the financial statements of EnerMark Income Fund (See Note 1 to the financial statements). These financial statements were audited by other auditors who expressed an opinion without reservation on those consolidated financial statements in their report dated March 14, 2001. The opinion of such auditors, however, did not cover the reconciliation of differences between Canadian and United States generally accepted accounting principles as disclosed in Note 10. We have audited the reconciliations pertaining to 2000 and 1999. In our opinion, the reconciliations are appropriate and have been presented on a basis consistent with the current year.

Calgary, Canada   (Signed) DELOITTE & TOUCHE LLP
October 16, 2002   Chartered Accountants


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 and 1999 and the consolidated statements of net income, accumulated income, accumulated distributions and cash flows for each of the years in the two year period ended December 31, 2000, including notes 2 through 9. These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated 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 and 1999 and the results of its operations and cash flows for each of the years then ended in accordance with Canadian generally accepted accounting principles.

        Our opinion does not cover the acquisition of Enerplus Resources Fund as disclosed in Note 1, reconciliation of differences between Canadian and United States generally accepted accounting principles as disclosed in Note 10 or the description of subsequent events as disclosed in Note 11.

Calgary, Alberta   (Signed) PRICEWATERHOUSECOOPERS LLP
March 14, 2001   Chartered Accountants

1


ENERPLUS RESOURCES FUND

CONSOLIDATED BALANCE SHEET

As at December 31

($ thousands)

 
   2001
   2000
   1999
  
 
    
   (Note 1)

   (Note 1)

  
ASSETS                    
Current assets                    
  Cash and cash equivalents   $ 979   $ 846   $ 2,482  
  Accounts receivable     100,089     77,086     15,506  
  Other     4,869     6,474     1,365  
   
 
 
 
      105,937     84,406     19,353  
   
 
 
 
Property, plant and equipment     2,667,504     1,791,649     789,174  
Accumulated depletion and depreciation     (489,188 )   (308,356 )   (232,889 )
   
 
 
 
      2,178,316     1,483,293     556,285  
   
 
 
 
Deferred reorganization charges, net of amortization (Note 2)     —     253     1,263  
   
 
 
 
    $ 2,284,253   $ 1,567,952   $ 576,901  
   
 
 
 
LIABILITIES AND EQUITY                    
Current liabilities                    
  Accounts payable   $ 72,341   $ 91,135   $ 19,705  
  Distributions payable to Unitholders (Note 9)     20,860     18,925     7,547  
  Payable to related company (Note 6)     7,915     14,222     2,852  
   
 
 
 
      101,116     124,282     30,104  
   
 
 
 
Bank debt (Note 3)     412,589     275,944     131,315  
Future income taxes (Note 5)     333,560     353,115     33,593  
Accumulated site restoration     55,403     37,596     14,035  
Deferred credits (Note 2)     6,591     —     —  
Payable to related party (Note 6)     1,909     —     —  
Non-controlling interest (Note 7)     —     25,013     —  
   
 
 
 
      810,052     691,668     178,943  
   
 
 
 
EQUITY                    
Unitholders' capital (Note 4)     1,826,507     1,054,859     592,693  
Accumulated income     324,570     144,301     78,328  
Accumulated cash distributions (Note 9)     (777,992 )   (447,158 )   (303,167 )
   
 
 
 
      1,373,085     752,002     367,854  
   
 
 
 
    $ 2,284,253   $ 1,567,952   $ 576,901  
   
 
 
 

Signed on behalf of the Board:

(Signed) DOUGLAS R. MARTIN (Signed) ROBERT L. NORMAND
Director Director

2


ENERPLUS RESOURCES FUND

CONSOLIDATED STATEMENT OF INCOME

For the year ended December 31

($ thousands except per Unit amounts)

 
   2001
   2000
   1999
  
 
    
   (Note 1)

   (Note 1)

  
REVENUES                    
  Oil and gas sales   $ 639,379   $ 343,182   $ 169,541  
  Crown royalties     (101,114 )   (65,451 )   (23,902 )
  Freehold and other royalties     (31,546 )   (15,492 )   (8,243 )
   
 
 
 
      506,719     262,239     137,396  
Interest and other income     858     611     1,045  
   
 
 
 
      507,577     262,850     138,441  
   
 
 
 
EXPENSES                    
  Operating     120,082     54,997     37,228  
  General and administrative     12,971     7,202     5,726  
  Management fee (Note 6)     9,323     4,556     2,204  
  Interest (Note 3)     17,605     15,322     9,078  
  Depletion, depreciation and amortization     194,080     80,309     61,857  
   
 
 
 
      354,061     162,386     116,093  
   
 
 
 
Income before taxes     153,516     100,464     22,348  
   
 
 
 
Capital taxes     4,722     2,936     1,551  
Future income tax provision (recovery) (Note 5)     (31,475 )   15,378     (4,957 )
   
 
 
 
      (26,753 )   18,314     (3,406 )
   
 
 
 
NET INCOME   $ 180,269   $ 82,150   $ 25,754  
   
 
 
 
Net income per Trust Unit                    
  Basic   $ 3.28   $ 3.06   $ 1.25  
   
 
 
 
  Diluted   $ 3.28   $ 3.05   $ 1.25  
   
 
 
 
Weighted average number of                    
  Trust Units outstanding (thousands)                    
  Basic     54,907     26,841     20,532  
   
 
 
 
  Diluted     54,956     26,928     20,607  
   
 
 
 


CONSOLIDATED STATEMENT OF ACCUMULATED INCOME

For the year ended December 31

($ thousands)

 
   2001
   2000
   1999
 
    
   (Note 1)

   (Note 1)
Accumulated income, beginning of year   $ 144,301   $ 78,328   $ 52,574
Change in accounting policy (Note 2)     —     (16,177 )   —
Net income     180,269     82,150     25,754
   
 
 
Accumulated income, end of year   $ 324,570   $ 144,301   $ 78,328
   
 
 

3


ENERPLUS RESOURCES FUND

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended December 31

($ thousands)

 
   2001
   2000
   1999
  
 
    
   (Note 1)

   (Note 1)

  
OPERATING ACTIVITIES                    
Net income   $ 180,269   $ 82,150   $ 25,754  
Depletion, depreciation and amortization     194,080     80,309     61,857  
Future income taxes (recovery) (Note 5)     (31,475 )   15,378     (4,957 )
Site restoration and abandonment costs incurred     (2,628 )   (1,471 )   (1,124 )
Gain on sale of investment     —     —     (565 )
   
 
 
 
Funds flow from operations     340,246     176,366     80,965  
Decrease (increase) in non-cash operating working capital     (52,928 )   (11,354 )   32  
   
 
 
 
      287,318     165,012     80,997  
   
 
 
 
FINANCING ACTIVITIES                    
Issue of Trust Units, net of issue costs (Note 4)     151,411     120,600     54,689  
Cash distributions to Unitholders     (328,899 )   (132,613 )   (70,603 )
Bank debt (payments) proceeds     58,021     77,765     (53,579 )
   
 
 
 
      (119,467 )   65,752     (69,493 )
   
 
 
 
INVESTING ACITIVITIES                    
Property, plant and equipment     (228,345 )   (64,984 )   (25,509 )
Proceeds on sale of property, plant and equipment     75,276     18,481     16,957  
Corporate acquisitions (Notes 1 and 7)     (14,649 )   (186,897 )   (2,925 )
Proceeds on sale of investments     —     1,000     773  
   
 
 
 
      (167,718 )   (232,400 )   (10,704 )
   
 
 
 
Increase (decrease) in cash     133     (1,636 )   800  
Cash, beginning of year     846     2,482     1,682  
   
 
 
 
Cash, end of year   $ 979   $ 846   $ 2,482  
   
 
 
 
SUPPLEMENTARY CASH FLOW INFORMATION                    
Cash income taxes paid   $ —   $ —   $ —  
Cash interest paid   $ 17,162   $ 15,199   $ 9,001  
   
 
 
 


CONSOLIDATED STATEMENT OF ACCUMULATED CASH DISTRIBUTIONS

For the year ended December 31

($ thousands)

 
   2001
   2000
   1999
 
    
   (Note 1)

   (Note 1)
Accumulated cash distributions, beginning of year   $ 447,158   $ 303,167   $ 228,272
Cash distributions     330,834     143,991     74,895
   
 
 
Accumulated cash distributions, end of year (Note 9)   $ 777,992   $ 447,158   $ 303,167
   
 
 

4


ENERPLUS RESOURCES FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2001, 2000 AND 1999

(Tabular amounts in thousands of Canadian dollars and thousands of Units except per Unit amounts)

1. ACQUISITION OF ENERPLUS RESOURCES FUND

        The Merger of EnerMark Income Fund ("EnerMark") and Enerplus Resources Fund ("Enerplus" or the "Fund") which occurred on June 21, 2001 ("Merger") was accounted for as a reverse take-over as the Unitholders of EnerMark became the controlling Unitholders of the Fund after the Merger. Under this form of purchase accounting, EnerMark is deemed to have acquired Enerplus and the consolidated financial statements of the Fund for the year ended December 31, 2001 include only EnerMark's operating results prior to the Merger and the results of the merged Fund thereafter. All comparative figures and references to prior years are those of EnerMark. All disclosures of Trust Units, warrants and options and per Unit data up to June 21, 2001 Merger date have been restated using the Merger exchange ratio of 0.173 Enerplus Unit for each EnerMark Unit (the "Merger Exchange Ratio").

        EnerMark is deemed to have acquired all of the outstanding Trust Units of Enerplus on June 21, 2001 for fair market value consideration totalling $600,745,000. The 20,863,000 Trust Units of Enerplus which were outstanding prior to the Merger were recorded as deemed consideration at a value of $582,817,000 representing an exchange value of $27.94 per Trust Unit. In addition, costs and other charges of $17,928,000 related to the acquisition were recorded.

        The net assets acquired and liabilities assumed are as follows:

Property, plant and equipment   $ 704,838  
Working capital deficiency     (10,415 )
Long-term debt assumed     (78,624 )
Site restoration and abandonment     (14,530 )
Future income taxes     (524 )
   
 
Net assets acquired   $ 600,745  
   
 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        The Management of Enerplus prepares the 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, if any, as 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

5

(b)
Property, Plant and Equipment
(c)
Ceiling Test
(d)
Depletion and Depreciation
(e)
Site Restoration and Abandonment
(f)
Joint Venture
(g)
Income Taxes

6

(h)
Deferred Reorganization Charges
(i)
Deferred Credits
(j)
Financial Instruments
(k)
Cash and Cash Equivalents
(l)
Change in Accounting Policy

7

3. BANK DEBT

        As at December 31, 2001 Enerplus had banking arrangements for each of ERC and EnerMark Inc. under separate, syndicated, revolving, extendible production and operating facilities (the "Facilities") in an aggregate amount of $585,000,000 (2000—$420,000,000, 1999—$200,000,000). The Facilities were secured by fixed and floating charge debentures on substantially all of the assets held by EnerMark Inc. and ERC.

        The terms of the banking arrangements provided Enerplus with various borrowing options including prime rate based advances and bankers acceptances. The average borrowing rate for the year ended December 31, 2001 was 2.98%. Interest on the bank loan amounted to $17,346,000 in 2001 (2000—$14,418,000, 1999—$9,031,000).

        As at March 1, 2002, Enerplus renegotiated the Facilities into a single syndicated facility (the "Combined Facility") in the amount of $620,000,000 which will be reviewed on May 31, 2002 and annually on May 31 of each year, thereafter. The Combined Facility is unsecured and consists of a $590,000,000, 364 day revolving committed line, with an incremental two year term and a $30,000,000 demand operating line. As with the former Facilities, the Combined Facility allows various borrowing options including prime rate based advances and banker's acceptances.

        In the event that the revolving bank line is not extended at the end of the 364 day revolving period, no payments are required to be made to non-extending lenders during the first year of the term period. However, Enerplus will be required to maintain certain minimum balances on deposit with the syndicate agent.

        The Combined Facility is the legal obligation of EnerMark Inc. and is guaranteed by ERC. Although payments to Unitholders are subordinated to the Combined Facility, Unitholders have no direct liability to EnerMark Inc. or ERC should their revenues be insufficient to repay the bank loan. However, the bank debt has priority over claims of and distributions to the Unitholders.

        Since a demand for payment, with respect to the operating facility, would be financed by the revolving facility, no portion of the operating facility has been considered as current.

8


4. FUND CAPITAL

(a)
Unitholders' Capital
 
   2001
   2000
   1999
  
Issued:
(thousands)
  
  Units
   Amount
   Units
   Amount
   Units
   Amount
  
Balance, beginning of year   40,925   $ 1,050,986   21,761   $ 592,693   18,540   $ 538,004  
Issued for cash:                                
  Pursuant to public offerings   4,313     101,039   4,576     109,835   2,860     47,952  
  Pursuant to Option Plans   135     2,530   128     2,125   29     419  
  Pursuant to the exercise of warrants   1,197     33,319   17     404   —     —  
  Pursuant to the expiry of warrants   —     2,846   —     —   —     —  
Issued pursuant to the deemed acquisition of Enerplus (Note 1)   20,863     582,364   —     —   —     —  
Issued pursuant to the management agreement (Note 6)   173     5,000   —     —   —     —  
Distribution Reinvestment Plan   659     16,577   407     9,314   332     6,319  
Corporate acquisitions (Note 7)                                
  Cabre Exploration Ltd.   1,267     31,846   9,897     248,825   —     —  
  Western Star Exploration Ltd.   —     —   13     65   —     —  
  Pursuit Resources Corp.   —     —   2,988     64,228   —     —  
  Acquisition of property interests   —     —   1,138     23,509   —     —  
Redeemed for cash   —     —   —     (12 ) —     (1 )
   
 
 
 
 
 
 
Balance, end of year   69,532   $ 1,826,507   40,925   $ 1,050,986   21,761   $ 592,693  
   
 
 
 
 
 
 
 
  
2001
  
2000
  
1999
Warrants
(thousands)
  Warrants
   Amount
   Warrants
   Amount
   Warrants
   Amount
Balance, beginning of year   3,045   $ 3,873   —   $ —   —   $ —
Issued during the year   390     496   3,065     3,873   —     —
Exercised during the year   (1,197 )   (1,523 ) (17 )   —   —     —
Expired during the year   (2,238 )   (2,846 ) (3 )   —   —     —
   
 
 
 
 
 
Balance, end of year   —     —   3,045   $ 3,873   —     —
   
 
 
 
 
 

9

10

Drilling Fund Corporations
   Approximate Funding Commitment
   Specified Date
2001 Arrangement   $2.7 million   March 1, 2004
2000 Arrangement   $5.4 million   February 1, 2003
1999 Arrangement   $2.7 million   February 1, 2002
(b)
Trust Unit Option Plan

11

 
   2001
   2000
   1999

 
 
Number Of Options
 
Weighted Average Exercise Price
 
Number Of Options
 
Weighted Average Exercise Price
 
Number Of Options
 
Weighted Average Exercise Price
 
   (thousands except per Unit amounts)
EnerMark Unit Options outstanding beginning of year   609   $ 24.28   740   $ 28.32   814   $ 37.05
  Granted   639   $ 26.53   294   $ 22.31   318   $ 14.62
  Exercised   (80 ) $ 17.98   (128 ) $ 16.59   (29 ) $ 14.62
  Cancelled   (321 ) $ 26.47   (297 ) $ 35.84   (363 ) $ 36.94
  Accelerated due to Merger   (847 ) $ 25.72                    
Enerplus Unit Options outstanding at June 21, 2001   363   $ 21.03   —         —      
  Exercised   (55 ) $ 21.94   —         —      
  Cancelled   (44 ) $ 20.47   —         —      
   
       
       
     
  Outstanding at end of year   264   $ 20.93   609   $ 24.28   740   $ 28.32
Balance of Trust Units reserved but not issued   —         1,852         349      
   
       
       
     
Total Trust Units reserved as at the end of the year   264         2,461         1,089      
   
       
       
     

Number
Outstanding at
December 31, 2001
 
Exercise prices
 
Expiry Date December 31
 
Number Exercisable at December 31, 2001
(thousands)

    
    
   (thousands)
27   $ 15.30   2002   27
52   $ 17.10   2003   23
185   $ 22.90   2004   49
 
     
264   $ 20.93       99
 
     
(c)
Trust Unit Rights Incentive Plan

12

 
   2001
   2000
   1999
 
   Number Of Rights
   Exercise Price
   Number Of Rights
   Exercise Price
   Number Of Rights
   Exercise Price
 
   (thousands except per Unit amounts)
Incentive Plan Rights outstanding beginning of year   —     —   —   —   —   —
  Granted   1,360   $ 24.50   —   —   —   —
  Cancelled   (42 ) $ 24.50   —   —   —   —
   
 
 
 
 
 
Outstanding at end of year   1,318   $ 24.50   —   —   —   —
Balance of Trust Units reserved but not issued   1,422                      
   
 
 
 
 
 
Total Trust Units reserved at the end of year   2,740         —       —    
   
 
 
 
 
 
Exercisable at December 31, 2001   —         —       —    
   
 
 
 
 
 

5. INCOME TAXES

(a)
The Fund
 
   2001
   2000
   1999
 
   Per Unit
   Amount
   Per Unit
   Amount
   Per Unit
   Amount
COGPE   $ 5.49   $ 381,563   $ 2.14   $ 87,294   $ 4.45   $ 96,993
Issue costs     0.14     10,063     0.17     7,681     0.23     4,800
   
 
 
 
 
 
Total   $ 5.63   $ 391,626   $ 2.31   $ 94,975   $ 4.68   $ 101,793
   
 
 
 
 
 

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(b)
Corporate Subsidiaries
 
   2001
   2000
  
Excess of net book value of property, plant and equipment over the underlying tax basis   $ 350,754   $ 367,486  
Future site restoration deductions     (17,643 )   (14,318 )
Other     449     (53 )
   
 
 
Future income tax liability   $ 333,560   $ 353,115  
   
 
 
 
   2001
   2000
   1999(1)
  
Net income before taxes   $ 153,516   $ 100,464   $ 22,348  
   
 
 
 
Computed income tax expense (recovery) at substantially enacted rates of 42.62% (44.62% for 2000 and 1999)   $ 65,429   $ 44,827   $ 9,972  
Increase (decrease) resulting from:                    
  Net income attributed to the Fund     (95,671 )   (32,173 )   (14,755 )
  Non-deductible crown royalties and other payments     43,309     29,166     11,279  
  Federal resource allowance     (43,658 )   (26,975 )   (9,935 )
  Non-deductible depletion     —     —     1,176  
  ARTC     (214 )   (249 )   (614 )
  Other     (670 )   782     (2,080 )
   
 
 
 
Future income taxes (recovery)   $ (31,475 ) $ 15,378   $ (4,957 )
   
 
 
 
(1)
See Note 2 (l)

6. RELATED PARTY TRANSACTIONS

      Management, advisory and administration services are supplied to the Fund on a fee and cost reimbursement basis, pursuant to a new agreement with Enerplus Global Energy Management Company ("EGEM"), commencing on June 21, 2001, and prior thereto with EMR Resource Management Ltd., a wholly-owned subsidiary of EGEM. As at December 31, 2001, $7,406,000 was payable to EGEM, pursuant to this agreement.

        Management fees equal to 2.2% of operating income to June 21, 2001 and 2.75%, thereafter, are reported on the Consolidated Statement of Income. Pursuant to the agreement, prior to June 21, 2001, fees of $302,000 earned in relation to certain property acquisitions and divestitures of Enerplus which are included in the cost of property, plant and equipment. Under the new agreement, acquisition and divestment fees were eliminated and replaced with a performance fee based on both the total return of the Fund and its

14


relative performance, as compared to other senior Canadian conventional oil and gas energy funds. For the year ended December 31, 2001, no amounts for performance fees are included in the determination of management fees as reported on the Consolidated Statement of Income. In conjunction with the Merger, EGEM received a minimum fee of 172,500 Enerplus Trust Units with an assigned value of $5,000,000. The fee was accounted for as a cost of the Merger.

        Pursuant to a share purchase agreement related to the Merger, EnerMark Inc. acquired all of the outstanding common shares of ERC from EGEM resulting in ERC becoming a wholly-owned subsidiary of Enerplus. Consideration for the shares was $2,545,000 and is payable over a five year period ending September 2006, through a reduction in management fees. Of this amount, $509,000 has been classified as a current liability. The non-refundable fee advance and acquisition cost of the ERC shares has been included as a cost of the acquisition of Enerplus Resources Fund.

        In addition to the transactions described above, Enerplus has entered into a financial instrument contract with an indirect subsidiary of El Paso Energy Corporation, the ultimate parent of EGEM, as described in Note 8.

7. CORPORATE ACQUISITIONS

(a)
Cabre Exploration Ltd.

15

 
   88.65% December 31, 2000
   11.35% January 8, 2001
   100.00%
Total
  
Property, plant and equipment   $ 484,550   $ 18,803   $ 503,353  
Working capital deficiency     (21,424 )   —     (21,424 )
Long-term debt assumed     (18,213 )   —     (18,213 )
Site restoration and abandonment     (19,196 )   —     (19,196 )
Future income taxes     (140,826 )   (11,396 )   (152,222 )
Non-controlling interest     (25,013 )   25,013     —  
   
 
 
 
Net assets acquired   $ 259,878   $ 32,420   $ 292,298  
   
 
 
 
(b)
EBOC Energy Ltd.
 
    
  
Property, plant and equipment   $ 263,608  
Working capital deficiency     (2,947 )
Long-term debt assumed     (6,428 )
Site restoration and abandonment     (287 )
Future income taxes     (105,729 )
   
 
Net assets acquired   $ 148,217  
   
 
(c)
Pursuit Resources Corp.

16

 
    
  
Property, plant and equipment   $ 159,213  
Working capital     1,079  
Long-term debt assumed     (37,195 )
Site restoration and abandonment     (1,381 )
Future income taxes     (40,046 )
   
 
Net assets acquired   $ 81,670  
   
 
(d)
Western Star Exploration Ltd.
 
    
  
Property, plant and equipment   $ 27,894  
Working capital deficiency     (495 )
Long-term debt assumed     (5,028 )
Site restoration and abandonment     (336 )
   
 
Net assets acquired   $ 22,035  
   
 
(e)
Derrick Energy Corporation

17

 
    
  
Property, plant and equipment   $ 3,748  
Working capital deficiency     (776 )
Site restoration and abandonment     (47 )
   
 
Net assets acquired   $ 2,925  
   
 

8. FINANCIAL INSTRUMENTS

        The Fund's financial instruments that are included in the balance sheet are comprised of current assets, current liabilities, the bank debt and the long-term payable to related party.

        The fair market 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 debt. 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 financial instruments to manage the risk related to fluctuating commodity prices. The fair values of these instruments are based on an approximation of the amounts that would have been paid to or received from counterparties to settle these instruments as at December 31, 2001. The Fund may be exposed to losses in the event of default by the counterparties to these instruments. This credit risk is controlled by the Fund through the selection of financially sound counterparties.

CRUDE OIL

        As at December 31, 2001 Enerplus has three separate three-way financial option transactions that are designed to reduce a downward impact of crude oil prices of 3,675 bbls/day of crude oil production. The

18

total cost to be amortized in 2002 is $859,000. The fair value of the financial crude oil hedges as at December 31, 2001 reflects an unrealized gain of $274,000.

 
    
   WTI US$/bbl
Financial Instrument Type
   Daily Volumes
bbls/day
  Sold Call
   Purchased Put
   Sold Put
Crude Oil 2002                      
  Financial Contracts                      
  3-Way option   1,500   $ 27.00   $ 19.50   $ 16.00
  3-Way option(1)   1,500   $ 25.00   $ 19.50   $ 17.00
  3-Way option   675   $ 27.00   $ 19.50   $ 17.00
   
 
 
 
Total   3,675                  
   
                 
(1)
The counterparty to one of the 3-way crude oil options above, is a subsidiary of El Paso Energy Corporation which is the ultimate parent of EGEM (refer to Note 6). The remaining option premiums for these instruments are $276,000 and are being amortized over their remaining terms.

NATURAL GAS

        As at December 31, 2001 Enerplus has physical and financial contracts in place on approximately 57 MMcf/day of natural gas in 2002 and 20 MMcf/day of natural gas in 2003. The remaining costs to be amortized in 2002 are $2,032,000 and $1,696,000 in 2003. The fair value of the financial natural gas hedges as at December 31, 2001 reflects an unrealized loss of $711,000.

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        The following table summarizes the commodity risk management positions as at December 31, 2001:

 
    
   AECO $/Mcf
Financial Instrument Type
   Annualized
Daily Volumes
Mcf/d
   Sold
Call
   Purchased
Put
   Sold
Put
   Fixed
Price
   Escalated
Price
Natural Gas 2002                                
  Physical contracts   6,002     —     —   —   $ 2.64     —
  Physical contracts   1,967     —     —   —     —   $ 2.01
   
                           
      7,969                            
  Financial contracts                                
  Collar(1)   9,084   $ 5.27   $ 3.69   —     —     —
  Put(1)   9,084     —   $ 3.69   —     —     —
  Swap   3,792     —   $ 2.90   —     —     —
  Collar   7,584   $ 4.22   $ 3.43   —     —     —
  Collar   5,688   $ 4.81   $ 3.43   —     —     —
  Collar   14,220   $ 4.22   $ 3.32   —     —     —
   
 
 
 
 
 
Total   57,421                            
   
                           
Natural Gas 2003                                
  Physical contracts   2,369     —     —   —   $ 2.64     —
  Physical contracts   1,967     —     —   —     —   $ 2.23
   
 
 
 
 
 
    4,336                            
  Financial contracts                                
  Collar(1)   5,922   $ 5.27   $ 3.69   —     —     —
  Put(1)   5,922     —   $ 3.69   —     —     —
  Swap   3,792     —   $ 2.90   —     —     —
   
 
 
 
 
 
Total   19,972                            
   
                           
Natural Gas 2004                                
  Physical contracts   1,967     —     —   —     —   $ 2.33
  Financial contracts swaps   3,160     —   $ 2.90   —     —     —
   
 
 
 
 
 
Total   5,127                            
   
                           
Natural Gas 2005 – 2010                                
  Physical   1,967     —     —   —     —   $ 2.43
   
 
 
 
 
 
(1)
The counterparty to these natural gas collars and puts, is a subsidiary of El Paso Energy Corporation which is the ultimate parent of EGEM (refer to Note 6). The option premiums for these instruments are $3,728,000 and are being amortized over their remaining terms.

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9. RESTATEMENT OF PRIOR YEARS DISTRIBUTION PAYABLE TO UNITHOLDERS

      The comparative consolidated balance sheets for December 31, 2000 and 1999 and consolidated statements of accumulated cash distributions for each of the years then ended have been restated to recognize a current liability to Unitholders representing the monthly distribution that was declared on December 20, 2000 and December 20, 1999 and paid on January 20, 2001 and January 20, 2000, respectively. The effect of this change is to increase distributions payable to Unitholders and increase accumulated cash distributions by $18,925,000 and $7,547,000 as at December 31, 2000 and 1999, respectively. There is no current or prior effect to the Fund's cash flow or earnings.

10. 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 statements, differ from United States generally accepted accounting principles ("U.S. GAAP") as follows:

(a)
Under U.S. GAAP, for Securities and Exchange Commission registrants following 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 proven reserves, discounted at 10 percent (based on prices and costs at the balance sheet date), plus the lower of cost and fair value of unproven properties. Under Canadian GAAP, the Ceiling Test is calculated without application of a discount factor, but includes general and administration, management fees and interest expense.
(b)
SFAS 123, "Accounting for Stock-based Compensation", establishes financial accounting and reporting standards for stock-based employee compensation plans as well as transactions in which an entity issues its equity instruments to acquire goods or services from non-employees. As permitted by SFAS 123, Enerplus has elected to continue to follow the intrinsic value method of accounting for stock-based compensation arrangements, as provided for in Accounting Principles Board Opinion 25 ("APB 25"). Since all Unit Options and Trust Unit Rights were granted with an exercise price equal to the market price at the date of the grant, no compensation cost has been charged to income. Had compensation cost for Enerplus stock options been determined based on the fair market value at the grant dates of the awards consistent with methodology prescribed by SFAS 123, Enerplus net income (loss) and net

21

 
   Years ended December 31,
 
   2001
   2000
   1999
 
   (thousands except per Unit amounts)
Net income (loss):                  
  As reported under U.S. GAAP   $ (261,288 ) $ 98,261   $ 48,024
  Pro forma     (262,191 )   96,813     46,627
Net income (loss) per Unit                  
Basic                  
  As reported under U.S. GAAP   $ (4.76 ) $ 3.66   $ 2.34
  Pro forma   $ (4.78 ) $ 3.61   $ 2.27
Diluted                  
  As reported under U.S. GAAP   $ (4.76 ) $ 3.65   $ 2.33
  Pro forma   $ (4.78 ) $ 3.60   $ 2.26
 
   2001
   2000
   1999
Risk-free interest rate     2.35%     5.98%     5.07%
Estimated hold period prior to exercise     3 years     3 years     3 years
Volatility in the market price of the Trust Units     24.5%     33.5%     36.3%
Estimated monthly cash distributions   $ 0.11/Unit   $ 0.07/Unit   $ 0.05/Unit
(c)
U.S. GAAP requires the reporting of comprehensive income in addition to net earnings. Comprehensive income includes net income plus certain other items not included in net income. The Fund's Comprehensive income is the same as its net income.

(d)
Under U.S. GAAP the measurement date for acquisitions is the date the acquisition is announced. Under Canadian GAAP the measurement date for the acquisition is the closing date. Under U.S. GAAP, Unitholders' capital and property, plant and equipment has been increased by $37.3 million in 2001 and decreased by $7.8 million in 2000 for differences in the value of Trust Units issued to effect certain acquisitions.

22

(e)
Effective January 1, 2000, the Fund adopted the recommendations of the Canadian Institute of Chartered Accountants on accounting for future income taxes and changed from the deferral method to the liability method. This liability method differs from U.S. GAAP due to the application of transitional provisions and the accounting for certain Canadian income tax credits and allowances. In 1999, under U.S. GAAP future income taxes and property, plant and equipment was increased by $4.5 million.

(f)
Effective January 1, 2001, for U.S. reporting purposes, the Fund adopted Statement of Financial Accounting Standards ("SFAS") No. 133. "Accounting for Derivative Instruments and Hedging Activities". SFAS 133 establishes accounting and reporting standards requiring that all derivative instruments (including derivative instruments embedded in other contracts), as defined, be recorded in the balance sheet as either an asset or a liability measured at fair value and requires that changes in fair value be recognized currently in income unless specific hedge accounting criteria are met. There are no similar standards under Canadian GAAP.
(g)
The following supplemental pro forma information has been prepared using U.S. GAAP and gives effect to the Merger as if it had occurred on January 1 of each of the following years:

 
   December 31, 2001
   December 31, 2000
 
   (unaudited)

   (unaudited)
             
Revenues, net of royalties   $ 604,443   $ 408,747
Net income   $ (191,199 ) $ 133,435
Net income per Unit            
  Basic   $ (2.95 ) $ 2.80
  Fully diluted   $ (2.95 ) $ 2.79
(h)
Recent Developments in U.S. Accounting Standards

23

 
   2001
   2000
   1999
 
   ($ thousands except per Unit amounts)
Net income as reported in the Consolidated Statement of Income   $ 180,269   $ 82,150   $ 25,754
Adjustments, net of applicable income tax                  
  Write-down of property, plant and equipment     (458,474 )   —     —
  Depletion, depreciation and amortization     17,168     16,111     22,270
  Unrealized gain on financial derivatives     (251 )   —     —
   
 
 
Net income (loss) and comprehensive income (loss)   $ (261,288 ) $ 98,261   $ 48,024
   
 
 
Net income (loss) per Unit                  
  Basic   $ (4.76 ) $ 3.66   $ 2.34
  Diluted   $ (4.76 ) $ 3.65   $ 2.33
Weighted average number of Units outstanding                  
  Basic     54,907     26,841     20,532
  Diluted     54,956     26,928     20,607
   
 
 

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

 
   Canadian GAAP
   Increase (decrease)
   U.S. GAAP
  
 
   ($ thousands)

  
December 31, 2001                    
  Financial derivative assets   $ —   $ 274   $ 274  
  Property, plant and equipment, net     2,178,316     (1,018,610 )   1,159,706  
  Financial derivative liabilities     —     711     711  
  Future income taxes     333,560     (406,556 )   (72,996 )
  Unitholders' capital     1,826,507     29,626     1,856,133  
  Accumulated income     324,570     (642,117 )   (317,547 )
December 31, 2000                    
  Property, plant and equipment, net     1,483,293     (339,588 )   1,143,705  
  Future income taxes     353,115     (131,270 )   221,845  
  Unitholders' capital     1,054,859     (7,758 )   1,047,101  
  Accumulated income     144,301     (200,560 )   (56,259 )
December 31, 1999                    
  Property, plant and equipment, net     556,285     (359,183 )   197,102  
  Future income taxes     33,593     (126,335 )   (92,742 )
  Accumulated income   $ 78,328   $ (232,848 ) $ (154,520 )

24

11.  EVENTS SUBSEQUENT TO DECEMBER 31, 2001

(a)
On June 19, 2002, Enerplus issued senior, unsecured notes (the "Notes") in the amount of US$175,000,000. The Notes have a final maturity date of June 19, 2014 and bear interest at 6.62% per annum, with interest paid semi-annually on June 19 and December 19 of each year. The Note Purchase Agreement requires the Fund to make five annual amortizing principal repayments of 20% of the initial principal amount, commencing on June 19, 2010.
(b)
On August 8, 2002 the Fund acquired a 16% working interest in Oil Sands Lease #24 (also known as the Joslyn Creek Lease) for $16.4 million and the assumption of $4.1 million in contingent project debt. The contingent project debt was comprised of $3,360,000 of principal and approximately $740,000 in accrued interest. Interest is accrued at the Bank of Canada prime business rate and is not compounded. The debt is contingent on both production and pricing hurdles with respect to development on the lease. It is too early in the development of this project to determine if these hurdles will be satisfied.

(c)
On September 12, 2002, Enerplus closed an equity offering of 4,750,000 trust units at a price of $26.85 per trust unit for gross proceeds of $127,538,000 (net $120,886,000).

(d)
On October 3, 2002, the Fund announced that it had acquired all of the issued and outstanding shares of Celsius Energy Resources Ltd., a private oil and gas company, for total cash consideration of approximately $165.9 million including working capital adjustments. The acquisition will be accounted for by the purchase method with the results of operations included in the financial statements of the Fund from the closing date of October 21, 2002.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ENERPLUS RESOURCES FUND  

By:
/s/ Christina S. Meeuwsen
 
  Christina S. Meeuwsen
Corporate Secretary
 		 

DATE:  November 14, 2002

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QuickLinks

EXHIBIT 1
AUDITORS' REPORT
AUDITORS' REPORT
ENERPLUS RESOURCES FUND CONSOLIDATED BALANCE SHEET As at December 31 ($ thousands)
ENERPLUS RESOURCES FUND CONSOLIDATED STATEMENT OF INCOME For the year ended December 31 ($ thousands except per Unit amounts)
CONSOLIDATED STATEMENT OF ACCUMULATED INCOME For the year ended December 31 ($ thousands)
ENERPLUS RESOURCES FUND CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended December 31 ($ thousands)
CONSOLIDATED STATEMENT OF ACCUMULATED CASH DISTRIBUTIONS For the year ended December 31 ($ thousands)
ENERPLUS RESOURCES FUND NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2001, 2000 AND 1999 (Tabular amounts in thousands of Canadian dollars and thousands of Units except per Unit amounts)
SIGNATURE