Enermark Inc. Completes Financing Arrangements

Calgary-based EnerMark Inc., a wholly owned subsidiary of Enerplus Resources Fund, has recently completed a series of private debt financings. On March 20, 2002, EnerMark inc. completed a $620 million revolving credit facility with a syndicate of lenders including Canadian Imperial bank of Commerce, the Bank of Nova Scotia, The Toronto-Dominion Bank, Bank of Montreal, Citibank Canada N.A. and National Bank of Canada.

EnerMark was represented by Dan Fournier and Kevin Fougere of the Calgary office of Blake, Cassels & Graydon LLP while the lending syndicate was represented by Joe Palin and Jason Barabash of the Calgary office of Fraser Milner Casgrain LLP.

On June 19, 2002, EnerMark Inc. completed the issuance of US $175 million of senior unsecured 6.62% notes to eleven United States institutional investors. EnerMark Inc. was again represented by Dan Fournier, Brock Gibson, Chad Schneider and Kevin Fougere of Blake, Cassels & Graydon LLP while the institutional investors were represented by Bob Nash and Scott Barnett of the Chicago office of Chapman and Cutler.