EnerMark Income Fund Acquires Pursuit Resources

On April 3, 2000, EnerMark Income Fund (EnerMark), a member of the Enerplus group of companies, announced that it had acquired over 96 per cent of the shares of Pursuit Resources Corp., a junior oil and gas exploration, development and production company in the Western Canadian Sedimentary Basin, under a friendly takeover bid. Under the agreement, Pursuit shareholders had the option to take either $3.00 cash, 0.80 of an EnerMark Trust Unit or a combination for each Pursuit share. The total value of the transaction was approximately $100 million.

EnerMark was represented on the transaction by Brock Gibson and Scott Cochlan of Blake, Cassels & Graydon LLP. Pursuit was represented by Harley Winger and Roger MacLeod of Burstall Ward.