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To: energyplay who wrote (35109)	6/18/2003 8:04:16 PM
From: Mark Adams	Respond to of 74559

I think you should re-read the ERF press release, as it appears from your post you may have misread. I read it as ERF is subject to limitations, but isn't concerned at this time, but if they did see a problem, they would take similar steps... Non-Resident Ownership Provisions In order for the Fund to maintain its status as a mutual fund trust under the Tax Act, it may be necessary for the Fund to ensure that it has not been established or maintained primarily for the benefit of non-residents of Canada ("nonresidents") within the meaning of the Tax Act. Accordingly, the Trust Indenture provides that, from time to time, EnerMark may restrict the number of Trust Units owned by non-residents and take all necessary steps to monitor the ownership of the Trust Units such that the Fund maintains the status of a unit trust and mutual fund trust for the purposes of the Tax Act. The Trust Indenture also provides that, if at any time EnerMark becomes aware that the number of Trust Units owned by non-residents exceeds the restricted number of Trust Units as determined by EnerMark, or that such a situation is imminent, the Fund will make a public announcement of the situation and will take steps to ensure no additional Trust Units are issued or transferred to non-residents, and may require nonresidents (generally chosen in the inverse order of acquisition or registration of the Trust Units) to sell their Trust Units, or a portion thereof, in order to reduce the level of non-resident ownership below the determined threshold. - 23 - enerplus.com