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The Audit and Risk Management Committee is comprised of Messrs. Normand (as Chairman), Roane and Wheeler,
all of whom are independent and financially literate for purposes of Multilateral Instrument 52-110 Audit
Committees, as well as pursuant to the Listing Standards of NYSE and U.S. federal securities legislation. The
specific responsibilities, power and operation of the Audit and Risk Management Committee are set out in the Audit
and Risk Management Committee Charter, a copy of which is on the Fund's website at www.enerplus.com, and is
also included in the Fund's annual information form for the year ended December 31, 2005 which ahs been filed on
SEDAR at www.sedar.com. This committee is primarily responsible for the quality of the Fund's financial reporting
and its responsibilities include:
- reviewing, with management and the external auditors, the integrity of the Fund's interim and annual financial
statements as well as management's discussion and analysis of financial condition and results of operations to
be recommended for approval by the Board;
- ensuring the Chief Executive Officer and the Chief Financial Officer certify the accuracy of the information set
forth in the consolidated annual financial statements, the unaudited interim financial statements and related
disclosure materials;
- reviewing with the external auditors the use by management of Canadian generally accepted accounting
principles, their consistent application, their appropriateness and their reconciliation with U.S. generally
accepted accounting principles;
- determining whether any restrictions affect the ability of the external auditor in reporting on the Fund's financial
condition and operations;
- engaging the Fund's external auditors and assessing their performance annually;
- reviewing and approving the annual audit plan and fees;
- reviewing and pre-approving non-audit services;
- reviewing financial reporting systems and monitoring management's initiatives with regard to internal controls;
- reviewing Enerplus' Management Disclosure and Oversight Committee's report to ensure compliance with U.S.
and Canadian disclosure requirements;
- reviewing the processes by which management identifies, measures and manages the various financial risks of
the business and the proper disclosure respecting same;
- reviewing the hedging and derivatives transactions entered into by management to ensure compliance with
Enerplus' policy; and
- holding regular meetings independent of management with the external auditors.
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