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14.

Net Income and Cash Flow from Operations Per Trust Unit Net income and cash flow from operations per trust unit are as follows: 2001 (4)

2002 Net income Basic (1)

$

Diluted (2)

0.57

$

1.36

0.56

1.35

Basic (1)

1.87

2.55

Diluted (2)

1.86

2.54

Cash flow from operations (3)

(1)

Basic per unit calculations are based on the weighted average number of trust units outstanding in 2002 of 119,613,489 (101,979,000 in 2001) which includes outstanding exchangeable shares converted at the year-end exchange ratio.

(2)

Diluted calculations include 560,772 additional trust units in 2002 (620,000 additional trust units in 2001) for the dilutive impact of employee rights. Calculations of diluted shares excluded 1,326,490 rights in 2002 (621,830 rights in 2001) which would have been anti-dilutive. There were no adjustments to net income or cash flow from operations in calculating diluted per share amounts.

(3)

Calculated by adding future income tax recovery, unrealized gain/loss on foreign exchange, amortization of commodity and foreign currency contracts, depletion, depreciation and amortization, and internalization of the management contract to net income and dividing by the weighted average number of trust units.

(4)

15.

2001 net income per trust unit has been restated for the change in accounting policy for foreign currency translation.

Income Taxes The tax provision differs from the amount computed by applying the combined Canadian federal and provincial income tax statutory rate to income before future income tax recovery as follows: 2001 (1)

2002 Income before future income tax recovery

$

Expected income tax expense at statutory rates

38,258

$

109,399

16,298

46,604

(46,074)

(72,852)

–

(9,111)

Resource allowance

(3,820)

(3,121)

Non-deductible crown charges

3,681

8,431

Alberta Royalty Tax Credit

(230)

(191)

Capital Tax

584

764

Effect on income tax of: Net income of the Trust Effect of change in provincial tax rate

Unrealized (gain) loss on foreign exchange Future income tax recovery (1)

70

(74) $

(29,635)

2001 net income per trust unit has been restated for the change in accounting policy for foreign currency translation.

673 $

(28,803)

2002  

Annual Report

2002  

Annual Report

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