SECURITIES PURCHASE AGREEMENT
THIS SECURITIES PURCHASE AGREEMENT (this " Agreement ") is made and entered into as of the
16th day of January, 2004 by and between Enterra Energy Trust, formerly Enterra Energy Corp., a trust duly
settled under the laws of the Province of Alberta Canada (the " Company "), and Glickenhaus & Co. a
partnership based in New York (" Glickenhaus ").
WHEREAS , the Company is an operating oil and gas company that drills, acquires, operates and exploits crude
oil and natural gas wells in Western Canada; and
WHEREAS , the units of the Company are listed for trading on the Toronto Stock Exchange and on the
National Market System of the Nasdaq Stock Market; and
WHEREAS , the Company desires to sell to Glickenhaus, and Glickenhaus desires to purchase from the
Company: 1,650,000 units at $10.00 per unit (the "Purchased Units").
NOW, THEREFORE , in consideration of the foregoing, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. AUTHORIZATION AND SALE OF SECURITIES .
1.1 Purchase and Sale of Securities . At the Closing, the Company shall sell to Glickenhaus, and Glickenhaus
shall purchase from the Company, the Purchased Units, for an aggregate purchase price of $16,500,000 (the "
Purchase Price ").
1.2 Closing . The closing of the purchase and sale of the Purchased Units will take place at the offices of
Glickenhaus, at Six East 43 rd Street, New York, NY at 9:00 a.m. New York Time, on the first business day
following the date on which a registration statement (the "Registration Statement") on Form F-1, F-3 or such
other form as may be appropriate to register the Purchased Units under the Securities Act of 1933, as amended
(the "1933 Act") shall have been declared effective by the United States Securities and Exchange Commission
(the "Commission") or at such other time and place as the Company and Glickenhaus mutually agree upon (which