Exhibit 5.2

                     INDEPENDENT AUDITORS' CONSENT

We consent to the use in this Registration Statement of Petrofund
Energy Trust on Form F-10 of our report dated February 6, 2004 (except
as to Note 19 which is as of April 30, 2004), relating to the
consolidated financial statements of Petrofund Energy Trust as at and
for the years ended December 31, 2003 and 2002 (which report expresses
an unqualified opinion and includes an explanatory paragraph relating
to the application of procedures relating to certain adjustments and
disclosures of financial statement amounts related to the 2001
financial statements that were audited by other auditors who have
ceased operations and for which we have expressed no opinion or other
form of assurance other than with respect to such adjustments and
disclosures), appearing in the Information Circular, which is part of
this Registration Statement.

We also consent to the use in this Registration Statement of Petrofund
Energy Trust on Form F-10 of our report dated February 26, 2004
(except as to Notes 14 and 15 which are as of April 30, 2004),
relating to the consolidated financial statements of Ultima Energy
Trust as at and for the years ended December 31, 2003 and 2002,
appearing in the Information Circular, which is part of this
Registration Statement.

/s/  Deloitte & Touche LLP
Chartered Accountants

Calgary, Canada
April 30, 2004

                          ULTIMA ENERGY TRUST

        COMMENTS BY AUDITORS FOR U.S. READERS ON CANADA - U.S.
                        REPORTING DIFFERENCES


In the United States of America, reporting standards for auditors
require the addition of an explanatory paragraph (following the
opinion paragraph) outlining changes in accounting principles that
have been implemented in the financial statements. As discussed in
Note 2 to the consolidated financial statements of Ultima Energy
Trust, the Trust changed its method of accounting for capital assets
from the successful efforts method to full cost method. Also, as
discussed in Note 2, the Trust changed its method of accounting for
unit based compensation.


Calgary, Canada                                       /s/  Deloitte & Touche LLP
April 30, 2004                                        Chartered Accountants