Market Overview

Enerplus Sells Non-Core Assets in Canada for $80M, Maintains Production Guidance

Enerplus Corporation (NYSE: ERF) is pleased to announce that we have entered into
agreements to sell various non-core assets in Canada for gross proceeds
of approximately $80 million in order to further improve the focus and
concentration within our portfolio.

These assets consist primarily of non-operated properties producing
approximately 1,000 BOE/day, of which roughly 90% is weighted to crude
oil and natural gas liquids. The properties are being sold to multiple
parties and we anticipate closings to occur during the third quarter of
2013.

In addition to these sales, we have also acquired an incremental 50%
working interest in the Pouce Coupe South Boundary B Unit #1 for
approximately $30 million. Enerplus is currently the operator of this
property and now has an approximate 100% working interest. The
additional acquired interests in this light oil waterflood property
produce approximately 375 BOE/day and have a low historical decline
rate of roughly 5%.  The property has an average netback of
approximately $50/BOE.

See full press release

Posted-In: News Guidance Contracts Asset Sales Global

 

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