Enerplus Corp T.ERF

Alternate Symbol(s): ERF

Energy Oil & Gas E&P

Enerplus Corporation is a Canada-based independent oil and gas exploration and production company. The Company is focused on the development of North American oil and natural gas assets. Its portfolio includes light oil assets in the Bakken, North Dakota, and a position in the Marcellus natural gas shale region in northeast Pennsylvania. The Company's operations are concentrated in the core of the Bakken/Three Forks light oil shale play where it holds approximately 235,600 net acres in North Dakota. The acreage is primarily located across the Fort Berthold Indian Reservation, as well as in Williams and Dunn Counties. It holds an interest in approximately 32,500 net acres in the dry gas window of the Marcellus shale in northeast Pennsylvania. This non-operated position is located in Susquehanna, Bradford, Wyoming, Sullivan and Lycoming counties.

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Enerplus Corp

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Post by retiredcfon Dec 20, 2022 9:01am

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Post# 35181710

RBC

December 19, 2022

Enerplus Corporation
Announces Closing of the Sale of Remaining Canadian Assets

NYSE: ERF | USD 16.36 | Outperform | Price Target USD 21.00

Sentiment: Neutral

Enerplus announced today that it has closed the previously announced sale of substantially all of its remaining Canadian assets to Surge Energy for a total consideration of C$245 million.

Key Details:

Production from the assets is approximately 3,000 boe/d (99% crude oil) on a net basis after the deduction of royalties (4,000 boe/d before royalty deductions).
On a flowing net (after royalties) barrel basis, the C$245 million disposition price and 3,000 boe/d of production would equate to roughly C$81,667/boe/d.
The C$245 million ($180 million) consideration comprises C$210 million of cash and C$35 million in common shares of Surge Energy.
This transaction follows Enerplus’ announcement to sell certain Canadian assets to Journey Energy, announced on July 28.