Enerplus Corp T.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 Aug 12, 2022 9:58am

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Post# 34891106

RBC

August 11, 2022

Enerplus Corporation
Announces Renewal of Normal Course Issuer Bid

NYSE: ERF | USD 14.19 | Outperform | Price Target USD 20.00

Sentiment: Neutral

As anticipated with its strong 2Q results, Enerplus Corporation today announced the acceptance of its Normal Course Issuer Bid (NCIB) by the TSX to purchase up to 10% (23.1 million common shares) of its public float as of August 4, 2022.

Additional Details

• The NCIB authorizes Enerplus to make purchases from August 16, 2022, to August 15, 2023, if not terminated or completed earlier.

• As detailed in its 2Q results, Enerplus plans to direct a minimum of $425 million to return to shareholders, with at least 60% of free cash flow from the second half of 2022 through 2023. This comes along with a 16% increase in its common share dividend to an annualized rate of $0.20 per share (1.5% yield). Management has also indicated that it would consider a substantial issuer bid (SIB) in 2023 to ensure completion of its aforementioned shareholder return commitment.