Post by
Seppelt on Nov 14, 2016 7:14am
Ante Creek was purchased by ERF
"Subsequent to the quarter, and as part of Enerplus' portfolio optimization activity, the Company entered into an agreement to acquire an operated (100% working interest), high-netback, light oil producing asset with significant secondary recovery growth potential. The asset is located in the Ante Creek area of Alberta with existing production of approximately 3,800 BOE per day (45% liquids). The purchase price is approximately $110 million, net of anticipated closing adjustments, and will be financed with existing cash on the balance sheet and the Company's bank credit facility. Enerplus sees potential to significantly increase crude oil production from the asset within 24 months with only a modest capital investment. The transaction is expected to be accretive to Enerplus on all key metrics including funds flow per debt adjusted share and production per debt adjusted share. The transaction is expected to close in November 2016."