CALGARY, AB, Nov. 2, 2021 /CNW/ - Enerplus Corporation
("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) announced
today that it has closed the previously announced sale of its
Sleeping Giant (Montana) and
Russian Creek (North Dakota)
interests in the Williston Basin
for total consideration of US$115
million, before customary closing adjustments. In addition,
Enerplus will receive up to US$5
million in contingent payments if the WTI oil price averages
over US$65 per barrel in 2022 and
over US$60 per barrel in 2023.
Enerplus' working interest(1) production from the
divested interests averaged approximately 3,000 BOE per day (77%
crude oil and natural gas liquids) in the second
quarter of 2021.
Footnote:
(1) Production is stated on a working interest basis before
deduction of royalties.
About Enerplus
Enerplus is an independent North American oil and gas
exploration and production company focused on creating long-term
value for its shareholders through a disciplined, returns-based
capital allocation strategy and a commitment to safe, responsible
operations. For more information, visit the Company's website at
www.enerplus.com.
Barrels of Oil Equivalent
This news release contains references to "BOE" (barrels of oil
equivalent). Enerplus has adopted the standard of six thousand
cubic feet of gas to one barrel of oil (6 Mcf: 1 bbl) when
converting natural gas to BOEs. BOEs may be misleading,
particularly if used in isolation. The foregoing conversion ratios
are based on an energy equivalency conversion method primarily
applicable at the burner tip and do not represent a value
equivalency at the wellhead. Given that the value ratio based on
the current price of oil as compared to natural gas is
significantly different from the energy equivalent of 6:1,
utilizing a conversion on a 6:1 basis may be misleading.
SOURCE Enerplus Corporation