Enerplus Reverses To Profit In Q1 - Quick Facts

(RTTNews) - Enerplus Corp.(ERF.TO, ERF), an explorer of crude oil and natural gas, Friday reported first-quarter net income of C$40.03 million or 0.20 per basic share compared with a loss of C$16.39 million or $0.08 per basic share last year.

The company's production volumes grew by 5 percent in the first quarter compared with the fourth quarter of 2013, averaging 98,821 BOE per day. Funds Flow increased to C$220.5 million from C$172.5 million in the prior-year period. Looking forward, the company said it expects crude oil production to continue to grow throughout 2014.The firm's capital spending forecast for the full-year is expected to rise to $800 million from original estimate of $760 million. Further, the group anticipates cash share based compensation to increase by $0.20 per BOE to $0.45 per BOE. In addition, the company announced that Doug Martin, Chairman of the Board of Enerplus will retire effective June 1, 2014 , to be succeeded by Elliott Pew.