Enerplus To Sell Non-operated Assets In North Dakota For $292 Mln

(RTTNews) - Enerplus Corp. (ERF, ERF.TO) said that its wholly-owned subsidiary, Enerplus Resources (USA) Corporation, has entered into a definitive agreement to sell non-operated assets in North Dakota for total cash consideration of US$292 million or approximately C$385 million, subject to estimated cash tax of US$12 million and customary closing adjustments.

The divestment includes approximately 5,800 net acres primarily located on the Fort Berthold Indian Reservation with an average working interest per drilling spacing unit of 8%. Production from the Assets averaged approximately 5,000 BOE per day during the third quarter of 2016.

The Assets comprise approximately 8% of the Company's existing net acreage in North Dakota. Upon closing of the divestment, Enerplus will hold an operated position in North Dakota of approximately 65,500 net acres. Production from Enerplus' operated North Dakota assets averaged 23,700 BOE per day (90% liquids) in the third quarter of 2016.

Enerplus expects to provide updated 2017 capital plans and guidance in early 2017.