Alberta-based Enerplus added more “plusses” this year to its operating portfolio with two acquisitions that have nearly quintupled the E&P’s footprint in the Williston with 800,000 acres, making it one of the basin’s largest producers. Operations in the Williston now account for 90% of the company’s total U.S. oil and gas production with 2021 2Q results of 115 MBOEPD. Reese Energy Consulting today is following the latest news from Enerplus, which has announced the sale of its legacy assets in the Williston to an undisclosed buyer for $115 million, plus contingency payments of $5 million based on set oil price averages through 2023. The deal marks a wave so long to the company’s first U.S. acquisition in 2005 of Lyco Energy for $421 million that included the Sleeping Giant oilfield in Mont., (the big prize) and the Russian Creek area in N.D. For the new buyer, both assets include a combined 244 wells currently producing 3 MBOEPD with estimated 2022 net operating income of $22 million, based on a $60 WTI price. Enerplus says it will use the proceeds to achieve a $400 million debt reduction plan targeted for 1Q next year.

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Enerplus Corporation

Enerplus Corporation is one of Canada’s largest independent oil and gas producers. The company holds oil and natural gas property interest in the United States and in western Canada, in the provinces of Alberta, British Columbia and Saskatchewan.

www.enerplus.com

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