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Enerplus Closes Purchase of Bakken Oil Assets in Montana

Source: www.gulfoilandgas.com 12/20/2012, Location: North America

Enerplus Corporation (Enerplus) is pleased to announce the closing of the previously disclosed acquisition of additional working interests in the Sleeping Giant area in the Elm Coulee field in Richland County, Montana for US$119 million including estimated closing adjustments. This acquisition includes approximately 6.2 million BOE of proved plus probable reserves, incremental daily production of approximately 1,550 BOE/day, and consolidates our working interest to approximately 90% in these operated leases. Total current production including the acquisition is approximately 7,300 BOE/day net to Enerplus.

We have also closed the sale of crude oil assets in Manitoba for $216 million including estimated closing adjustments. These assets were producing approximately 1,600 BOE/day of crude oil under waterflood and had an estimated 8.4 million barrels of estimated proved plus probable reserves associated with them.

These transactions are consistent with our strategy of focusing our portfolio through the sale of non-core assets and consolidating our interests in core areas. By reinvesting approximately half of the proceeds from the sale of our Manitoba assets, we have replaced the sold production, improved the concentration of our asset base and improved our operating metrics.

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Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

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