SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report of Foreign Issuer
pursuant to Rule 13-a-16 or 15d-16
of the Securities Exchange
Act of 1934
FOR THE MONTH
OF December 2016
FORM 6-K
COMMISSION FILE NUMBER
1-15150
![LOGO](http://www.sec.gov/Archives/edgar/data/1126874/000127956916004834/enerpluslogo.jpg)
The Dome Tower
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3000, 333 - 7th Avenue S.W.
Calgary, Alberta
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(403) 298-2200
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the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)
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if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
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whether, by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the securities Exchange Act of 1934.
EXHIBIT
INDEX
EXHIBIT 99.1 - |
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News Release
Dated December 12, 2016 - Enerplus Announces Sale of Non-Operated North Dakota Assets and Increased Drilling Inventory at Fort Berthold |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
ENERPLUS CORPORATION
BY: |
/s/ |
David A. McCoy |
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David A. McCoy |
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Vice President, General Counsel & Corporate Secretary |
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DATE: December 12,
2016
Exhibit 99.1
Enerplus Announces Sale of Non-Operated North Dakota
Assets and Increased Drilling Inventory at Fort Berthold
CALGARY, Dec. 12, 2016 /CNW/ - Enerplus Corporation ("Enerplus"
or the "Company") (TSX & NYSE: ERF) announces that its wholly-owned subsidiary, Enerplus Resources (USA) Corporation,
has entered into a definitive agreement to sell non-operated assets in North Dakota (the "Assets") for total cash consideration
of US$292 million (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 (approximately
4,000 BOE per day net of royalties) 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.
"We have established a position as one of the leading
operators in the Williston Basin. This divestment of our non-operated, low-working interest acreage is highly accretive and will
further improve our focus on our operated core acreage position allowing us to more efficiently allocate capital to the play,"
commented Ian C. Dundas, President & CEO. "This transaction also highlights our significant running room in the core of
the Williston Basin where our operated acreage has, on average, approximately half the drilled well density of the divested acreage."
Mr. Dundas added, "The proceeds from this sale will provide
additional financial flexibility and a source of funding for the acceleration of activity at our operated Fort Berthold acreage
over the coming years."
Evercore and RBC Richardson Barr are acting as financial advisors
to Enerplus on this transaction.
Enerplus expects to provide updated 2017 capital plans and
guidance in early 2017.
Increased Drilling Inventory at Fort Berthold
As part of Enerplus' ongoing development optimization at Fort
Berthold, the Company continues to progress its evaluation of well density. Based on analysis of Enerplus' higher density units
and data from other operators in the basin, Enerplus believes there is strong technical and economic justification to support a
higher recovery factor assumption and higher well density than the Company's previous development plan.
Enerplus is now planning for higher density in the Middle
Bakken zone, increasing to six wells per drilling spacing unit, compared to four wells previously. At this time, Enerplus has not
changed its planning assumptions for well density in the Three Forks' zones. Overall, this results in an average density of approximately
ten wells per drilling spacing unit leading to an estimated 550 gross remaining drilling locations (465 net). This increase in
gross operated inventory represents growth of nearly 40% from previous estimates. Enerplus' 550 gross remaining drilling locations
were comprised of 92 proved plus probable undeveloped reserves locations, 155 development pending best estimate contingent
resources locations, and 303 unbooked future locations at year-end 2015. Enerplus expects to have drilled 20 gross locations in
2016. The remaining 530 gross locations represent approximately 16 years of drilling inventory under a two rig program.
In connection with the ongoing down-spacing analysis, Enerplus
is continuing to modify its completion design in order to optimize capital efficiencies and individual well recoveries while maximizing
economic returns and recoverable resources per drilling spacing unit.
About Enerplus
Enerplus Corporation is a responsible developer of high quality crude oil and natural gas assets in Canada and the United States,
committed to creating value for its shareholders through a disciplined capital investment strategy.
BARRELS OF OIL EQUIVALENT
This news release also 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.
PRESENTATION OF PRODUCTION INFORMATION
U.S. industry protocol is to present production volumes
net of royalties. Under Canadian industry protocol, production volumes are presented on a gross basis before deduction of royalties.
In order to continue to be comparable with our Canadian peer companies, the information contained within this news release presents
our production and BOE measures on a "company interest" basis (before deduction of Crown and other royalties, plus Enerplus'
royalty interest), unless otherwise specified.
DRILLING INVENTORY
Drilling locations associated with proved plus probable
undeveloped reserves have been evaluated by Enerplus' independent qualified reserves evaluators in accordance with the Canadian
Oil and Gas Evaluation Handbook (the "COGE Handbook").
Drilling locations associated with unrisked "best
estimate" economic contingent resources in "development pending" project maturity sub-class have been evaluated
by internal qualified reserves evaluators and audited by Enerplus' independent qualified reserves evaluators in accordance with
the COGE Handbook.
Unbooked future drilling locations are not associated with
any reserves or contingent resources of Enerplus, and have been identified by internal qualified reserves evaluators.
FORWARD-LOOKING INFORMATION AND STATEMENTS
Except for the historical and present factual information
contained herein, the matters set forth in this news release, including words such as "anticipates", "expects",
"projects", "plans" and similar expressions, are forward-looking information that represents management of
Enerplus' internal projections, expectations or beliefs concerning, among other things, Enerplus' development plan, well inventory
and production in North Dakota, and the proposed sale of non-operated North Dakota assets, including anticipated proceeds therefrom
and production therewith, and expected closing thereof. The projections, estimates and beliefs contained in such forward-looking
statements necessarily involve known and unknown risks and uncertainties, which may cause Enerplus' actual performance and financial
results in future periods to differ materially from any projections of future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include, among other things, Enerplus' failure to complete the proposed
asset disposition, on the terms and within the timeframe described herein or at all, and those described in Enerplus' filings with
the Canadian and U.S. securities authorities. Accordingly, holders of Enerplus shares and potential investors are cautioned
that events or circumstances could cause results to differ materially from those predicted.
Follow @EnerplusCorp on Twitter at https://twitter.com/EnerplusCorp.
Ian C. Dundas
President & Chief Executive Officer
Enerplus Corporation
SOURCE Enerplus Corporation
%CIK: 0001126874
For further information: please contact Investor Relations
at 1-800-319-6462 or investorrelations@enerplus.com.
CO: Enerplus Corporation
CNW 06:00e 12-DEC-16
This regulatory filing also includes additional resources:
ex991.pdf
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