Enerplus Corporation (“Enerplus” or the “Company”) (TSX & NYSE: ERF) has completed one of the divestments announced January 11, 2016 of certain Canadian natural gas properties for cash proceeds of approximately $183 million, before closing adjustments. Proceeds from this transaction were used to reduce the Company’s outstanding indebtedness providing additional financial flexibility.
Production from the properties divested under this transaction was expected to average approximately 4,700 BOE per day (97 per cent natural gas) in 2016.
The second transaction also announced January 11, 2016 relating to the divestment of additional Canadian natural gas properties is expected to close during the first quarter of 2016.
Enerplus is a North American energy producer with a portfolio of high quality oil and gas assets in resource plays that offer significant organic growth potential. We are focused on creating value for our investors through the execution of a disciplined capital investment strategy that supports the successful development of our properties. We are a responsible developer of resources that strives to provide investors with a competitive return comprised of both growth and dividend income.