Enerplus Sells off Non-Strategic Interests in the Williston Basin
Enerplus Corporation entered into a definitive agreement to sell its interests in the Sleeping Giant field (Montana) and Russian Creek area (North Dakota) in the Williston Basin (the “Interests”) for total consideration of US$115 million. In addition, Enerplus will receive up to US$5 million in contingent payments if the WTI oil price averages over $65 per barrel in 2022 and over $60 per barrel in 2023. The effective date of the transaction is July 1, 2021.
The sale consists of the Company’s Interests in the developed Sleeping Giant field in Montana and the southernmost portion of Enerplus’ North Dakota position in the Russian Creek area.
The Interests do not include any future drilling locations in Enerplus’ identified Williston Basin drilling inventory. Enerplus’ working interest(1) production from the Interests averaged approximately 3,000 BOE per day (77% crude oil and natural gas liquids) in the second quarter of 2021 and includes approximately 244 net wells. Estimated 2022 net operating income associated with the Interests is approximately US$22 million based on a US$60 WTI oil price.
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