The Company remains committed to executing its $200 million share repurchase program (announced on November 4, 2021) by the end of the first quarter of 2022. Share repurchases are expected to be funded out of fourth quarter 2021 and first quarter 2022 free cash flow, representing approximately 55% of forecasted free cash flow over this period based on current forward strip commodity prices.
Since commencing share repurchases under its NCIB in August 2021, Enerplus has repurchased 10.4 million shares at an average share price of $11.92, representing approximately 4% of its outstanding shares.
Enerplus is an independent North American oil and gas exploration and production company focused on creating long-term value for its shareholders through a disciplined, returns-based capital allocation strategy and a commitment to safe, responsible operations. For more information, visit the Company’s website at www.enerplus.com.