CALGARY, AB, Nov. 2, 2022 /CNW/ – Enerplus Corporation (“Enerplus” or the “Company”) (TSX: ERF) (NYSE: ERF) today announced that it has entered into a definitive agreement to sell substantially all of its remaining Canadian assets located in Alberta and Saskatchewan (the “Assets”) to Surge Energy Inc. (“Surge”) for total consideration of CDN$245 million (US$180 million), prior to closing adjustments, with an effective date of May 1, 2022. The consideration comprises CDN$210 million in cash and CDN$35 million in common shares in Surge.
The Assets include production of approximately 3,000 BOE per day (99% crude oil) on a net after deduction of royalties basis (approximately 4,000 BOE per day before deduction of royalties).
The transaction is expected to close in December 2022, subject to customary closing conditions.
TPH & Co. and Scotiabank acted as financial advisors to the Company with respect to the transaction.
About Enerplus
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.
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