Profile: Enerplus Corp (ERF)
29 Apr 2016
Enerplus Corporation, incorporated on August 12, 2010, is an energy producer. The Company’s capital program is focused on the development of its crude oil and natural gas core areas of operation, which includes its North Dakota and Montana crude oil assets in the Williston Basin, and its natural gas interests in northeast Pennsylvania. The Company’s oil and natural gas property interests are located in western Canada in the provinces of Alberta, British Columbia and Saskatchewan, and in the United States, primarily in the states of Montana, North Dakota, Pennsylvania and West Virginia.
Production volumes for the year ended December 31, 2014 from the Company’s properties consisted of approximately 42% crude oil and natural gas liquids (NGLs) and 58% natural gas. The Company’s 2014 average daily production was 103,130 barrels of oil equivalent per day, consisted of 40,208 barrels per day of crude oil, 3,565 barrels per day of NGLs and 356,142 thousand cubic feet per day of natural gas. Approximately 43% of the Company’s 2014 production was from Canada, with the remaining 57% from the United States. 57% of the Company’s 2014 production was operated by the Company and 43% was operated by industry partners. As at December 31, 2014, the oil and natural gas property interests held by the Company were estimated to contain gross reserves of 157,293 million barrels of light and medium crude oil, 43,138 million barrels of heavy crude oil, 12,798 million barrels of NGLs, 456,430 millions of cubic feet of natural gas and 839,940 millions of cubic feet of shale gas.
The Company’s Canadian crude oil portfolio includes a variety of properties producing from the Cardium, Viking, Boundary Lake, Ratcliffe, Sparky/Lloydminster, Lower Mannville and Glauconitic formations. The Company drilled 30.2 net crude oil wells in Canada in 2014, advancing projects targeting the Ratcliffe, Lower Mannville, Midale, Glauconitic, Cardium and Boundary Lake plays. At Brooks, it drilled 14 wells as part of a 55 well drilling program. At Medicine Hat, the Company drilled seven injection wells and seven production wells. The Company’s Canadian natural gas properties are located in Alberta, Saskatchewan and British Columbia. Its primary focus area is within the Deep Basin region where the Company holds approximately 162,000 net acres of working interest lands. These lands include approximately 77,000 net acres targeting the Stacked Mannville zones, 60,000 of which are in the Wilrich formation and 85,000 net acres in the Willesden Green region of Alberta. The Company has additional natural gas properties producing from the Nikannassin and Bluesky formations, as well as shallow gas producing assets at Shackleton, in southwest Saskatchewan, and Verger, Hanna Garden and Medicine Hat South in Alberta.
The Company’s primary United States crude oil properties are located in the Fort Berthold region of North Dakota and in Richland County, Montana. The Company has an approximate 83% average working interest in Fort Berthold with 74,000 net acres of land located primarily in Dunn and McKenzie counties. Production from the Fort Berthold region is from the Bakken and Three Forks formations and consists of light sweet crude oil (42 API) and some associated natural gas and natural gas liquids. Fort Berthold production averaged 21,688 barrels of oil equivalent per day in 2014. The Company owns a 90% working interest in the Sleeping Giant property located in the Elm Coulee field in Richland County, Montana. In 2014, it drilled 27.2 net horizontal wells in the Fort Berthold region, targeting both the Bakken and Three Forks formations consisting of 1.0 short lateral wells and 23.4 long lateral wells and 2.8 three-mile lateral wells.
The Company’s United States natural gas properties primarily consist of its non-operated Marcellus shale gas interests located in northeastern Pennsylvania where the Company holds an interest in approximately 55,000 net acres. The Company also holds 23,000 net non-core operated acres in West Virginia and Pennsylvania. The Company’s United States natural gas production averaged 205,212 million cubic feet per day in 2014, representing approximately 58% of the Company’s total natural gas production. The Company has 71 net producing wells in the Marcellus.
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