Profile: Enerplus Corp (ERF)
23 Aug 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 from the Company's properties consists of approximately 40% crude oil and natural gas liquids (NGLs) and approximately 56% natural gas. The Company's average daily production is over 106,520 barrels of oil equivalent per day (BOE/day), consists of approximately 41,640 barrels per day (bbls/day) of crude oil, over 4,760 bbls/day of NGLs and 356,142 thousand cubic feet per day (Mcf/day) of natural gas. Approximately 40% of the Company's 2015 production is from Canada, with the remaining over 60% from the United States. Approximately 60% of the Company's production is operated by the Company and the remaining operated by industry partners. The oil and natural gas property interests held by the Company were estimated to contain gross reserves of approximately 17.2 million barrels (MMbbls) of light and medium crude oil, over 41.5 MMbbls of heavy crude oil, approximately 131.3 MMbbls of tight oil, over 15.7 MMbbls of NGLs, over 237.4 billion cubic feet (Bcf) of conventional natural gas and over 963.4 Bcf of shale gas, for a total of approximately 405.8 million barrels of oil equivalent (MMBOE).
The Company's Canadian crude oil properties production averaged approximately 18,978 BOE/day. The Company's Canadian crude oil portfolio includes Mannville producers Medicine Hat Glauconitic, Brooks and Giltedge, as well as Progress (a Boundary Lake producer), all of which are located in Alberta, and Freda Lake/Neptune, located in Saskatchewan and producing from the Mississippian Ratcliffe. The Company drilled approximately 18.4 net crude oil wells in Canada, advancing projects targeting the Mannville and Ratcliffe plays. At Brooks, over 15 wells are drilled as part of a 30 well drilling program. 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 110,000 net acres of working interest lands. These lands include approximately 70,000 net acres targeting the Stacked Mannville zones (50,000 of which are in the Wilrich formation) and over 66,000 net acres in the Willesden Green region of Alberta, targeting the liquids-rich Duvernay formation. The Company has additional shallow gas producing assets at Shackleton, in southwest Saskatchewan and Hanna Garden and Medicine Hat South in Alberta. In total, the Company drilled approximately 4.3 net wells and brought 5.9 net wells on-stream in the Deep Basin. Its Canadian natural gas properties production averaged over 126,140 Mcf/day. The Company's producing Canadian natural gas properties are Hanlan-Robb (Wilrich), Shackleton, Tommy Lakes and Bantry.
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 approximately 74,000 net acres of land in Fort Berthold, primarily in Dunn and McKenzie counties and, on a production basis, operated approximately 80% of its Fort Berthold asset. Its Fort Berthold property produces a light sweet crude oil, with some associated natural gas and natural gas liquids, from both the Bakken and Three Forks formations. Fort Berthold production averaged approximately 27,700 BOE/day. It also has working interests in the Sleeping Giant property located in the Elm Coulee field in Richland County, Montana. Sleeping Giant is a mature, light oil property, which produced approximately 5,000 BOE/day on average from the Bakken formation. Its United States crude oil properties produced an average of approximately 32,700 BOE/day. It has drilled over 19.1 net horizontal wells in the Fort Berthold region, targeting both the Bakken and Three Forks formations (consisting of 0.2 short lateral wells and 18.9 long lateral wells) with approximately 23.3 net wells brought on-stream.
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 47,000 net acres. The Company's Marcellus shale gas production averaged over 202,600 Mcf/day, representing approximately 56% of its total natural gas production. Its proved plus probable Marcellus shale gas reserves are over 841.0 Bcf. It has participated in the drilling of approximately 3.8 net wells, and approximately 7.3 net wells are brought on-stream. It has over 74.9 net producing wells in the Marcellus.
The Dome Tower
Suite 3000 - 333 - 7th Avenue SW
CALGARY AB T2P 2Z1