Join        Login             Stock Quote

Enerplus (ERF) Completes Purchase Of Bakken Oil Assets In Montana, Sale Of Manitoba Assets

 December 20, 2012 07:51 AM

(By Balaseshan) Enerplus Corp. (NYSE: ERF), which has oil and natural gas property interests, said it has closed purchase of Bakken Oil assets in Montana and sale of Manitoba assets

The company has completed previously disclosed acquisition of additional working interests in the Sleeping Giant area in the Elm Coulee field in Richland County, Montana for $119 million including estimated closing adjustments.

This acquisition includes about 6.2 million BOE of proved plus probable reserves, incremental daily production of about 1,550 BOE/day, and consolidates working interest to about 90% in these operated leases. Total current production including the acquisition is about 7,300 BOE/day net to Enerplus.

[Related -Stock Upgrades And Downgrades: BRCD, CMA, CPTS, DNR, ERF, PANW]

Enerplus has also closed the sale of crude oil assets in Manitoba for $216 million including estimated closing adjustments. These assets were producing about 1,600 BOE/day of crude oil under waterflood and had an estimated 8.4 million barrels of estimated proved plus probable reserves associated with them.

The company said these transactions are consistent with Enerplus' strategy of focusing its portfolio through the sale of non-core assets and consolidating its interests in core areas.

"By reinvesting approximately half of the proceeds from the sale of our Manitoba assets, we have replaced the sold production, improved the concentration of our asset base and improved our operating metrics," said Gordon Kerr, Chief Executive of Enerplus.

[Related -Sony Options Active As Shares Hit Fresh 52-Week High]

Enerplus, formerly Enerplus Resources Fund, has oil and natural gas property interests are located in western Canada in the provinces of Alberta, British Columbia, Saskatchewan and Manitoba, and in the United States in the states of Montana, North Dakota, Maryland, Pennsylvania, West Virginia, Wyoming and Utah.

ERF closed Wednesday's regular session up 0.23% at $13.12. The stock has been trading between $11.35 and $26.54 for the past 52 weeks.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageUS REITs Edged Higher Last Week As Emerging Markets Slumped

Real estate investment trusts (REITs) in the US took the lead in last week’s shortened holiday trading week read on...

article imageA Contrarian Perspective On The Short EuroTtrade

As the euro continues to drift lower, it has become the accepted wisdom that we are headed for parity with read on...

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.