Enerplus Corporation provides guidance for 2013 and the acquisition of additional low decline, light oil interests in Montana.

Acquisition of Bakken Interests in Montana

Consistent with our strategy of consolidating core positions within our portfolio, Enerplus has agreed to enter into an agreement to acquire an additional 20% working interest in our operated leases in the Sleeping Giant area in the Elm Coulee field in Richland County, Montana for approximately US$131 million (approximately US$121 million after estimated closing adjustments of US$10 million). By investing approximately half of the proceeds from the sale of our Manitoba assets, we expect to replace the sold production, improve the concentration of our asset base and improve our operating metrics.

The acquisition is complementary to our existing operations in Sleeping Giant where we currently own an operated 70% working interest. This is a mature light oil property with an average decline rate of 14%. Our internal reserves assessment has identified a total of 6.2 million BOE of proved plus probable reserves associated with the acquisition and daily production of approximately 1,550 BOE/day (both of which are weighted 80% to light crude oil).

Tags: Enerplus Corporation