Enerplus Sells Kirby Oil Sands Lease for $405MM



Enerplus has closed the previously announced sale of our 100% working interest in the Kirby oil sands lease for proceeds of $405 million. TD Securities Inc. acted as exclusive advisor to Enerplus on this transaction. Enerplus has also closed the previously announced sale of 2,500 BOE/day of non-core production and 9.3 million BOE of proved plus probable reserves for proceeds of $158.5 million ($153 million after closing adjustments). This production was comprised of 54% crude oil and natural gas liquids and 46% natural gas located primarily in British Columbia and Alberta from approximately 70 properties. RBC Rundle acted as exclusive advisor to Enerplus on this divestment package.

The proceeds of these sales will be used to reduce outstanding bank debt resulting from our previously announced Bakken/tight oil and Marcellus property acquisitions.