About Enerplus

Enerplus Corporation acquires, develops, and explores crude oil and natural gas. As of December 31, 2022, Enerplus USA was the only material subsidiary of the company. Substantially all of the company’s crude oil and natural gas property interests as of December 31, 2022 were located in the United States, in North Dakota, Colorado and Pennsylvania. Crude Oil Properties The company’s primary crude oil properties are located in the Bakken in North Dakota and the Wattenberg Field in Weld County of the DJ Basin of Colorado. The company has approximately 235,600 net acres of land primarily on the Fort Berthold Indian Reservation (‘FBIR’), as well as Williams and Dunn counties. On a production basis, Enerplus operates approximately 92% of its North Dakota asset. The company’s Bakken properties produce a light sweet crude oil (42° API), with some associated natural gas and NGLs, from both the Bakken and Three Forks formations. Production in the Bakken averaged 65,370 BOE/day in 2022, which consisted of 46,706 bbls/day of tight oil, 9,333 bbls/day of NGLs and 55,987 Mcf/day of shale gas. The company holds approximately 32,950 net acres (held through leasing and farm-ins) in the DJ Basin of Colorado (northwest Weld County, Wattenberg Field). The company has entered into long-term agreements for the gathering, dehydration, processing, compression and transportation of the company’s share of crude oil, natural gas and NGL production from its North Dakota properties. These agreements are intended to provide the company with cost certainty, and access to the U.S. Gulf Coast, where it can further access export crude oil markets. The company has also entered into a long-term agreement for gas processing in the DJ Basin under a contract with dedicated lands, but no take or pay, or minimum commitments. Natural Gas Properties The company’s natural gas properties consist entirely of its non-operated Marcellus shale gas interests located in northeastern Pennsylvania, where the company holds an interest in approximately 32,500 net acres. The company’s Marcellus shale gas production averaged approximately 169 MMcf/day in 2022, representing approximately 28% of the corporation's total average daily production of 100,326 BOE/day. The company has entered into long-term agreements for the gathering, dehydration, compression and transportation of the company’s share of production from its Marcellus properties. These agreements are intended to provide the company with cost certainty and access to the northeastern United States and broader U.S. natural gas markets through connections with major interstate pipelines. Marketing Arrangements and Forward Contracts Crude Oil and NGLs The company’s crude oil is marketed to a diverse portfolio of intermediaries and end users, generally on negotiated contracts ranging from 30 days up to multiple years. The company transports its crude oil production to its buyers by pipeline and/or truck, and may occasionally sell a portion to buyers who may utilize rail transportation (after title is transferred into the buyer's name). The company has access to firm transportation of 22,550 gross barrels per day on the Dakota Access Pipeline (‘DAPL’), via its own contracted service and with third party capacity, on which it transports a portion of its North Dakota crude oil production to the U.S. Gulf Coast, where it can further access export crude oil markets. The company’s NGLs associated with its crude oil production volumes are marketed on its behalf by midstream companies in North Dakota and Colorado and prices are linked to the monthly spot markets for NGLs. Natural Gas In marketing its natural gas production, the company strives for a mix of contracts and customers. In 2022, 73% of the company’s natural gas production originated from its non-operated Marcellus interest in northeast Pennsylvania. The company delivered approximately 56% of its Marcellus production in 2022 onto the Transco Leidy Pipeline, with most of the remaining volumes delivered onto the Tennessee Gas Pipeline 300 Line in Pennsylvania. A portion was then transported to the Kentucky/Tennessee border. The company has firm sales contracts for up to 47 MMcf/day of natural gas production in the Marcellus for terms of up to approximately eight years with buyers who hold pipeline capacity on these and other pipelines in the region. The company also has firm transportation agreements to transport gas within and out of the region for approximately 65 MMcf/day, with terms ending between 2023 and 2036. History Enerplus Corporation was founded in 1986. The company was incorporated in 2010 under the Business Corporations Act (Alberta), as amended.