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Enerplus' Bakken Output Drops 14% from 4Q17; DJ Basin Delineation Continues

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   |    Friday,June 01,2018

Enerplus reported its Q1 2018 results.

Highlights:

- Q1 2018 production of 85.1 MBOEPD (relatively flat YOY and and down -4% from 4Q17)

• Strong growth underway with second quarter liquids production expected to average between 48,000 to 50,000 barrels per day

• Well positioned relative to 2018 production guidance including over 30% production growth in North Dakota year-over-year

- First quarter 2018 adjusted funds flow of $155.2 million

• Ended the first quarter of 2018 with a net debt to adjusted funds flow ratio of 0.5 times

Ops Update

Williston Basin

• 2 Rigs / 1 Completion Crew

Williston Basin production averaged 33,836 BOE per day (82% oil) during the first quarter of 2018, down 14% from the fourth quarter of 2017. This decrease was expected due to downtime related to offset completions and on-stream activity in North Dakota weighted to the back half of the first quarter.

Enerplus brought on-stream eight gross operated wells (65% average working interest) across its acreage at Fort Berthold during the first quarter. The average completed lateral length was 9,000 feet per well and average peak 30-day production rates per well were 1,360 BOE per day (77% oil, on a three-stream basis).

Marcellus

Marcellus production averaged 208 MMcf per day during the first quarter, an increase from the previous quarter of 8% primarily due to stronger production driven by improved natural gas pricing.

Eleven gross non-operated wells (14% average working interest) were brought on-stream during the quarter. Nine wells had more than 30 days on production as of the date of this news release with an average completed lateral length of 6,340 feet per well and average peak 30-day production rates per well of 14 MMcf per day.

The Company participated in drilling 13 gross non-operated wells (20% average working interest) during the first quarter.

Canadian Waterfloods

Canadian waterflood production averaged 10,336 BOE per day (91% oil) during the first quarter, relatively flat to the previous quarter. Enerplus drilled and brought on-stream two wells in SE Saskatchewan with average peak 30-day production rates per well of 235 barrels of oil per day, exceeding the Company's expectations.

At Ante Creek, the construction of two injection pipelines was completed along with two producer-to-injector well conversions. The increased water injection at Ante Creek has helped stabilize decline with oil production remaining relatively flat compared to the fourth quarter. Ante Creek oil volumes are expected to gradually increase during the second half of 2018.