Enerplus Touts Bakken Efficiencies, Ups Output Despite Flat YOY Rig Count; Marcellus, DJ Basin Ops

Bakken - Improved Efficiencies, Good Production Growth

Enerplus touted improved efficiencies are its Bakken property - including seeing +30% YOY production growth despite rig count remaining flat.

The company also is seeing improved results from increasing proppant intensity.

Enerplus brought on-stream 18 gross operated wells (91% average working interest, 15 two-mile laterals and 3 one-mile laterals) across four pads at Fort Berthold during the third quarter. The average peak 30-day production rates per well was 1,513 BOE per day (78% oil, on a three-stream basis) with an average completed lateral length per well at 8,600 feet.

The Company drilled 11 gross operated wells (91% average working interest) in the third quarter.

The Company continues to run two operated drilling rigs at Fort Berthold.

Marcellus - IP30s Averaging 15.4 Mmcf/d

Marcellus production averaged 210 MMcf per day during the third quarter, an increase of 4% from the previous quarter.

Nine gross non-operated wells (22% average working interest) were brought on-stream during the quarter with an average completed lateral length of 6,500 feet per well and average peak 30-day production rates per well of 15.4 MMcf per day.

The Company participated in drilling 15 gross non-operated wells (15% average working interest) during the third quarter.

Canadian Waterfloods

Canadian waterflood production averaged 9,670 BOE per day (93% oil) during the third quarter, largely flat to the previous quarter. Capital activity in the third quarter was primarily focused on the Company's drilling program at Medicine Hat.

DJ Basin

Enerplus brought on production four gross (3.2 net) operated wells in the DJ Basin during the third quarter. In total, the Company has drilled five gross (4.2 net) wells in the play including its first well, Maple 8-67-36-25C, which has produced approximately 100,000 barrels of oil (130,000 BOE, three-stream basis) in its first 12 producing months. Results from the additional four wells completed during the third quarter are encouraging with all four wells meeting or tracking above the Maple well's performance. On average, the wells have each produced 29,700 barrels of oil in their first 90 days with peak 90-day average production rates per well of 330 barrels of oil per day. On a three-stream basis, based on estimated natural gas production and NGL yield, the wells have produced 37,400 BOE per well in their first 90 days with peak 90-day average production rates per well of 415 BOE per day. The wells are on track to produce 100,000 barrels of oil in 12 months on production - competitive with other recent wells in the basin.

Three of the wells were completed in the Codell formation with one well completed in the Niobrara formation. The Niobrara well, Cherry Creek 8-67-28-27N, has been among the strongest performing wells and has given the Company further confidence in the prospectivity of the Niobrara across a portion of the Company's acreage, with the potential to materially add to the scope of the asset.

With positive well results and a supportive regulatory environment, Enerplus plans to continue delineation drilling and progressing midstream options in 2019. The Company will provide a further update regarding its 2019 capital plans in connection with its 2019 budget.