An anonymous director reports

ENERPLUS PROVIDES FOURTH QUARTER & OPERATIONAL UPDATE; FULL-YEAR RESULTS & RESERVES TO BE RELEASED FEBRUARY 22

Enerplus Corp. has provided production results, capital spending and return of capital results for the fourth quarter of 2023, along with an update regarding production impacts from the recent cold weather in North Dakota.

All financial information contained within this news release has been prepared in accordance with U.S. generally accepted accounting principles and is presented in U.S. dollars. Production information, unless otherwise stated, is presented on a net basis (after deduction of royalty obligations).

Fourth quarter 2023 update

Production in the fourth quarter of 2023 exceeded the top end of the company's guidance ranges with total production of 103,500 barrels of oil equivalent per day (guidance of 95,000 to 99,000 boe per day) and liquids production of 67,100 barrels per day (guidance of 60,500 to 64,500 barrels per day). The outperformance was driven by continued strong productivity from both the company's 2023 well program and base production.

The company's 2023 annual average production also exceeded the high end of the guidance ranges and was 100,000 boe per day (guidance of 98,000 to 99,000 boe per day), including liquids production of 62,200 barrels per day (guidance of 60,500 to 61,500 barrels per day).

Capital spending in the fourth quarter of 2023 was $91-million. This resulted in capital spending of $532-million for the full year of 2023 -- approximately the midpoint of the company's guidance range of $520-million to $540-million.

In the fourth quarter of 2023, Enerplus returned $106-million to shareholders through the repurchase of 5.8 million common shares for $16.09 per share and $12-million in dividends. This resulted in a return of capital of $307-million for the full year of 2023.

Operational update

During mid-January, 2024, extremely cold temperatures led to power outages and production disruptions in North Dakota. Enerplus's impacted production has now been largely restored. However, as a result of the storm, the company estimates its first quarter liquids production will be approximately 2,000 to 3,000 barrels per day lower than previously forecast.

Despite this, Enerplus remains well positioned to efficiently execute its 2024 operational plan. Inclusive of the impacts from the January weather event, the company anticipates delivering 2024 liquids production of approximately 64,000 barrels per day with annual capital spending of approximately $550-million. Enerplus will provide 2024 guidance in connection with its fourth quarter and full year 2023 results to be released on Feb. 22, 2024.

Fourth quarter and full year 2023 results conference call details

Enerplus will be releasing comprehensive operating and financial results for the fourth quarter and full year 2023, including reserves, after market close on Thursday, Feb. 22, 2024. A conference call will be hosted by Enerplus president and chief executive officer, Ian C. Dundas, on Feb. 23, 2024, at 9 a.m. MT (11 a.m. ET) to discuss these results. Details of the conference call are noted below.

Fourth quarter and full year 2023 results live conference call details:

Date:  Friday, Feb. 23, 2024

Time:  9 a.m. MT (11 a.m. ET)

To join the conference call by phone, without operator assistance, register on-line. You will be connected to the conference call by automated callback.

To join the call from a live operator-managed queue:

Dial-in:  1-888-390-0546 (toll-free)

Conference ID:  03279613 followed by the number sign

To ensure timely participation in the conference call, callers are encouraged to dial in 15 minutes prior to the start time to register for the event.

A telephone replay will be available for 30 days following the conference call and can be accessed at the following number:

Dial-in:  1-888-390-0541 (toll-free)

Replay passcode:  279613 followed by the number sign

Electronic copies of the 2023 interim and 2022 year-end management discussion and analysis and financial statements, along with other public information including investor presentations, are available on the company's website. Shareholders may request a hard copy of Enerplus's complete audited financial statements at any time free of charge.

About Enerplus Corp.

Enerplus is an independent North American oil and gas exploration and production company focused on creating long-term value for its shareholders through a disciplined, returns-based capital allocation strategy and a commitment to safe, responsible operations.

We seek Safe Harbor.