Enerplus Announces Analyst Day Webcast Details and Updates Corporate Presentation
March 07 2011 - 7:33PM
PR Newswire (Canada)
CALGARY, March 7 /CNW/ -- CALGARY, March 7 /CNW/ - Enerplus
Corporation ("Enerplus") (TSX: ERF) (NYSE: ERF) is pleased to
announce the webcast details for the Enerplus Analyst Day that is
being hosted tomorrow, Tuesday, March 8, 2011 in Calgary, Alberta,
beginning at 9:00 am MT. Live Webcast Date: Tuesday, March 8, 2011
Time: 9:00 a.m. MT/11:00 a.m. ET Webcast:
http://w.on24.com/r.htm?e=287450&s=1&k=5880CBD0C0B25D95C23D43CCFCFCC4CD
To ensure timely participation in the webcast, please log in 15
minutes prior to the start time to register for the event.
The login details can also be found on our website at
www.enerplus.com. In addition, our corporate presentation has been
updated and will be available on our website. This
presentation provides an update on the company's operations,
including discussion regarding 2010 year end reserves and
contingent resource assessments which were previously announced on
February 25, 2011. Included in this presentation is an internal
assessment of contingent resources associated with our waterflood
assets of 60 MMBOE of "best estimate" contingent resources. This
represents incremental oil recovery and enhanced oil recovery
potential that has been identified in a number (but not all) of our
waterflood assets at this time. Proved plus probable reserves
(company interest) associated with our waterflood properties was
83.7 MMBOE at December 31, 2010. Electronic copies of our financial
statements, news releases, and other public information are
available on our website at www.enerplus.com. Gordon J. Kerr
President & Chief Executive Officer Enerplus Corporation Except
for the historical and present factual information contained
herein, the matters set forth in this news release, including words
such as "expects", "projects", "plans" and similar expressions, are
forward-looking information that represents management of Enerplus'
internal projections, expectations or beliefs concerning, among
other things, future operating results and various components
thereof or the economic performance of Enerplus. The projections,
estimates and beliefs contained in such forward-looking statements
necessarily involve known and unknown risks and uncertainties,
which may cause Enerplus' actual performance and financial results
in future periods to differ materially from any projections of
future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, those described in Enerplus' filings with the
Canadian and U.S. securities authorities. Accordingly,
holders of Enerplus shares and potential investors are cautioned
that events or circumstances could cause results to differ
materially from those predicted. Presentation of Production and
Reserves Information In accordance with Canadian practice,
production volumes and revenues are reported on a "Company
interest" basis, before deduction of Crown and other royalties,
plus Enerplus' royalty interest. Unless otherwise specified, all
reserves volumes in this news release (and all information derived
therefrom) are based on "company interest reserves" using forecast
prices and costs. "Company interest reserves" consist of "gross
reserves" (as defined in National Instrument 51-101 adopted by the
Canadian securities regulators ("NI 51-101"), being Enerplus'
working interest before deduction of any royalties, plus Enerplus'
royalty interests in reserves. "Company interest reserves" are not
a measure defined in NI 51-101 and do not have a standardized
meaning under NI 51-101. Accordingly, our company interest reserves
may not be comparable to reserves presented or disclosed by other
issuers. Our oil and gas reserves statement for the year ended
December 31, 2010, which will include complete disclosure of our
oil and gas reserves and other oil and gas information in
accordance with NI 51-101, will be contained within our Annual
Information Form for the year ended December 31, 2010 ("our AIF")
which will be available in mid-March 2011 on our website at
www.enerplus.com and on our SEDAR profile at www.sedar.com.
Additionally, the Annual Information Form will form part of our
Form 40-F that will be filed with the U.S. Securities and Exchange
Commission and will available on EDGAR at www.sec.gov. Readers are
also urged to review the Management's Discussion & Analysis and
financial statements filed on SEDAR and EDGAR concurrently with
this news release for more complete disclosure on our operations.
Contingent Resource Estimates This news release contains estimates
of "contingent resources". "Contingent resources" are not, and
should not be confused with, oil and gas reserves. "Contingent
resources" are defined in the Canadian Oil and Gas Evaluation
Handbook (the "COGE Handbook") as "those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations using established technology or technology
under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies.
Contingencies may include factors such as economic, legal,
environmental, political and regulatory matters or a lack of
markets. It is also appropriate to classify as "contingent
resources" the estimated discovered recoverable quantities
associated with a project in the early evaluation stage." There is
no certainty that we will produce any portion of the volumes
currently classified as "contingent resources". The "contingent
resource" estimates contained herein are presented as the "best
estimate" of the quantity that will actually be recovered,
effective as of December 31, 2010. A "best estimate" of
contingent resources means that it is equally likely that the
actual remaining quantities recovered will be greater or less than
the best estimate, and if probabilistic methods are used, there
should be at least a 50% probability that the quantities actually
recovered will equal or exceed the best estimate. With respect to
the "contingent resource" estimate for our waterflood properties,
the primary contingencies which currently prevent the
classification of our disclosed "contingent resources" associated
with the properties as "reserves" is the early stage of
implementation to the specific waterfloods. Significant
positive factors related to the estimate include established
waterflood technology, the history of waterflood performance data
and the enhanced oil recovery estimates which are based on
incremental recovery from higher displacement efficiency only with
no improved recovery from additional areal sweep. A significant
negative factor relevant to this estimate is the geological
complexity and its effect on injector producer connectivity. There
are a number of inherent risks and contingencies associated with
the development of our interests in these properties including
commodity price fluctuations, project costs, our ability to make
the necessary capital expenditures to develop the properties,
reliance on our industry partners in project development,
acquisitions, funding and provisions of services and those other
risks and contingencies described above, and that apply generally
to oil and gas operations as described above, and under "Risk
Factors" in our Annual Information Form referred to above. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/March2011/07/c8811.html
pplease contact Investor Relations at 1-800-319-6462 or email a
href="mailto:investorrelations@enerplus.com"investorrelations@enerplus.com/a/p
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