CALGARY, AB, Dec. 1, 2021 /CNW/ - Enerplus Corporation
("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) announced
today that it had repurchased 8.4 million shares for $107 million under its normal course issuer bid
("NCIB") during November.
The Company remains committed to executing its $200 million share repurchase program (announced
on November 4, 2021) by the end of
the first quarter of 2022. Share repurchases are expected to be
funded out of fourth quarter 2021 and first quarter 2022 free cash
flow, representing approximately 55% of forecasted free cash flow
over this period based on current forward strip commodity
prices.
Since commencing share repurchases under its NCIB in
August 2021, Enerplus has repurchased
10.4 million shares at an average share price of $11.92, representing approximately 4% of its
outstanding shares.
About Enerplus
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. For more information, visit the Company's website at
www.enerplus.com.
CURRENCY
All amounts in this news release are
stated in Canadian dollars unless otherwise specified.
FORWARD-LOOKING INFORMATION AND STATEMENTS
This
news release contains certain forward-looking information and
statements ("forward-looking information") within the meaning of
applicable securities laws. The use of any of the words "committed"
and "expected" are intended to identify forward-looking
information. In particular, but without limiting the foregoing,
this news release contains forward-looking information pertaining
to the execution of the Enerplus' $200
million share repurchase program by the end of the first
quarter of 2022 and the expected funding thereof from free cash
flow in the fourth quarter of 2021 and first quarter of
2022.
The forward-looking information contained in this news
release reflects several material factors and expectations and
assumptions of Enerplus including, without limitation: that
Enerplus will conduct its operations and achieve results of
operations as anticipated; that development plans will achieve the
expected results; current and anticipated commodity prices,
differentials and cost assumptions; the general continuance of
current or, where applicable, assumed industry conditions, and
overall impact of COVID-19; and the ability to fund dividend
payments and the share repurchase program from free cash flow as
expected and discussed in this news release. In addition, Enerplus'
fourth quarter 2021 and first quarter 2022 free cash flow estimate
contained in this news release is based on the following prices:
US$70.36/bbl WTI, US$5.14/Mcf NYMEX, and a USD/CDN exchange rate of
1.27. Enerplus believes the material factors, expectations and
assumptions reflected in the forward-looking information are
reasonable but no assurance can be given that these factors,
expectations and assumptions will prove to be correct. Current
conditions, economic and otherwise, render assumptions, although
reasonable when made, subject to greater uncertainty.
The forward-looking information included in this news release
is not a guarantee of future performance and should not be unduly
relied upon. Such information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information including, without limitation: further
deterioration, in global economic and market environment, including
from COVID-19 and/or inflation; the continued volatility or a
decline in commodity prices; changes in realized prices of
Enerplus' products from those currently anticipated; changes in the
demand for or supply of Enerplus' products; unanticipated operating
results, results from our capital spending activities or production
declines; and certain other risks detailed from time to time in our
public disclosure documents (including, without limitation, those
risks identified in this news release, the Annual Information Form,
the Annual MD&A and Form 40-F as at December 31, 2020).
The forward-looking information contained in this news
release speaks only as of the date of this news release. Enerplus
does not undertake any obligation to publicly update or revise any
forward-looking information contained herein, except as required by
applicable laws.
SOURCE Enerplus Corporation