The following information is provided by BMO Capital Markets Corp. All inquiries on the following listings should be directed to BMO Capital Markets. Hart Energy is not a brokerage firm and does not endorse or facilitate any transactions.

Enerplus Corp. retained BMO Capital Markets for the sale of a largely contiguous Bakken position within the Williston Basin in Montana.

The assets have not been a recent core focus area for Enerplus and the sale represents an area exit for the company, including all rights and depths, according to BMO.

Highlights:

  • Opportunity to acquire a largely contiguous, roughly 54,000 net acre position in the heart of the prolific Elm Coulee Field in Montana’s Williston Basin (over 90% HBP)
  • Proved developed producing (PDP) net production of 2,684 barrels of oil equivalent per day, 72% oil (June 2019E)
    • Low decline rate of about 10%
  • Strong PDP cash flow of about $30 million per year (June 2019E annualized) from 329 gross PDP wells not including saltwater disposal well
  • Substantial original oil in place, with additional recovery potential from infill wells, refracs and EOR
    • Proven potential for improvement in Bakken well performance driven by completion optimization and longer laterals
    • Significant refrac potential with modern completion designs; wells historically completed with about 150  pounds per foot
  • Cost reduction potential from additional field automation
  • Company-owned saltwater disposal infrastructure helps reduce water disposal costs and can support additional volumes from future development or third parties
Enerplus Montana Bakken Asset Map (Source: BMO Capital Markets)
Enerplus Montana Bakken Asset Map (Source: BMO Capital Markets)

Data rooms open April 10. For information contact BMO’s Chelsea Neville at enerplus.montana@bmo.com or 713- 546-9703.

Onshore