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Enerplus focuses $600-million budget on growing North Dakota oil production


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CALGARY — Enerplus Corp. says it will increase spending and production this year while continuing to focus on its North Dakota Bakken light oil play.

The mid-sized producer says it plans to spend between $565 million and $635 million this year, with the mid-point of $600 million set slightly higher than actual spending of $594 million in 2018.

Only 7.5 per cent of the funds are to be spent in Canada in 2019. Eighty per cent is allocated to fund a net 42-well drilling program in North Dakota and the rest is earmarked for its assets in the northeastern U.S. and Colorado.

Calgary-based Enerplus says it produced an average of 97,800 barrels of oil equivalent per day in the fourth quarter, up from 88,600 boepd in the same period of 2017.

In a three-year forecast, it says it plans to increase average production this year by nine per cent and by 10 to 13 per cent in 2020 and 2021.

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Enerplus peers with most of their crude oil production in Canada — including Whitecap Resources Inc. and Crescent Point Energy Corp. — have announced cautious budgets for 2019, citing volatile Canadian oil and natural gas prices.

Companies mentioned in this article: (TSX:ERF, TSX:WCP, TSX:CPG)

The Canadian Press




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