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Monday, May 16, 2011

Enerplus sells some Marcellus lands for $575 mln, (TSE: ERF)

Enerplus Corp (ERF.TO) agreed to sell its non-operated natural gas properties in the massive Marcellus shale formation in the United States for $575 million in order to pay down debt, the company said on Monday. Enerplus said the sale includes lands in Pennsylvania, Maryland and West Virginia totaling 91,000 acres and containing an estimated 1.6 trillion cubic feet of gas. The properties produce about 5.4 million cubic feet of gas per day. The company has been buying up land in the Marcellus field, the largest North American shale gas deposit, since 2009. The sale locks in a profit for the Canadian producer and leaves it with about 110,000 acres of holdings in the region containing around 2.3 trillion cubic feet of gas.

Enerplus Corporation (Enerplus), formerly Enerplus Resources Fund, has oil and natural gas property interests are located in western Canada in the provinces of Alberta, British Columbia, Saskatchewan and Manitoba, and in the United States in the states of Montana, North Dakota, Maryland, Pennsylvania, West Virginia, Wyoming and Utah. Shares of ERF fell by 0.5% or $-0.15/share to $29.97. In the past year, the shares have traded as low as $20.08 and as high as $33.29. On average, 767487 shares of ERF exchange hands on a given day and today's volume is recorded at 869404.