Enerplus (NYSE:ERF)
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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