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Enerplus Delivers 9% Production Growth and 190% Reserve Replacement in 2012

Enerplus Delivers 9% Production Growth and 190% Reserve Replacement in 2012 
This news release includes forward-looking statements and information within 
the meaning of applicable securities laws. Readers are advised to review the 
"Cautionary Note Regarding Forward-Looking Information and Statements" at the 
conclusion of this news release. Readers are also referred to "Information 
Regarding Reserves, Resources and Operational Information", "Notice to U.S. 
Readers" and "Non-GAAP Measures" at the end of this news release for 
information regarding the presentation of the financial, reserves, contingent 
resources and operational information in this news release. A full copy of our 
2012 Financial Statements and MD&A have been filed on our website at 
www.enerplus.com, under our profile on SEDAR at www.sedar.com and on the EDGAR 
website at www.sec.gov. 
CALGARY, Feb. 22, 2013 /CNW/ - Enerplus Corporation ("Enerplus") (TSX: ERF) 
(NYSE: ERF) is pleased to announce fourth quarter 2012 results as well as 2012 
year-end operating, financial and reserves results. 
We delivered significant production and funds flow growth in 2012 ending the 
year with strong fourth quarter results. Our funds flow improved by 12% over 
2011 due to a 9% increase in production and a higher weighting to crude oil 
largely due to the successful results of our drilling program at Fort Berthold 
in North Dakota. We also delivered another strong year in terms of organic 
reserve growth, replacing over 190% of our production in 2012 at attractive 
finding and development costs ("F&D costs") for the second year in a row. 
Our proved plus probable ("P+P") F&D costs including future development 
capital ("FDC") were $24.21 per BOE in 2012. In addition, we preserved our 
financial flexibility exiting 2012 with a debt-to-funds flow ratio of 1.7 
times and are positioned to deliver on our corporate objectives in 2013. 
4TH QUARTER 2012 HIGHLIGHTS 


    --  As a result of our successful capital development program,
        production volumes in the fourth quarter increased by 5% over
        the third quarter of 2012 averaging 85,490 BOE per day.  When
        compared to the fourth quarter of 2011, total production
        volumes grew by 11%.
    --  Crude oil production in the fourth quarter was 22% higher than
        in the fourth quarter of 2011.
    --  Marcellus volumes also increased significantly, up 40% from the
        third quarter as production volumes previously delayed were
        brought on-stream.
    --  As a result of higher production volumes, stronger natural gas
        prices and lower expenses, funds flow increased by almost 50%
        from the third quarter of 2012 to approximately $200 million
        ($1.01 per share) for the fourth quarter. As a result of this
        increase in funds flow, our adjusted payout ratio (capital
        spending plus dividends net of participation in the Stock
        Dividend Program ("SDP") improved significantly to 104%.
    --  Operating costs improved significantly during the quarter, down
        25% to $9.24 per BOE compared to the third quarter of 2012.
        General and administrative ("G&A") costs continued to track
        under our guidance averaging $2.34 per BOE.
    --  We continued to focus our capital spending activities on crude
        oil assets during the fourth quarter.  We invested $160 million
        in development capital, 70% of which was weighted to crude oil
        drilling 10.8 net wells with 16.5 net wells brought on-stream
        during the quarter.
    --  We continued to improve the focus and concentration of our
        portfolio during the quarter through the sale of non-core
        assets. In December, we sold non-core oil assets in Manitoba
        including approximately 1,600 BOE per day of production for
        approximately $218 million.  In addition, in December we
        consolidated our ownership in Montana through the purchase of
        an additional 20% working interest in the Sleeping Giant Bakken
        oil project for $118 million, essentially replacing the volumes
        from the Manitoba sale.  We realized net proceeds of $100
        million on these transactions.

2012 SUMMARY

OPERATIONS
    --  As a result of our successful development program in 2012,
        Enerplus grew annual average production by 9% to 82,098 BOE per
        day, in line with our guidance of 82,000 BOE per day. Average
        crude oil production increased by 21% to 36,509 bbls per day in
        2012 and when combined with natural gas liquids, represented
        49% of our total corporate volumes during the year.  This
        growth was achieved mainly due to our success in Fort Berthold
        as well as positive results from our drilling and enhanced oil
        recovery project ("EOR") in Medicine Hat, Alberta. U.S. natural
        gas production primarily from the Marcellus continued to grow
        throughout 2012, offsetting declines in our Canadian natural
        gas volumes. On average, our total natural gas production
        remained virtually unchanged at 252 MMcf per day during 2012.
    --  We also achieved exit production of approximately 85,800 BOE
        per day, within our guidance range of 85,000 BOE per day to
        88,000 BOE per day.  This is an increase of almost 5% over 2011
        exit production rates.
    --  Our total capital spending in 2012 was in line with our
        guidance at approximately $853 million. Approximately 72% of
        our spending was directed to our crude oil plays with the
        majority invested at Fort Berthold and in our Canadian crude
        oil assets. Approximately 85% of our capital spending was spent
        on drilling and completions in 2012 with 75 net wells drilled
        across all of our assets and 79 net wells brought on-stream.

RESERVES/RESOURCES
    --  Total P+P company interest reserves grew by 7.4% to 345.8 MMBOE
        compared to 321.9 MMBOE at December 31, 2011.
    --  We added 57.3 MMBOE of P+P reserves as a result of our
        successful development program, replacing over 190% of
        production.
    --  P+P oil and liquids reserves grew by approximately 12% to 206
        MMBOE and now represent 60% of our total P+P reserves, up from
        57% at year-end 2011. Approximately 66% of the reserve
        additions were from crude oil and represented a 283%
        replacement of our 2012 oil production.
    --  P+P reserves at Fort Berthold increased by 53% from 2011 to
        86.1 MMBOE. We replaced almost 800% of our production in 2012
        through the addition of 34.2 MMBOE P+P reserves.
    --  Canadian oil reserves, which are largely comprised of crude oil
        waterflood properties, decreased by 8% to 91.6 MMbbls mainly
        due to the sale of 8.3 MMbbls of P+P reserves associated with
        our Manitoba assets. Through our successful development
        activities, we replaced 107% of Canadian oil production.
    --  We replaced 111% of our natural gas production in 2012 and grew
        our P+P natural gas reserves by approximately 2% to 837 Bcf.
        The majority of the increase is attributable to our Marcellus
        shale gas assets where we added 86 Bcf of P+P. Total Marcellus
        P+P reserves at year-end increased to 225 Bcf and represented
        27% of our total P+P natural gas reserves, up from 19% in 2011.
    --  Our P+P reserve life index increased to 10.9 years at December
        31, 2012, up from 9.8 years at December 31, 2011 as a result of
        the increase in reserves primarily associated with Fort
        Berthold and the Marcellus.

Finding and Development Costs
    --  Our P+P F&D cost including FDC improved to $24.21 per BOE in
        2012 from $26.26 per BOE in 2011.
    --  Excluding future development capital, our P+P F&D costs were
        $14.88 per BOE.
    --  60% of our reserve additions were attributable to Fort Berthold
        and were added at a cost of $25.38 per BOE including FDC. The
        recycle ratio associated with these additions was 2.0 times.
    --  Our P+P Finding, Development and Acquisition ("FD&A") cost
        including FDC was $22.92 per BOE, reflecting the positive
        impact of our acquisition and divestment activities.
    --  Excluding FDC, our P+P FD&A cost was $13.48 per BOE.

Contingent Resources
    --  In addition to booked reserves, an assessment of our portfolio
        has identified economic best estimate contingent resources of
        364 MMBOE, representing over 100% of our booked P+P reserves.
        Our contingent resources are comprised of:
        o 33.5 MMBOE of contingent resources attributable to both the
          Bakken and Three Forks at Fort Berthold. We converted 31.2
          MMBOE of previously assessed contingent resources to reserves
          for the year and added 15.6 MMBOE of new contingent resources
          primarily associated with the Three Forks formation.
        o 60.3 MMBOE of contingent resources attributable to improved
          oil recovery ("IOR") and EOR in our Canadian oil assets. We
          converted 7.1 MMBOE of previously assessed contingent
          resources to reserves and added 14.3 MMBOE of net new
          contingent resources associated with our EOR and IOR projects
          in our waterflood assets.
        o 1.3 Tcf of contingent resources in the Marcellus shale gas.
          This estimate has decreased from our contingent resource
          estimate of 2.3 Tcf one year ago due to a number of factors.
          Approximately 124 Bcf of contingent resources were
          reclassified as reserves during 2012. However, as a result of
          a decline in the gas price forecast and lower than expected
          performance on our operated acreage in Pennsylvania and West
          Virginia, the contingent resource estimate has been reduced
          in some areas and eliminated in others where the current
          economics do not support further development or lease
          extension of the acreage. We did see an increase in the
          contingent resource estimates assigned to our non-operated
          leases in northeast Pennsylvania due to improved performance.
        o 283 Bcfe of contingent resources associated with our Wilrich
          deep gas assets in Canada were identified as a result of our
          successful drilling activities in 2012.

Financial
    --  Despite the collapse in natural gas prices during 2012, funds
        flow for the year totaled $644 million ($3.29 per share), up
        12% from 2011 due to higher oil production, improved netbacks
        as well as gains from our hedging program.
    --  We took a number of important steps in 2012 to maintain
        financial flexibility throughout this period of weak natural


    gas prices and widening crude oil differentials:
  o we raised $331 million in proceeds from an equity offering in early 
2012;
  o we closed a private placement of long-term notes in May for 
proceeds of $405 million;
  o we reduced our monthly dividend from $0.18 per share to $0.09 per 
share in July;
  o we implemented the SDP to allow all of our shareholders the option 
to receive Enerplus shares instead of cash dividends;
  o we sold the majority of our equity interests, including our shares 
in Laricina Energy, for proceeds of $147 million; and
  o in aggregate, we generated proceeds of approximately $200 million 


    on our property divestment activities, net of acquisitions.
    --  As a result, we ended 2012 in a strong financial position with
        a debt to trailing 12 month funds flow ratio of 1.7 times,
        virtually unchanged from 2011. We had approximately $740
        million of unused capacity on our $1 billion credit facility at
        December 31, 2012.
    --  We paid $1.62 per share in dividends to our shareholders in
        2012. Combining our capital spending with our dividends net of
        participation in the SDP and Dividend Reinvestment Plan
        ("DRIP"), our adjusted payout ratio improved to 174% for the
        year versus 212% in 2011.  We expect our payout ratio to
        improve in 2013 as a result of a 20% reduction in our capital
        spending for the year and an improved outlook for natural gas
        prices.
    --  Our operating costs averaged $10.64 per BOE during 2012 and G&A
        costs averaged $2.61 per BOE, both in line with our guidance.
    --  We realized cash gains on our commodity hedging program of
        $18.4 million for the year.
    --  During 2012, we recorded accounting impairments of $418 million
        on our Developed and Producing (D&P) oil and gas assets due to
        a decline in commodity prices, primarily natural gas prices,
        and higher future development costs. We also recorded
        impairments of $114 million on our Exploration and Evaluation
        assets during the year due to expiring undeveloped land and
        unrecoverable costs on discontinued projects. These asset
        impairments resulted in a net loss of $156 million ($0.80 per
        share) for 2012. The impairments do not impact our funds flow
        or cash flow.  Should natural gas prices improve, we expect the
        value of our D&P assets to increase, which would positively
        impact net income in future periods.
                                                         

SELECTED          Three months ended December Twelve months ended
FINANCIAL RESULTS                         31,        December 31,
                       2012              2011      2012      2011

Financial (000's)                                                

Funds Flow         $199,678          $156,682  $643,911  $573,609

Cash and Stock       53,572            97,725   301,560   388,904
Dividends

Net Income/(Loss) (158,711)         (299,415) (155,734)   109,437

Debt Outstanding  1,064,365           901,465 1,064,365   901,465
- net of cash

Capital Spending    160,202           344,837   852,843   865,712

Property and Land   121,391            45,263   185,337   255,209
Acquisitions

Property            220,135             3,082   275,771   641,190
Dispositions

Asset Impairments   331,095           327,309   531,825   359,703

Asset Disposition    59,440              (29)   131,166   302,053
gain/(loss)
                                                                 

Debt to Trailing       1.7x              1.6X      1.7x      1.6X
12 Month Funds
Flow
                                                                 

Financial per                                                    
Weighted Average
Shares
Outstanding

Funds Flow( )         $1.01             $0.87     $3.29     $3.19

Net Income           (0.80)            (1.66)    (0.80)      0.61

Weighted Average    198,256           180,845   195,633   179,889
Number of Shares
Outstanding
(000's)
                                                                 

Selected                                                         
Financial Results
per BOE((1))

Oil & Gas Sales(     $45.86            $50.29    $44.56    $48.85
(2))

Royalties            (9.54)            (9.62)    (8.95)    (8.92)

Commodity              2.04            (1.54)      0.61    (1.21)
Derivative
Instruments

Operating Costs      (9.24)           (11.64)   (10.53)   (10.33)

General and          (2.34)            (2.53)    (2.61)    (2.46)
Administrative

Equity Based         (0.03)            (0.52)    (0.18)    (0.53)
Compensation

Interest and         (1.44)            (1.70)    (1.42)    (1.59)
Other Expenses

Taxes                  0.08            (0.68)    (0.05)    (2.95)

Funds Flow           $25.39            $22.06    $21.43    $20.86
                                                         
                                                         
                                                              

SELECTED OPERATING      Three months ended Twelve months ended
RESULTS                       December 31,        December 31,
                           2012       2011    2012        2011

Average Daily                  
Production                                                    
    Crude oil
    (bbls/day)           38,597     31,715  36,509      30,181
    NGLs (bbls/day)       3,576      3,256   3,627       3,306
    Natural gas
    (Mcf/day)           259,904    253,500 251,773     251,068
    Total (BOE/day)      85,490     77,221  82,098      75,332
                                                              
    % Crude Oil &
    Natural Gas Liquids     49%        45%     49%         44%
                                                              

Average Selling Price(   
(2))                                                          
    Crude oil (per bbl) $ 76.75    $ 87.56 $ 78.19     $ 83.48
    NGLs (per bbl)        47.31      68.32   53.01       64.99
    Natural gas (per
    Mcf)                   3.01       3.41    2.39        3.72
    USD/CDN exchange
    rate                   0.99       1.02    1.00        0.99
                                                              

Net Wells drilled            11         36      75         107

((1) )Non-cash amounts have been excluded.

((2) )Net of oil and gas transportation costs, but before the
effects of commodity derivative instruments.
                                                                    

Average Benchmark    Three months ended December Twelve months ended
Pricing                                      31,        December 31,
                       2012                 2011   2012         2011
                                                                    

WTI crude oil
(US$/bbl)            $88.18               $94.06 $94.21       $95.12

WTI crude oil: CDN$
equivalent
(CDN$/bbl)            87.30                95.94  94.21        94.18

AECO natural gas -
monthly index
(CDN$/Mcf)             3.06                 3.47   2.40         3.68

AECO natural gas -
daily index
(CDN$/Mcf)             3.22                 3.17   2.39         3.62

NYMEX natural gas -
monthly NX3 index
(US$/Mcf)              3.36                 3.61   2.80         4.07

NYMEX natural gas -
monthly NX3 index:
CDN$
equivalent
(CDN$/Mcf)             3.33                 3.68   2.80         4.03

US/CDN exchange rate   0.99                 1.02   1.00         0.99

((1) Non-cash amounts have been excluded.)
((2) Net of oil and gas transportation costs, but before the effects of 
commodity derivative instruments.)
                                                            

SHARE TRADING INFORMATION                                   
                                                CDN* - ERF U.S.** - ERF

For the twelve months ended December 31, 2012       (CDN$)        (US$)

High                                                $26.94       $26.54

Low                                                 $11.53       $11.35

Close                                               $12.90       $12.96

* TSX and other Canadian trading data combined.                        

**NYSE and other U.S. trading data combined.                           
                                                                       

2012 DIVIDENDS PER SHARE                        CDN$       US$((1))

First quarter total                                  $0.54        $0.54

Second quarter total                                 $0.54        $0.53

Third quarter total                                  $0.27        $0.27

Fourth quarter total                                 $0.27        $0.27

Total                                                $1.62        $1.61

((1))  (US$ dividends represent CDN$ dividends converted at the
relevant foreign exchange rate on the payment date.)

2012 PRODUCTION &
CAPITAL SPENDING                                                       
                               Q4                                 2012


                         2012          2012        2012     Capital
Crude Oil & NGLs         Average  Annual Average        Exit   Spending
(BOE/day)              Production     Production Production* ($million) 
Canada                     23,890         23,891      23,712        169 
United States              18,283         16,245      18,630        444 
Total Crude Oil & NGLs
(BOE/day)                  42,173         40,136      42,342       $613 
Natural Gas (Mcf/day)                                                   
Canada                    188,628        198,356     181,070         86 
United States              71,276         53,417      79,594        154 
Total Natural Gas
(Mcf/day)                 259,904        251,773     260,664       $240 
Company Total
(BOE/day)                  85,490         82,098      85,786       $853 
*December month 


                                                                      

2012
DRILLING
ACTIVITY                                                              
                                          Wells
                                        Pending                 Dry &


      Horizontal  Vertical Total Completion/      Wells  Abandoned
Crude Oil       Wells    Wells Wells    Tie-in * On-stream**     Wells 
Canada           26.4      1.0  27.4         1.4        31.3       0.1 
United
States           30.9      0.1  31.0         7.6        28.4         - 
Total
Crude Oil        57.3      1.1  58.4         9.0        59.7       0.1 
Natural
Gas                                                                    
Canada            4.2      1.0   5.2         1.1         5.6         - 
United
States           11.6        -  11.6         7.5        13.8         - 
Total
Natural
Gas              15.8      1.0  16.8         8.6        19.4         - 
Company
Total            73.2      2.1  75.2        17.6        79.2       0.1 
*Wells drilled during the year that are pending potential
completion/tie-in or abandonment as at December 31, 2012. 
** Total wells brought on-stream during the year regardless of when
they were drilled. 
ASSET ACTIVITY 
U.S. Crude Oil 
Our U.S. crude oil assets located within the Williston Basin represent 
approximately 40% of Enerplus' total crude oil and natural gas liquids 
production. Throughout 2012, we continued to focus the majority of our capital 
spending program in the Fort Berthold region in North Dakota. We also acquired 
an additional 20% working interest in the Sleeping Giant project in Montana, 
thereby growing our interests in both regions. 
At Fort Berthold, we advanced our understanding of both the Bakken and Three 
Forks opportunities in the region and grew production by approximately 120% in 
2012, exiting at 14,000 BOE per day. We drilled a total of 26 net operated 
wells, 19 of which were Bakken wells and seven of which were Three Forks 
wells. We also participated alongside our partners on 5.1 net non-operated 
wells. 
We continue to evaluate optimal spacing and densities in this region. Based 
upon results to date, we believe that ultimate recoveries will vary depending 
upon a number of factors including the lateral length and number of frac 
stages, the number of wells drilled within a drilling spacing unit and whether 
the wells are producing from the Bakken or Three Forks formation. We 
anticipate expected ultimate recoveries ("EURs") will be lower for wells 
landed in the Three Forks formation and for the third and fourth wells drilled 
in a spacing unit. As a result, we continue to expect that EURs per long 
lateral well could range between 500 and 800 Mbbls of crude oil. 
As a result of our drilling activities, we grew reserves by 53%, adding 34.2 
MMBOE of P+P reserves at a cost of $25.38 per BOE including FDC. We have 
86.1 MMBOE of P+P reserves booked as of December 31, 2012 and the Fort 
Berthold region now represents 25% of our corporate P+P reserves. In addition, 
our internal assessment of the best estimate of contingent resources, as 
audited by our independent reserve evaluators, is now 33.5 MMBOE at Fort 
Berthold. We converted 31.2 MMBOE of contingent resources to reserves during 
the year and added 2.0 MMBOE of Bakken and 13.6 MMBOE of Three Forks 
contingent resources to our estimate. 
In 2013, we expect to reduce our capital spending by approximately 25% over 
2012 levels and plan to run a two-rig program drilling between 20 - 25 net 
operated wells during the year. We expect to grow daily production by 
approximately 30%. Our focus is to improve our capital efficiencies in 2013. 
As we exited 2012, we have seen significant cost improvement in the region, 
particularly in completion costs. As a result of these reductions and an 
improvement in execution, we would expect our well costs to decrease by 10% - 
15% in 2013. 
U.S. Natural Gas 
Our U.S. natural gas assets are principally comprised of our Marcellus shale 
gas interests in Pennsylvania and West Virginia. During 2012, our efforts 
were focused exclusively in the Marcellus and were largely driven by lease 
retention of core acreage on our non-operated properties in the northeast 
Pennsylvania region. As natural gas prices declined throughout the year, our 
partners slowed their activities which resulted in a 20% reduction in capital 
spending from our original guidance to $154 million. We participated in the 
drilling of 11.6 net wells with 13.8 net wells brought on-stream. We 
experienced delays in bringing wells on-stream in the latter half of the year 
due to pipeline and infrastructure constraints. Despite these delays, 
production from the Marcellus doubled in 2012 to average 41 MMcf/day. Also 
as a result of our drilling activities, we estimate that approximately two 
thirds of our core non-operated acreage is now held by production. 
Subsequent to year-end, a number of additional wells were tied-in and 
production is currently over 65 MMcf per day. Based upon current NYMEX 
prices, our U.S. natural gas production receives an operating netback of 
approximately $2.15 per Mcf, roughly 25% higher than our average Canadian 
natural gas production. We expect our U.S. natural gas production to represent 
almost 35% of our corporate natural gas volumes in 2013. 
As a result of our drilling activities, P+P reserves increased in the 
Marcellus by 46% to 225 Bcf at year-end. Approximately 124 Bcf of contingent 
resources associated with our non-operated leases were converted to P+P 
reserves at year-end. Marcellus shale gas now accounts for approximately 27% 
of our total P+P natural gas reserves. The best estimate of contingent 
resources associated with the Marcellus declined to 1.3 Tcf from 2.3 Tcf in 
2011. 
We expect to reduce our capital program in the Marcellus by over 50% in 
2013. We plan to spend approximately $80 million essentially all of which 
will be invested with our non-operated partners. By year-end, we expect the 
majority of our core non-operated Marcellus acreage will be held by production. 
Canadian Crude Oil 
Our Canadian crude oil assets are comprised primarily of properties under 
waterflood and are a core holding in our portfolio due to their low decline, 
significant EOR potential and the free cash flow they generate. Our key focus 
areas in 2012 were the advancement of our EOR programs at Giltedge and 
Medicine Hat as well as optimization and waterflood development at Medicine 
Hat Glauc "C", Pembina Cardium and in the Ratcliffe trend of Saskatchewan. In 
aggregate, a total of $169 million was invested in drilling, facility upgrades 
and optimization activities. As a result of this investment, we grew 
production by 7% in 2012, to 23,891 BOE per day up from 22,303 BOE per day in 
2011. 
At Medicine Hat Glauc "C", we continue to see positive results from our 
horizontal drilling and polymer injection programs. Production volumes 
increased from 2,600 BOE per day at the end of 2011 to 4,500 BOE per day at 
the end of 2012. Given the positive results we are seeing from the polymer 
injection, we expect to be in a position to make a decision to expand the 
polymer EOR project by mid-2013. In total, 5.5 MMBOE of incremental P+P 
reserves were booked at year end, including the conversion of 2.1 MMBOE of 
contingent resources associated with our EOR project, with an attractive F&D 
cost of $14.25 per BOE. 
We replaced 107% of Canadian crude oil and natural gas liquids production in 
2012. Total Canadian proved plus probable crude oil reserves decreased by 8% 
to 91.6 MMbbls, primarily due to the sale of our Manitoba assets which 
included 8.3 MMbbls of P+P reserves, In addition, our internal estimate of 
contingent resources associated with a portion of these assets increased by 7% 
year-over-year to 60.3 MMBOE with the addition of 14.3 MMBOE of contingent 
resources. 
Canadian Natural Gas 
As a result of the weak outlook for natural gas prices, capital investment in 
our Canadian natural gas assets was limited to projects with associated 
natural gas liquids. Our activities included delineation of our undeveloped 
acreage in the Cardium and Duvernay and additional drilling in the Wilrich. No 
capital was allocated to our shallow natural gas assets. As a result of the 
reduced spending, Canadian natural gas production and reserves declined in 
2012 by 9% and 12% respectively. 
Enerplus drilled and completed two horizontal wells in the Wilrich formation 
in 2012. Based upon our drilling results in 2012, we added approximately 24 
Bcfe of P+P reserves and have internally assessed 283 Bcfe of best estimate 
contingent resources associated with the play. 
We drilled our first vertical delineation well in the Duvernay late in 2012. 
Core and fluid analysis has confirmed that we are in the liquids rich fairway 
and we plan to drill a number of vertical delineation wells in the latter half 
of 2013 in order to further increase our understanding of the play. We 
continue to pursue joint ventures in both the Duvernay and Montney areas given 
the scale of these opportunities and to provide additional near-term funding. 
INDEPENDENT RESERVES EVALUATION 
All reserves information, including our U.S. reserves, has been prepared in 
accordance with Canadian National Instrument 51-101 - Standards of Disclosure 
for Oil and Gas Activities ("NI 51-101") standards. Independent reserve 
evaluations have been conducted on approximately 88% of the total proved plus 
probable value (discounted at 10%) of our reserves at December 31, 2012. 
McDaniel & Associates Consultants Ltd. ("McDaniel") evaluated 76% of our 
Canadian reserves and essentially 100% of the reserves associated with our 
western U.S. assets. They also reviewed the internal evaluation completed by 
Enerplus on the remaining 24% of our Canadian assets. Haas Petroleum 
Engineering Services Inc. ("Haas") evaluated 100% of our Marcellus shale gas 
reserves in the U.S. 
See "Information Regarding Reserves, Resources and Operational Information" at 
the end of this news release for information regarding the presentation of 
company interest reserves and contingent resources. 
Forecast Price Assumptions 
The estimated reserve volumes and the net present values of future net 
revenues ("NPV") at December 31, 2012 were based upon forecast crude oil and 
natural gas pricing assumptions prepared by McDaniel as of January 1, 2013. 
These prices were applied to the reserves evaluated by McDaniel and Haas, 
along with those evaluated internally by Enerplus and reviewed by McDaniel. 
The base reference prices and exchange rates used by McDaniel are detailed 
below. These forecast price assumptions reflect a reduction in the prices of 
natural gas at AECO and Henry Hub and also a decrease in the prices for our 
portfolio of crude oil as compared to the price assumptions used to calculate 
our reserves and NPV at December 31, 2011. 
McDaniel January 2013 Forecast Price Assumptions 


                                                       Natural
                          Light                            Gas
                     Crude Oil(  Hardisty               30 day
                 WTI       (1)) Heavy Oil Henry Hub       spot Exchange
           Crude Oil   Edmonton 12(o) API Gas Price     @ AECO     Rate
             US$/bbl   CDN$/bbl  CDN$/bbl US$/MMBtu CDN$/MMBtu US$/CDN$
                                                                       

2013           92.50      87.50     65.60      3.75       3.35     1.00

2014           92.50      90.50     67.90      4.30       3.85     1.00

2015           93.60      92.60     69.50      4.85       4.35     1.00

2016           95.50      94.50     70.90      5.25       4.70     1.00

2017           97.40      96.40     72.30      5.70       5.10     1.00

Thereafter        **         **        **        **         **     1.00

((1)) Edmonton Light Sweet 40 degree API, 0.3% sulphur content crude.

**  Escalation varies after 2017.

Reserves Summary

The following table sets out our company interest, gross and net reserve 
volumes at December 31, 2012 by production type and reserve category under 
McDaniel's forecast price scenarios. Under different price scenarios, these 
reserves could vary as a change in price can affect the economic limit and 
reserves associated with a property. Company interest reserves consist of 
gross reserves, which are before the deduction of any royalties, plus 
Enerplus' royalty interests in reserves. It should be noted that tables may 
not add due to rounding.
                Light &
                                            Natural


            Medium  Heavy Oil   Total       Gas Natural   Shale
Reserves           Oil                Oil   Liquids     Gas     Gas  Total
Summary         (Mbbls)   (Mbbls) (Mbbls)   (Mbbls)  (MMcf)  (MMcf)  (MBOE) 
Company
Interest                                                                    
Proved                                                                   
  producing      65,300    27,328  92,627     7,383 368,806  73,644 173,752 
Proved
  developed                                                                
  non-producing   2,041       198   2,239       133   9,149  25,489   8,145 
Proved                                                                   
  undeveloped    25,898     3,995  29,893     1,720  35,951  46,994  45,438 
                                                                       
  Total proved   93,238    31,521 124,759     9,236 413,906 146,127 227,335 
Total                                                                    
  probable       55,922    10,991  66,913     5,387 198,727  78,373 118,483 
Proved plus                                                                
Probable        149,160    42,512 191,672    14,623 612,634 224,500 345,817 
Gross                                                                       
Proved                                                                   
  producing      64,635    27,316  91,951     7,252 354,911  73,644 170,628 
Proved
  developed                                                                
  non-producing   2,037       198   2,235       133   9,126  25,489   8,137 
Proved                                                                   
  undeveloped    25,893     3,995  29,889     1,700  34,002  46,994  45,087 
                                                                       
  Total proved   92,565    31,509 124,074     9,085 398,038 146,127 223,853 
Total                                                                    
  probable       55,732    10,988  66,720     5,327 192,663  78,373 117,220 
Proved plus                                                                
Probable        148,297    42,496 190,793    14,412 590,702 224,500 341,072 
Net                                                                         
Proved                                                                   
  producing      55,337    22,074  77,411     5,211 317,836  59,317 145,481 
Proved
  developed                                                                
  non-producing   1,651       173   1,824       104   7,714  20,667   6,658 
Proved                                                                   
  undeveloped    21,096     3,031  24,127     1,346  31,179  38,088  37,018 
                                                                       
  Total proved   78,084    25,278 103,362     6,662 356,729 118,072 189,157 
Total                                                                    
  probable       45,563     8,507  54,070     4,079 170,977  63,170  97,173 
Proved plus                                                                
Probable        123,647    33,784 157,432    10,741 527,705 181,241 286,330 
Future Development Capital 
Changes in forecast FDC occur annually as a result of development activities, 
acquisition and disposition activities and capital cost estimates that reflect 
the independent evaluator's best estimate of what it will cost to bring the 
proved undeveloped and probable reserves on production. The aggregate of the 
exploration and development costs incurred in the most recent year and the 
change during the year in estimated future development costs generally reflect 
the total finding and development costs related to reserve additions for that 
year. 
The significant increase in FDC reported at year-end 2012 is primarily related 
to the increase in the number of undeveloped drilling locations added in Fort 
Berthold and the Marcellus along with higher well cost assumptions on 
previously booked locations mainly in Fort Berthold. F&D and FD&A costs have 
been calculated both including and excluding FDC. 
The following is a summary of the independent reserve evaluators' estimated 
FDC required to bring total proved and probable reserves on production: 
                                   
                          Proved       Proved Plus
Future Development Capital  Reserves Probable Reserves 
($ millions)                                           
2013                             420                487 
2014                             419                501 
2015                             153                401 
2016                              46                282 
2017                              15                 37 
Remainder                         59                 70 
Total FDC Undiscounted         1,113              1,779 
Total FDC Discounted at 10%      954              1,475 
                                   
F&D and FD&A                                                          
Costs 
                                 2012                                2011 
($ millions            Excluding        Including          Excluding        Including
except for per               FDC              FDC                FDC              FDC
BOE amounts) 
Proved Plus                                                                          
Probable
Reserves 
                                                                                  
Finding &                                                                            
Development
Costs 
Capital               $ 852.8          $ 852.8            $ 829.8          $ 829.8 
expenditures 
Net change                  -          $ 534.6                  -          $ 435.9 
in future 
development 
capital 
Company                  57.3             57.3               48.2             48.2 
interest 
reserve 
additions  
(MMBOE) 
 F&D costs               $ 14.88          $ 24.21            $ 17.22          $ 26.26
($/BOE) 
                                                                                  
Finding,                                                                             
Development &
Acquisition
Costs 
Capital               $ 726.4          $ 726.4            $ 370.2          $ 370.2 
expenditures 
and net 
acquisitions 
((1))  
Net change                  -          $ 509.1                  -          $ 402.7 
in future 
development 
capital 
Company                  53.9             53.9               43.2             43.2 
interest 
reserve 
additions  
(MMBOE) 
FD&A costs            $ 13.48          $ 22.92             $ 8.57          $ 17.89 
($/BOE) 
                                                                                  
Proved                                                                              
Reserves 
                                                                                 
Finding &                                                                           
Development
Costs 
Capital               $ 852.8          $ 852.8            $ 829.8          $ 829.8
  expenditures 
Net change                  -          $ 248.3                  -          $ 230.7
  in future
  development
  capital 
Company                  38.4             38.4               31.5             31.5
  interest
  reserve
  additions 
  (MMBOE) 
 F&D costs              $ 22.21          $ 28.67            $ 26.34          $ 33.67
($/BOE) 


                                                                                    

Finding,                                                                            
Development &
Acquisition
Costs

  Capital               $ 726.4          $ 726.4            $ 370.2          $ 370.2
  expenditures
  and net
  acquisitions
  ((1)) 

  Net change                  -          $ 241.3                  -          $ 213.0
  in future
  development
  capital

  Company                  36.6             36.6               28.9             28.9
  interest
  reserve
  additions 
  (MMBOE)

  FD&A costs            $ 19.85          $ 26.44            $ 12.81          $ 20.18
  ($/BOE)

(1)   Capital spending totaled $852.8, net acquisition capital totaled
      $126.4 million and is exclusive of
      $37 million associated with the Marcellus carry commitment as the
      full purchase price associated
      with the Marcellus acquisition was used in the calculation of F&D
      and FD&A costs in 2009.

Reserve Reconciliation

The following tables outline the changes in Enerplus' proved, probable and 
proved plus probable reserves, on a company interest basis, from December 31, 
2011 to December 31, 2012:

Proved Reserves - Company Interest Volumes (Forecast Prices)
                                Heavy Oil     Total Oil     Natural Gas   Natural Gas      Shale Gas   Total (MBOE)


         Light & Medium        (Mbbls)       (Mbbls)       Liquids          (MMcf)         (MMcf)
CANADA          Oil (Mbbls)                                     (Mbbls) 
Proved                                                                         437,622                      156,458
Reserves at                         29,304        75,741          7,781                           -  
Dec. 31,
2011                 46,437 
                                                                                                               
Acquisitions              1            -               1            -                1            -               1 
                                             (6,333)                       (1,545)                      (6,590)
Dispositions        (6,333)            -                            -                             -   
                                                                                                               
Discoveries             -              -             -              -              -              -             -   
Extensions                           4,155         4,889             74          3,268                        5,507
& improved                                                                                        -  
recovery                734 
Economic                                           (113)          (228)       (19,597)                      (3,607)
factors               (108)            (5)                                                        -   
Technical                            1,253         1,139            448         14,008                        3,921
revisions             (114)                                                                       -   
                               (3,186)       (7,557)        (1,187)       (72,599)                     (20,844)
Production          (4,371)                                                                       -   
Proved                              31,521        67,767                       361,158                      134,847
Reserves at                                                       6,887                           -  
Dec. 31,
2012                 36,246 
         Light & Medium      Heavy Oil      Total Oil     Natural Gas   Natural Gas      Shale Gas    Total (MBOE)
UNITED          Oil (Mbbls)         (Mbbls)        (Mbbls)       Liquids          (MMcf)         (MMcf)
STATES                                                            (Mbbls) 
Proved               40,923                         40,923                                                      64,349
Reserves at                             -                           1,434         39,265         92,682
Dec. 31,
2011 
Acquisitions          3,751                          3,751                         6,707                         4,868 
                                    -                             -                             -   
Dispositions           (51)                           (51)                          (48)                          (59) 
                                    -                             -                             -   
Discoveries                                                                                                            
                    -               -              -              -              -              -              -   
Extensions &         12,837                         12,837            727          4,854         65,464         25,284
improved                                -  
recovery 
Economic                                                                                                              
factors                 -               -              -              -              -              -              -   
Technical             5,339                          5,339            328          6,636          2,866          7,250
revisions                               -   
Production          (5,805)                        (5,805)          (140)        (4,665)       (14,885)        (9,204) 


                                        -  

Proved               56,993                         56,993          2,349         52,748        146,127         92,488
Reserves at                             -  
Dec. 31,
2012
                                                                                                                   


         Light & Medium     Heavy Oil     Total Oil     Natural Gas   Natural Gas      Shale Gas   Total (MBOE)
TOTAL           Oil (Mbbls)        (Mbbls)       (Mbbls)       Liquids          (MMcf)         (MMcf)
ENERPLUS                                                        (Mbbls) 
Proved               87,360         29,304       116,664          9,215        476,887         92,682       220,807
Reserves at
Dec. 31,
2011 
Acquisitions          3,752                        3,752                         6,707                        4,870 
                                   -                            -                             -   
Dispositions        (6,384)                      (6,384)                       (1,593)                      (6,650) 
                                   -                            -                             -   
Discoveries                                                                                                         


                        -              -             -              -              -              -             -  

Extensions &         13,571          4,155        17,726            801          8,123         65,464        30,791
improved
recovery

Economic              (108)                        (113)          (228)       (19,597)                      (3,607)
factors                                (5)                                                        -  

Technical             5,224          1,253         6,477            776         20,643          2,866        11,171
revisions

Production         (10,177)        (3,186)      (13,362)        (1,327)       (77,265)       (14,885)      (30,048)

Proved               93,238         31,521       124,759          9,236        413,906        146,127       227,335
Reserves at
Dec. 31,
2012

Probable Reserves - Company Interest Volumes (Forecast Prices)
             Light & Medium     Heavy Oil      Total Oil     Natural Gas   Natural Gas      Shale Gas   Total (MBOE)


            Oil (Mbbls)        (Mbbls)        (Mbbls)       Liquids          (MMcf)         (MMcf)
CANADA                                                           (Mbbls) 
Probable             13,554         10,090         23,644          2,955        167,346                       54,491
Reserves at                                                                                        -  
Dec. 31,
2011 
Acquisitions                                                                                                         
                    -              -              -              -              -              -             -   
Dispositions        (1,991)                       (1,991)           (14)        (2,650)                      (2,447) 
                                   -                                                           -   
Discoveries                                                                                                          
                    -              -              -              -              -              -             -   
Extensions              472          1,277          1,749            202         21,582                        5,548
& improved                                                                                         -  
recovery 
Economic               (44)                          (45)           (71)        (4,750)                        (908)
factors                                (2)                                                         -   
Technical               819          (374)            445             71       (10,001)                      (1,151)
revisions                                                                                          -   
Production                                                                                                           
                    -              -              -              -              -              -             -   
Probable             12,811         10,991         23,802          3,143        171,526                       55,533
Reserves at                                                                                        -  
Dec. 31,
2012 
         Light & Medium     Heavy Oil      Total Oil     Natural Gas   Natural Gas      Shale Gas    Total (MBOE)
UNITED          Oil (Mbbls)        (Mbbls)        (Mbbls)       Liquids          (MMcf)         (MMcf)
STATES                                                           (Mbbls) 
Probable             30,853                        30,853          1,456         25,017         60,861         46,621
Reserves at                            -  
Dec. 31,
2011 
Acquisitions          1,110                         1,110                         1,980                         1,440 
                                   -                             -                             -   
Dispositions          (488)                         (488)                         (382)                         (552) 
                                   -                             -                             -   
Discoveries                                                                                                           
                    -              -              -              -              -              -              -   
Extensions &         19,067                        19,067          1,103          7,349         58,504         31,145
improved                               -  
recovery 
Economic                                                            (44)        (4,156)        (3,231)        (1,275)
factors                 -              -              -   
Technical           (7,431)                       (7,431)          (272)        (2,608)       (37,761)       (14,431)
revisions                              -   
Production                                                                                                            


                        -              -              -              -              -              -              -  

Probable             43,111                        43,111          2,243         27,201         78,373         62,950
Reserves at                            -  
Dec. 31,
2012
                                                                                                                     


         Light & Medium     Heavy Oil      Total Oil     Natural Gas   Natural Gas      Shale Gas    Total (MBOE)
TOTAL           Oil (Mbbls)        (Mbbls)        (Mbbls)       Liquids          (MMcf)         (MMcf)
ENERPLUS                                                         (Mbbls) 
Probable             44,407         10,090         54,497          4,411        192,363         60,861        101,112
Reserves at
Dec. 31,
2011 
Acquisitions          1,110                         1,110                         1,980                         1,440 
                                   -                             -                             -   
Dispositions        (2,480)                       (2,480)           (14)        (3,032)                       (2,999) 
                                   -                                                           -   
Discoveries                                                                                                           
                    -              -              -              -              -              -              -   
Extensions &         19,539          1,277         20,815          1,305         28,931         58,504         36,692
improved
recovery 
Economic               (44)                          (45)          (114)        (8,906)        (3,231)        (2,183)
factors                                (2) 
Technical           (6,611)          (374)        (6,985)          (201)       (12,609)       (37,761)       (15,581)
revisions 
Production                                                                                                            


                        -              -              -              -              -              -              -  

Probable             55,922         10,991         66,913          5,387        198,727         78,373        118,483
Reserves at
Dec. 31,
2012

Proved Plus Probable Reserves - Company Interest Volumes (Forecast Prices)
                                                           Natural Gas


         Light & Medium     Heavy Oil    Total Oil        Liquids   Natural Gas       Shale Gas
CANADA          Oil (Mbbls)        (Mbbls)      (Mbbls)        (Mbbls)        (MMcf)          (MMcf)  Total (MBOE) 
Proved Plus
Probable
Reserves at
Dec. 31,                                                                                            
2011                 59,991         39,394       99,385         10,736       604,968             -         210,949 
Acquisitions                                                                                                       
                      1            -              1            -               1             -               2 
Dispositions                                                                                         
                (8,324)            -        (8,324)           (14)       (4,195)             -         (9,037) 
Discoveries                                                                                                        
                    -              -            -              -             -               -             -   
Extensions
& improved                                                                                          
recovery              1,206          5,431        6,637            276        24,850             -          11,055 
Economic                                                                                            
factors               (152)            (7)        (159)          (299)      (24,347)             -         (4,515) 
Technical                                                                                           
revisions               705            879        1,584            519         4,006             -           2,770 
Production                                                                                           
                (4,371)        (3,186)      (7,557)        (1,187)      (72,599)             -        (20,844) 
Proved Plus
Probable
Reserves at
Dec. 31,                                                                                            
2012                 49,056         42,512       91,568         10,031       532,684             -         190,380 
                                                        Natural Gas
UNITED       Light & Medium     Heavy Oil     Total Oil        Liquids   Natural Gas      Shale Gas
STATES          Oil (Mbbls)        (Mbbls)       (Mbbls)        (Mbbls)        (MMcf)         (MMcf)  Total (MBOE) 
Proved Plus
Probable
Reserves at
Dec. 31,                                  
2011                 71,776            -          71,776          2,890        64,282        153,543       110,970 
Acquisitions                                                                                         
                  4,861            -           4,861            -           8,687            -           6,309 
Dispositions                                                                                         
                  (540)            -           (540)            -           (430)            -           (611) 
Discoveries                                                                                                        
                    -              -             -              -             -              -             -   
Extensions &
improved                                  
recovery             31,904            -          31,904          1,830        12,204        123,968        56,429 
Economic                                                
factors                 -              -             -             (44)       (4,156)        (3,231)       (1,275) 
Technical                                 
revisions           (2,092)            -         (2,092)             56         4,028       (34,895)       (7,180) 
Production                                 


                    (5,805)            -         (5,805)          (140)       (4,665)       (14,885)       (9,204)

Proved Plus
Probable
Reserves at
Dec. 31,                                  
2012                100,104             -        100,104          4,592        79,950        224,500       155,438
                                                                                                                


               Light &                                Natural Gas
TOTAL          Medium Oil      Heavy Oil     Total Oil       Liquids   Natural Gas      Shale Gas
ENERPLUS           (Mbbls)        (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)         (MMcf)  Total (MBOE) 
Proved Plus
Probable
Reserves at
Dec. 31,
2011               131,767         39,394       171,161        13,626       669,250        153,543       321,919 
Acquisitions                                                                                       
                 4,862            -           4,862           -           8,688            -           6,310 
Dispositions                                                                                       
               (8,864)            -         (8,864)          (14)       (4,625)            -         (9,648) 
Discoveries                                                                                                      


                       -              -             -             -             -              -             -  

Extensions &
improved
recovery            33,110          5,431        38,541         2,106        37,054        123,968        67,484

Economic                                
factors              (152)            (7)         (159)         (342)      (28,503)        (3,231)       (5,790)

Technical
revisions          (1,387)            879         (508)           575         8,035       (34,895)       (4,410)

Production        (10,177)        (3,186)      (13,362)       (1,327)      (77,265)       (14,885)      (30,048)

Proved Plus
Probable
Reserves at
Dec. 31,
2012               149,160         42,512       191,672        14,623       612,634        224,500       345,817

CONTINGENT RESOURCES

The following table provides a breakdown of the best estimate of contingent 
resources associated with a portion of Enerplus' assets. The evaluation of 
contingent resources associated with the Wilrich and our leases at Fort 
Berthold was conducted by Enerplus and audited by McDaniel. Haas evaluated 
100% of our Marcellus shale gas assets in the U.S. and provided the estimate 
of contingent resources. The contingent resource assessments associated with a 
portion of our waterflood properties were completed internally by qualified 
reserve evaluators.
                               "Best Estimate"  


                                Contingent      Contingent Resource
Contingent Resources                 Resources   Net Drilling Locations 
Canada                                                                  
Crude oil - IOR/EOR on a                        
portion of waterfloods
(MMbbls)                                  60.3                      158 
Natural gas   -  Wilrich                        
(Bcfe)                                   282.6                       57 
Total Canada (MMBOE)                     107.4                      215 
United States                                                           
Crude oil and NGLs - Fort                       
Berthold  (MMBOE)                         33.5                       50 
Natural gas - Marcellus  (Bcf)         1,336.4                      184 
Total United States (MMBOE)              256.2                      234 
Total Company (MMBOE)                    363.6                      449 
NET PRESENT VALUE OF FUTURE PRODUCTION REVENUE 
The following table provides an estimate of the net present value of Enerplus' 
future production revenue after deduction of royalties, estimated future 
capital and operating expenditures, and before and after income taxes. It 
should not be assumed that the present value of estimated future cash flows 
shown below is representative of the fair market value of the reserves. The 
after tax net present value of future production revenues reflects the tax 
burden on properties on a stand-alone basis and does not consider the business 
entity-level tax situation or any potential tax planning. 
Despite a 7.4% increase in our P+P reserves at December 31, 2012, the 
estimated before tax NPV using a 10% discount was 11% lower than the NPV 10% 
at December 31, 2011. This is due primarily to a reduction in both the 
forecast prices of natural gas and crude oil, and wider crude oil 
differentials used by our independent reserve evaluators. 
Net Present Value of Future Production Revenue -                   
Forecast Prices and Costs 
Reserves at December 31, 2012, ($ millions,        0%    5%   10%   15%
discounted at) 
Proved developed producing                      5,006 3,565 2,801 2,333 
Proved developed non-producing                    159   116    90    71 
Proved undeveloped                              1,083   549   293   147 
Total Proved                                    6,249 4,230 3,183 2,552 
Probable                                        4,523 2,344 1,469 1,023 
Total Proved Plus Probable Reserves (before    10,772 6,574 4,652 3,575
tax) 


                                                                       

Total Proved Plus Probable Reserves (after      8,191 5,164 3,757 2,954
tax)

NET ASSET VALUE

Enerplus' estimated net asset value is based on the estimated net present 
value of all future net revenue from our reserves, before taxes, as estimated 
by our independent reserve engineers, McDaniel and Haas, at year-end plus the 
estimated value of our undeveloped acreage and other equity investments, less 
decommissioning liabilities, long-term debt and net working capital. This 
calculation can vary significantly depending on the oil and natural gas price 
assumptions used by the independent reserve engineers.

In addition, this calculation does not consider "going concern" value and 
assumes only the reserves identified in the reserve reports with no further 
acquisitions or incremental development, including development of contingent 
resources. At December 31, 2012, the estimate of contingent resources 
contained within our leases was 364 million BOE. As we execute our capital 
programs, we expect to convert contingent resources to reserves which could 
result in a doubling of our booked proved plus probable reserves. The land 
values described in the Net Asset Value table below do not necessarily reflect 
the full value of the contingent resources associated with these lands.

Net Asset Value (Forecast Prices and Costs
at December 31, 2012)                                                  

( $ millions except share amounts,
discounted at)                            0%       5%      10%      15%

Total net present value of proved
plus probable reserves (before tax)  $10,772   $6,574   $4,652   $3,575

Undeveloped acreage (2012 Year End)
((1))                                    426      426      426      426

Decommissioning liability ((2))        (345)    (178)     (54)     (24)

Long-term debt, including current
portion (net of cash)                (1,064)  (1,064)  (1,064)  (1,064)

Net working capital including
deferred financial assets and
credits                                 (91)     (91)     (91)     (91)

Other equity investments ((3))            12       12       12       12

Net Asset Value of Assets             $9,710   $5,679   $3,881   $2,834

Net Asset Value per Share ((4))       $48.87   $28.58   $19.53   $14.26

(1)         Acreage acquired since 2008 valued at acquisition cost.
            Balance of undeveloped
            acreage valued at $100/acre.

(2)     ( ) Decommissioning liability does not equal the amount on the
            balance sheet ($599.7 million) as the
            balance sheet amount uses a 2.36% discount rate and a
            portion of the decommissioning liability
            costs are already reflected in the present value of
            reserves computed by the independent
            engineers.

(3)         Other equity investment portfolio is valued at the
            estimated fair value.

(4)     ( ) Based on 198,684,000 shares outstanding as at December 31,
            2012.

2013 OUTLOOK

We plan to spend approximately $685 million on exploration and development 
projects in 2013, 20% lower than our capital spending in 2012. Approximately 
85% of our capital is expected to be allocated to crude oil and liquids rich 
natural gas projects, with 75% targeted to crude oil specifically. We expect 
production to average between 82,000 BOE per day and 85,000 BOE per day with a 
50% weighting to crude oil and liquids. This is an expected increase of 2% 
versus 2012 using the mid-point of this range. Exit production is expected 
to average between 84,000 BOE per day and 88,000 BOE per day. Given the timing 
of capital spending and expected downtime for winter weather conditions, we 
expect production volumes during the first quarter will be slightly lower than 
the fourth quarter of 2012.

Based upon our production expectations and forward commodity prices at 
February 7, 2013, we expect to grow funds flow by approximately 8% over 2012 
levels. As a result of this growth and lower capital spending, our adjusted 
payout ratio is expected to decline significantly in 2013. We plan to 
continue to sell non-core assets in order to preserve our financial strength 
and also improve the focus of our operations. We expect to end the year with a 
year-end debt-to-funds flow ratio of less than 2.0 times.

In addition, with the majority of funds flow expected to be generated from 
crude oil, we have hedged a significant amount of our 2013 crude oil 
production in order to provide greater certainty with respect to funds flow 
for the year. We currently have 60% of our anticipated 2013 crude oil 
production net of royalties hedged at an average price of approximately 
US$100.00 per barrel. We also have downside protection on 28% of our 
anticipated natural gas production net after royalties through 2013.

We navigated a challenging economic environment in 2012 through active 
portfolio management and preservation of balance sheet strength. We delivered 
significant production and reserves growth in 2012 which has positioned us 
well for 2013. We have a large portfolio of future opportunities in crude oil, 
dry natural gas and liquids rich natural gas that we will seek to maximize the 
value of through both our capital spending programs as well as possible joint 
venture opportunities. Our growing component of U.S. based production also 
provides us exposure to alternative markets and is expected to help improve 
the profitability of our business. Given the results we have achieved in 
2012, we believe we provide a compelling value proposition for investors 
seeking exposure to the North American energy market.

 _______________________________________________________________
|2013 Guidance                                  |          2013E|
|_______________________________________________|_______________|
|Capital expenditures ($millions)               |           $685|
|_______________________________________________|_______________|
|                                               |               |
|_______________________________________________|_______________|
|Annual average daily production (BOE/day)      |82,000 - 85,000|
|_______________________________________________|_______________|
|     Oil & liquids weighting                   |            50%|
|_______________________________________________|_______________|
|                                               |               |
|_______________________________________________|_______________|
|Exit production (BOE/day)                      |84,000 - 88,000|
|_______________________________________________|_______________|
|     Oil & liquids weighting                   |            50%|
|_______________________________________________|_______________|
|                                               |               |
|_______________________________________________|_______________|
|Adjusted payout ratio*                         |           125%|
|_______________________________________________|_______________|
|Debt/funds flow at year-end                    |          <2.0x|
|_______________________________________________|_______________|
|                                               |               |
|_______________________________________________|_______________|
|Cash operating costs ($/BOE)                   |         $10.70|
|_______________________________________________|_______________|
|Cash G&A costs ($/BOE)                         |          $2.70|
|_______________________________________________|_______________|
|Cash equity based compensation expenses ($/BOE)|          $0.45|
|_______________________________________________|_______________|
|Royalties                                      |            21%|
|_______________________________________________|_______________|
|Cash taxes (% of U.S. cash flow)               |            ~3%|
|_______________________________________________|_______________|
|Interest expense                               |             5%|
|_______________________________________________|_______________|

*Adjusted payout ratio is defined as capital spending plus dividends
net
of proceeds from the SDP divided by funds flow

Gordon J. Kerr, President and CEO, will host a conference call today, February 
22, 2013 at 9:00 a.m. MT (11:00 a.m. ET) to discuss these results. Details of 
the conference call are as follows:

Live Conference Call

Date:      Friday, February 22, 2013

Time:      9:00 am MT/11:00 am ET

Dial-In:   647-427-7450  
           888-231-8191 (toll free)

Audiocast: http://www.newswire.ca/en/webcast/detail/1107509/1206991

To ensure timely participation in the conference call, callers are encouraged 
to dial in 15 minutes prior to the start time to register for the event. A 
podcast of the conference call will also be available on our website for 
downloading following the event. A telephone replay will be available for 30 
days following the conference call and can be accessed at the following 
numbers:

Dial-In:   416-849-0833   
           1-855-859-2056 (toll free)

Passcode:  96353152

INFORMATION REGARDING RESERVES, RESOURCES AND OPERATIONAL INFORMATION

Currency

All amounts in this news release are stated in Canadian dollars unless 
otherwise specified.

Barrels of Oil Equivalent and Cubic Feet of Gas Equivalent

This news release also contains references to "BOE" (barrels of oil 
equivalent), "Mcfe" (thousand cubic feet of gas equivalent), "Bcfe" (billion 
cubic feet of gas equivalent) and "Tcfe" (trillion cubic feet of gas 
equivalent). Enerplus has adopted the standard of six thousand cubic feet of 
gas to one barrel of oil (6 Mcf: 1 bbl) when converting natural gas to BOEs, 
and one barrel of oil to six thousand cubic feet of gas (1 bbl: 6 Mcf) when 
converting oil to Mcfes, Bcfes and Tcfes. BOEs, Mcfes, Bcfes and Tcfes may 
be misleading, particularly if used in isolation. The foregoing conversion 
ratios are based on an energy equivalency conversion method primarily 
applicable at the burner tip and do not represent a value equivalency at the 
wellhead. Given that the value ratio based on the current price of oil as 
compared to natural gas is significantly different from the energy equivalent 
of 6:1, utilizing a conversion on a 6:1 basis may be misleading. "MBOE" and 
"MMBOE" mean "thousand barrels of oil equivalent" and "million barrels of oil 
equivalent", respectively.

Presentation of Production and Reserves Information

All production volumes and revenues presented herein 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 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, 2012, 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, 2012 ("our AIF") which will be available in late 
February 2013 on our website at www.enerplus.com and under our SEDAR profile 
at www.sedar.com. Additionally, our AIF 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 ultimate recovery 
rates, 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. Enerplus expects to develop these contingent 
resources in the coming years however it is too early in their development for 
these resources to be classified as reserves at this time. All of our 
contingent resource estimates are economic using established technologies and 
under current commodity price assumptions used by our independent reserve 
evaluators. 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, 
2012. 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.

For additional information regarding the primary contingencies which currently 
prevent the classification of our disclosed "contingent resources" associated 
with our Marcellus shale gas properties, our Fort Berthold properties, our 
Wilrich natural gas properties and a portion of our Canadian crude oil 
properties as reserves and the positive and negative factors relevant to the 
"contingent resource" estimates, see our AIF for the year ended December 31, 
2012 (and corresponding Form 40-F) dated February 22, 2013, a copy of which is 
available under our SEDAR profile at www.sedar.com and a copy of the Form 40-F 
which is available under our EDGAR profile at www.sec.gov.

F&D and FD&A Costs

F&D costs presented in this news release are calculated (i) in the case of F&D 
costs for proved reserves, by dividing the sum of exploration and development 
costs incurred in the year plus the change in estimated future development 
costs in the year, by the additions to proved reserves in the year, and (ii) 
in the case of F&D costs for proved plus probable reserves, by dividing the 
sum of exploration and development costs incurred in the year plus the change 
in estimated future development costs in the year, by the additions to proved 
plus probable reserves in the year. The aggregate of the exploration and 
development costs incurred in the most recent financial year and the change 
during that year in estimated future development costs generally reflect total 
finding and development costs related to its reserves additions for that 
year.

FD&A costs presented in this news release are calculated (i) in the case of 
FD&A costs for proved reserves, by dividing the sum of exploration and 
development costs and the cost of net acquisitions incurred in the year plus 
the change in estimated future development costs in the year, by the additions 
to proved reserves including net acquisitions in the year, and (ii) in the 
case of FD&A costs for proved plus probable reserves, by dividing the sum of 
exploration and development costs and the cost of net acquisitions incurred in 
the year plus the change in estimated future development costs in the year, by 
the additions to proved plus probable reserves including net acquisitions in 
the year. The aggregate of the exploration and development costs incurred in 
the most recent financial year and the change during that year in estimated 
future development costs generally reflect total finding, development and 
acquisition costs related to its reserves additions for that year.

See "Non-GAAP Measures" below.

NOTICE TO U.S. READERS

The oil and natural gas reserves information contained in this news release 
has generally been prepared in accordance with Canadian disclosure standards, 
which are not comparable in all respects to United States or other foreign 
disclosure standards. Reserves categories such as "proved reserves" and 
"probable reserves" may be defined differently under Canadian requirements 
than the definitions contained in the United States Securities and Exchange 
Commission (the "SEC") rules. In addition, under Canadian disclosure 
requirements and industry practice, reserves and production are reported using 
gross (or, as noted above, "company interest") volumes, which are volumes 
prior to deduction of royalty and similar payments. The practice in the United 
States is to report reserves and production using net volumes, after deduction 
of applicable royalties and similar payments. Canadian disclosure requirements 
require that forecasted commodity prices be used for reserves evaluations, 
while the SEC mandates the use of an average of first day of the month price 
for the 12 months prior to the end of the reporting period. Additionally, 
the SEC prohibits disclosure of oil and gas resources, whereas Canadian 
issuers may disclose oil and gas resources. Resources are different than, and 
should not be construed as reserves. For a description of the definition of, 
and the risks and uncertainties surrounding the disclosure of, contingent 
resources, see "Information Regarding Reserves, Resources and Operational 
Information" above.

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 "expect", "anticipate", "continue", 
"estimate", "guidance", "objective", "ongoing", "may", "will", "project", 
"should", "believe", "plans", "intends", "budget", "strategy" and similar 
expressions are intended to identify forward-looking information. In 
particular, but without limiting the foregoing, this news release contains 
forward-looking information pertaining to the following: Enerplus' asset 
portfolio; future capital and development expenditures and the allocation 
thereof among our resource plays and assets; future development and drilling 
locations, plans and costs; the performance of and future results from 
Enerplus' assets and operations, including anticipated production levels, 
expected ultimate recoveries and decline rates; future growth prospects, 
acquisitions and dispositions; the volumes and estimated value of Enerplus' 
oil and gas reserves and contingent resource volumes and future commodity 
price and foreign exchange rate assumptions related thereto; the life of 
Enerplus' reserves; the volume and product mix of Enerplus' oil and gas 
production; the amount of future asset retirement obligations; future funds 
flow and debt-to-funds flow levels; potential asset sales; returns on 
Enerplus' capital program; Enerplus' tax position; sources of funding of 
Enerplus' capital program; and future costs, expenses and royalty rates.

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 Enerplus' development plans 
will achieve the expected results; the general continuance of current or, 
where applicable, assumed industry conditions; the continuation of assumed 
tax, royalty and regulatory regimes; the accuracy of the estimates of 
Enerplus' reserve and resource volumes; commodity price and cost assumptions; 
the continued availability of adequate debt and/or equity financing, cash flow 
and other sources to fund Enerplus' capital and operating requirements as 
needed; and the extent of its liabilities. 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.

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: 
changes in commodity prices; changes in the demand for or supply of Enerplus' 
products; unanticipated operating results, results from development plans or 
production declines; changes in tax or environmental laws, royalty rates or 
other regulatory matters; changes in development plans by Enerplus or by third 
party operators of Enerplus' properties; increased debt levels or debt service 
requirements; inaccurate estimation of Enerplus' oil and gas reserves and 
resources volumes; limited, unfavourable or a lack of access to capital 
markets; increased costs; a lack of adequate insurance coverage; the impact of 
competitors; reliance on industry partners; and certain other risks detailed 
from time to time in Enerplus' public disclosure documents (including, without 
limitation, those risks identified in Enerplus' Annual Information Form and 
Form 40-F described above).

The forward-looking information contained in this news release speaks only as 
of the date of this news release, and none of Enerplus or its subsidiaries 
assume any obligation to publicly update or revise them to reflect new events 
or circumstances, except as may be required pursuant to applicable laws.

NON-GAAP MEASURES

In this news release, we use the terms "payout ratio" and "adjusted payout 
ratio" to analyze operating performance, leverage and liquidity, and the terms 
"F&D costs", "FD&A costs", "recycle ratio" and "operating netback" as measures 
of operating performance. We calculate "payout ratio" by dividing dividends 
to shareholders, net of our stock dividends and DRIP proceeds, by funds 
flow. "Adjusted payout ratio" is calculated as cash dividends to 
shareholders, net of our stock dividends and DRIP proceeds, plus capital 
spending (including office capital) divided by funds flow. "Operating netback" 
is calculated as oil and gas sales revenues after deducting royalties, 
operating costs and transportation. A "recycle ratio" is calculated as F&D 
costs divided by operating netback.

Enerplus believes that, in addition to net earnings and other measures 
prescribed by IFRS, the terms "payout ratio", "adjusted payout ratio", "F&D 
costs" and "FD&A costs" are useful supplemental measures as they provide an 
indication of the results generated by Enerplus' principal business 
activities. However, these measures are not measures recognized by GAAP and do 
not have a standardized meaning prescribed by IFRS. Therefore, these measures, 
as defined by Enerplus, may not be comparable to similar measures presented by 
other issuers.

.

Gordon J. Kerr
President & Chief Executive Officer
Enerplus Corporation









For further information, please contact our Investor Relations  Department at 
1-800-319-6462 or emailinvestorrelations@enerplus.com.

SOURCE: Enerplus Corporation

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/22/c7355.html

CO: Enerplus Corporation
ST: Alberta
NI: OIL ERN CONF 

-0- Feb/22/2013 11:00 GMT


 
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