Enerplus Exceeds Production Guidance for 2013 and Delivers Record Reserve Replacement

 Enerplus Exceeds Production Guidance for 2013 and Delivers Record Reserve  Replacement  This news release includes forward-looking statements and information within  the meaning of applicable securities laws. Readers are advised to review  "Forward-Looking Information and Statements" at the conclusion of this news  release. Readers are also referred to "Information Regarding Reserves 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 and operational information in this news release.  CALGARY, Feb. 3, 2014 /CNW/ - Enerplus Corporation ("Enerplus") (TSX: ERF)  (NYSE: ERF) is pleased to announce production and reserve results for the year  ended 2013. Highlights include:  2013 PRODUCTION            --  Annual average production grew by over 9% in 2013 to average             89,800 BOE per day, ahead of our expectations of 89,000             BOE/day.         --  Production during the month of December averaged 99,600 BOE per             day, exceeding our expectations due to continued outperformance             in the Marcellus, which averaged 170 MMcf per day during the             month.         --  Fourth quarter 2013 production averaged 94,200 BOE per day. As             a result of the Marcellus performance, the natural gas             weighting increased to 56% during the quarter.  2013 YEAR-END RESERVES         --  Proved plus probable company interest ("2P") reserves grew by             over 17% to 406 MMBOE. On a per share basis, 2P reserves             increased by 15% year-over-year.         --  Added 78 MMBOE of 2P reserves through our development programs,             including technical and economic revisions, replacing 238% of             2013 annual production.  Approximately 30% of the reserve             additions were from crude oil.         --  Added a total of 93 MMBOE of 2P reserves, including technical             and economic revisions and net acquisition and development             activity, replacing 284% of production in 2013.  83% of the             total reserve additions were from natural gas.         --  Capital spending for the year was an estimated $681.4 million,             slightly less than our forecast of $685 million. Approximately             two thirds of our capital was invested in oil projects in 2013.         --  2P finding and development ("F&D") costs including future             development capital ("FDC") decreased by over 50% to $11.28 per             BOE.  This represents a recycle ratio of 2.4 times based upon             an estimated operating netback of $27.40 per BOE in 2013.         --  2P finding, development and acquisition ("FD&A") costs per BOE             were $8.36 per BOE including FDC, down over 60%             year-over-year.  Our three year FD&A costs for 2P reserves,             including FDC, are $14.66 per BOE.         --  A total of 24.4 MMbbls of 2P crude oil reserves were added             through our acquisition and capital spending activities,             including technical and economic revisions, reflecting a 175%             oil production replacement and offsetting the disposition of 10             MMbbls of oil reserves during the year.         --  2P natural gas reserves increased by 43% to 1.2 Tcf with the             addition of 463 Bcf associated with our development,             acquisition and divestment activities. The majority of the             increase in 2P natural gas reserves is attributable to the             Marcellus where we added 268 Bcf of 2P reserves through our             capital development activities, including technical and             economic factors, and 143 Bcf through acquisitions. Total             Marcellus 2P reserves at year-end increased to 601 Bcf and now             represent 50% of our total 2P natural gas reserves, up from 27%             at year-end 2012.         --  12.1 MMBOE of 2P reserves were sold during 2013 at an average             cost of $33.72 per BOE.         --  26.9 MMBOE of 2P reserves were purchased during 2013, the             majority of which is attributable to the acquisition of             additional working interests in the Marcellus, at an average             cost of $11.25 per BOE.         --  2P reserve life index remains essentially unchanged at 10.8             years.  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 89.5% of the total proved  plus probable value (before tax, discounted at 10%) of our reserves at  December 31, 2013. McDaniel & Associates Consultants Ltd. ("McDaniel")  evaluated 74% of our Canadian reserves and 100% of the reserves associated  with our U.S. oil assets. McDaniel also reviewed the internal evaluation  completed by Enerplus on the remaining 26% of our Canadian assets. Netherland,  Sewell & Associates, Inc. ("NSAI") evaluated all of our U.S. natural gas  assets.  The following reserves information sets out our company interest reserves  volumes at December 31, 2013 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  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.  See "Information Regarding Reserves and Operational Information" at the end of  this news release for information regarding the presentation of company  interest reserves.  RESERVES SUMMARY  Enerplus' 2P reserves increased by 60.2 million BOE to 406.0 million BOE at  year-end 2013, up from 345.8 million at year-end 2012. The majority of reserve  additions were associated with our U.S. properties as a result of our drilling  and acquisition activities. These assets now represent 58% of total 2P  reserves. Proved reserves as a percentage of total 2P reserves remained at 65%  year-over-year.                   Light &                   Natural                    Medium   Heavy               Gas Natural   Shale     Reserves          Oil     Oil Total Oil Liquids     Gas     Gas   Total     Summary       (Mbbls) (Mbbls)   (Mbbls) (Mbbls)  (MMcf)  (MMcf)  (MBOE)     Company                                                                     Interest       Proved       64,108  26,700    90,808   7,348 354,385 212,770 192,681     producing       Proved          805     136       941     145   8,486  72,320  14,553     developed     non-producing       Proved       22,883   3,980    26,863   1,475  46,959 126,342  57,221     undeveloped       Total        87,795  30,816   118,611   8,967 409,830 411,431 264,455     proved       Total        62,371  11,264    73,635   5,757 183,744 189,430 141,587     probable     Proved plus   150,166  42,080   192,246  14,723 593,574 600,861 406,042     Probable     Gross                                                                         Proved       64,006  26,689    90,695   7,166 338,646 212,770 189,764     producing       Proved          805     136       941     144   8,417  72,320  14,541     developed     non-producing       Proved       22,879   3,980    26,859   1,422  43,215 126,342  56,540     undeveloped       Total        87,689  30,806   118,495   8,732 390,280 411,431 260,844     proved       Total        62,340  11,260    73,600   5,629 174,445 189,430 139,875     probable     Proved plus   150,029  42,066   192,095  14,361 564,725 600,861 400,720     Probable     Net                                                                           Proved       53,604  21,407    75,011   5,398 305,107 170,423 159,663     producing       Proved          700     106       806     104   6,335  57,893  11,614     developed     non-producing       Proved       18,654   3,053    21,707   1,172  42,789 101,084  46,858     undeveloped       Total        72,957  24,566    97,523   6,674 354,231 329,400 218,136     proved       Total        50,388   8,588    58,976   4,459 158,767 151,530 115,152     probable     Proved plus   123,345  33,154   156,499  11,134 512,998 480,930 333,288     Probable                                                                        RESERVES RECONCILIATION  The following tables outline the changes in Enerplus' proved, probable and  proved plus probable reserves, on a company interest basis, from December 31,  2012 to December 31, 2013:     Proved Reserves - Company Interest Volumes (Forecast Prices)                              Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale                            Oil           Oil     Total Oil       Liquids           Gas           Gas         Total     CANADA             (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Proved     Reserves at      Dec. 31,     2012                36,246        31,521        67,767         6,887       361,158             -       134,847     Acquisitions         1,580                       1,580            19         1,676                       1,879                                            -                                                       -     Dispositions       (7,105)                     (7,105)         (599)       (5,999)                     (8,703)                                            -                                                       -     Discoveries                                                                                                                                 -             -             -             -             -             -             -     Extensions     & improved      recovery            1,511         1,528         3,039           196        24,172             -         7,264     Economic               491            55           546          (29)       (3,058)                           8     factors                                                                                        -     Technical            (105)           828           722           878        32,791                       7,065     revisions                                                                                      -     Production         (3,404)       (3,115)       (6,520)       (1,023)      (64,195)                    (18,241)                                                                                                    -     Proved     Reserves at      Dec. 31,                                                                                            2013                29,214        30,816        60,030         6,330       346,545             -       124,118                        Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale     UNITED                 Oil           Oil     Total Oil       Liquids           Gas           Gas         Total     STATES             (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Proved     Reserves at      Dec. 31,     2012                56,993           -          56,993         2,349        52,748       146,127        92,488     Acquisitions            30                          30             2            12       117,668        19,645                                          -       Dispositions                                                                                                                              -             -             -             -             -             -             -       Discoveries                                                                                                                               -             -             -             -             -             -             -       Extensions &     improved                                      recovery            5,188           -           5,188           255         5,177       168,634        34,412     Economic             (556)                       (556)             2       (1,126)      (17,140)       (3,598)     factors                              -       Technical            4,368                       4,368           273        12,778        30,917        11,924     revisions                            -       Production         (7,442)                     (7,442)         (245)       (6,305)      (34,775)      (14,533)                                          -       Proved     Reserves at      Dec. 31,                                    2013                58,581           -          58,581         2,637        63,285       411,431       140,337                                                                                                                                                              Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale     TOTAL                  Oil           Oil     Total Oil       Liquids           Gas           Gas         Total     ENERPLUS           (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Proved     Reserves at      Dec. 31,     2012                93,239        31,521       124,760         9,236       413,906       146,127       227,335     Acquisitions         1,610                       1,610            21         1,688       117,668        21,524                                          -       Dispositions       (7,105)                     (7,105)         (599)       (5,999)                     (8,703)                                          -                                                       -       Discoveries                                                                                                                               -             -             -             -             -             -             -       Extensions &     improved      recovery            6,699         1,528         8,227           451        29,349       168,634        41,675     Economic              (65)            55          (10)          (26)       (4,183)      (17,140)       (3,590)     factors     Technical            4,262           828         5,090         1,151        45,569        30,917        18,989     revisions     Production        (10,846)       (3,115)      (13,961)       (1,267)      (70,499)      (34,775)      (32,774)     Proved     Reserves at      Dec. 31,     2013                87,795        30,816       118,611         8,967       409,830       411,431       264,455     Probable Reserves - Company Interest Volumes (Forecast Prices)                              Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale                            Oil           Oil     Total Oil       Liquids           Gas           Gas         Total     CANADA             (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Probable     Reserves at      Dec. 31,                                                                                            2012                12,810        10,991        23,801         3,144       171,526           -          55,533     Acquisitions           290                         290             3           283                         340                                          -                                                       -       Dispositions       (2,775)                     (2,775)         (214)       (2,164)                     (3,350)                                          -                                                       -       Discoveries                                                                                                                               -             -             -             -             -             -             -       Extensions     & improved                                                                                            recovery              687         1,751         2,438            70         8,489           -           3,923     Economic              (13)            57            45          (18)         (937)                       (129)     factors                                                                                      -       Technical          (1,320)       (1,536)       (2,856)         (421)      (32,227)                     (8,649)     revisions                                                                                    -       Production                                                                                                                                -             -             -             -             -             -             -       Probable     Reserves at      Dec. 31,                                                                                            2013                 9,679        11,264        20,943         2,564       144,970           -          47,668                                           Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale     UNITED                 Oil           Oil     Total Oil       Liquids           Gas           Gas         Total     STATES             (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Probable     Reserves at      Dec. 31,                                    2012                43,111           -          43,111         2,243        27,202        78,373        62,950     Acquisitions           681                         681            40           266        25,686         5,046                                          -       Dispositions                                                                                                                              -             -             -             -             -             -             -       Discoveries                                                                                                                               -             -             -             -             -             -             -       Extensions &     improved                                      recovery           14,477           -          14,477           986        12,973        89,619        32,562     Economic                 8                           8             2          (19)       (8,877)       (1,473)     factors                              -       Technical          (5,585)                     (5,585)          (78)       (1,647)         4,629       (5,166)     revisions                            -       Production                                                                                                                                -             -             -             -             -             -             -       Probable     Reserves at      Dec. 31,                                    2013                52,692           -          52,692         3,193        38,774       189,430        93,919                                                                                                                                                                                                                                                  Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale     TOTAL                  Oil           Oil     Total Oil       Liquids           Gas           Gas         Total     ENERPLUS           (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Probable     Reserves at      Dec. 31,     2012                55,921        10,991        66,912         5,387       198,728        78,373       118,482     Acquisitions           971                         971            43           548        25,686         5,386                                          -       Dispositions       (2,775)                     (2,775)         (214)       (2,164)                     (3,350)                                          -                                                       -       Discoveries                                                                                                                               -             -             -             -             -             -             -       Extensions &     improved      recovery           15,164         1,751        16,916         1,056        21,462        89,619        36,485     Economic               (5)            57            53          (16)         (956)       (8,877)       (1,602)     factors     Technical          (6,905)       (1,536)       (8,441)         (499)      (33,874)         4,629      (13,815)     revisions     Production                                                                                                                                -             -             -             -             -             -             -       Probable            62,371        11,264        73,635         5,757       183,744       189,430       141,587     Reserves at     Dec. 31,     2013     Proved Plus Probable Reserves - Company Interest Volumes (Forecast Prices)                              Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale                            Oil           Oil     Total Oil       Liquids           Gas           Gas         Total     CANADA             (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Proved Plus     Probable      Reserves at     Dec. 31,                                                                                             2012                49,056        42,512        91,568        10,031       532,684           -         190,380     Acquisitions         1,870                       1,870            23         1,959                       2,219                                          -                                                       -       Dispositions       (9,880)                     (9,880)         (813)       (8,163)                    (12,053)                                          -                                                       -       Discoveries                                                                                                                               -             -             -             -             -             -             -       Extensions     & improved                                                                                            recovery            2,198         3,279         5,477           266        32,661           -          11,186     Economic               478           113           591          (46)       (3,995)                       (121)     factors                                                                                      -       Technical          (1,426)         (708)       (2,134)           457           564                     (1,583)     revisions                                                                                    -       Production         (3,404)       (3,115)       (6,520)       (1,023)      (64,195)                    (18,241)                                                                                                  -       Proved Plus     Probable      Reserves at     Dec. 31,                                                                                             2013                38,893        42,080        80,973         8,894       491,515           -         171,787                                           Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale     UNITED                 Oil           Oil    Total Oil        Liquids           Gas           Gas         Total     STATES             (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Proved Plus     Probable      Reserves at     Dec. 31,                                     2012               100,104           -         100,104         4,592        79,950       224,500       155,438     Acquisitions           711                         711            42           277       143,354        24,691                                          -       Dispositions                                                                                                                              -             -             -             -             -             -             -       Discoveries                                                                                                                               -             -             -             -             -             -             -       Extensions &     improved                                      recovery           19,665           -          19,665         1,241        18,150       258,253        66,974     Economic             (548)                       (548)             4       (1,145)      (26,017)       (5,071)     factors                              -       Technical          (1,217)                     (1,217)           196        11,131        35,545         6,758     revisions                            -       Production         (7,442)                     (7,442)         (245)       (6,305)      (34,775)      (14,533)                                          -       Proved Plus     Probable      Reserves at     Dec. 31,                                     2013               111,273           -         111,273         5,829       102,059       600,861       234,256                                                                                                                                           Light &                                   Natural                         Medium         Heavy                         Gas       Natural         Shale     TOTAL                  Oil           Oil     Total Oil       Liquids           Gas           Gas         Total     ENERPLUS           (Mbbls)       (Mbbls)       (Mbbls)       (Mbbls)        (MMcf)        (MMcf)        (MBOE)     Proved Plus     Probable      Reserves at     Dec. 31,     2012               149,160        42,512       191,672        14,623       612,634       224,500       345,817     Acquisitions         2,581                       2,581            64         2,236       143,354        26,910                                          -       Dispositions       (9,880)                     (9,880)         (813)       (8,163)                    (12,053)                                          -                                                       -       Discoveries                                                                                                                               -             -             -             -             -             -             -       Extensions &     improved      recovery           21,864         3,279        25,143         1,507        50,811       258,253        78,160     Economic              (70)           113            43          (42)       (5,139)      (26,017)       (5,192)     factors     Technical          (2,643)         (708)       (3,351)           652        11,695        35,545         5,174     revisions     Production        (10,846)       (3,115)      (13,961)       (1,267)      (70,499)      (34,775)      (32,774)     Proved Plus     Probable      Reserves at     Dec. 31,     2013               150,166        42,080       192,246        14,723       593,574       600,861       406,042                                                                                                         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 evaluators' best estimate of the capital required to bring the proved and  proved plus 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 increase in FDC year-over-year is a result of the increase in the number  of undeveloped drilling locations at Fort Berthold, the Marcellus, in the  Wilrich and in our Canadian waterflood properties.  The following is a summary of the independent reserve evaluators' estimated  FDC required to bring the total proved and proved plus probable probable  reserves on production:     Future                              Proved                   Proved Plus     Development                       Reserves             Probable Reserves     Capital     ($ millions)                                                                 2014                                                                                                                479                           558     2015                                                                                                                390                           518     2016                                                                                                                 31                           439     2017                                                                                                                 31                           376     2018                                                                                                                 19                            40     Remainder                                                                                                            51                            65     Total FDC                                                                    Undiscounted                         1,001                         1,996     Total FDC                                                                    Discounted                             889                         1,667     at 10%     F&D AND FD&A COSTS -including future     development capital           ($ millions except for per BOE        2013     2012     2011     3 Year     amounts)     Proved Plus Probable Reserves                                                                                                                           Finding & Development Costs                                                   Capital Expenditures           $   681.4 $  852.8 $  829.8  $ 2,364.0       Net change in Future          $    200.0 $  534.6 $  435.9  $ 1,170.5     Development Capital       Company Interest Reserve            78.1     57.3     48.2 $    183.6     additions (MMBOE)       F&D costs ($/BOE)              $   11.28 $  24.21 $  26.26 $    19.25                                                                                 Finding,  Development &                                                     Acquisition Costs       Capital expenditures and net   $   561.1 $  726.4 $  370.2  $ 1,657.7     acquisitions       Net change in Future          $    216.6 $  509.1 $  402.7  $ 1,128.4     Development Capital       Company Interest Reserve            93.0     53.9     43.2 $    190.1     additions (MMBOE)       FD&A costs ($/BOE)           $      8.36 $  22.92 $  17.89 $    14.66                                                                                 Proved Reserves                                                                                                                                         Finding & Development Costs                                                   Capital Expenditures          $    681.4    852.8    829.8  $ 2,364.0       Net change in Future          $  (106.4)    248.3    230.7 $    372.6     Development Capital       Company Interest Reserve            57.1     38.4     31.5 $    127.0     additions (MMBOE)       F&D costs ($/BOE)             $    10.08 $  28.67 $  33.67 $    21.55                                                                                 Finding, Development &                                                      Acquisition Costs       Capital expenditures and net   $   561.1    726.4    370.2  $ 1,657.7     acquisitions       Net change in Future          $  (112.8)    241.3    213.0 $    341.5     Development Capital       Company Interest Reserve            69.9     36.6     28.9 $    135.4     additions (MMBOE)       FD&A costs ($/BOE)           $      6.41 $  26.44 $  20.18 $    14.77        FORECAST PRICE ASSUMPTIONS  The estimated reserves volumes and the net present values of future net  revenues ("NPV") at December 31, 2013 were based upon forecast crude oil and  natural gas pricing assumptions prepared by McDaniel as of January 1, 2014.  These prices were applied to the reserves evaluated by McDaniel and NSAI,  along with those evaluated internally by Enerplus and reviewed by McDaniel.  The base reference prices and exchange rates used by McDaniel are detailed  below.  While the near-term oil and natural gas price assumptions used by our  independent reserve evaluators at January 1, 2014 increased, the long-term  price outlooks decreased when compared to the price assumptions used at  December 31, 2012.  As a result, despite a 17% increase in our 2P reserves at  December 31, 2013, the estimated before tax NPV using a 10% discount increased  by only 7%.     McDaniel January 2014 Forecast Price Assumptions                              Light                          Crude Oil  Hardisty           Natural Gas                      WTI       (1) Heavy Oil Henry Hub 30 day spot Exchange                Crude Oil  Edmonton   12o API Gas Price      @ AECO     Rate                  US$/bbl  CDN$/bbl  CDN$/bbl US$/MMBtu  CDN$/MMBtu CDN$/US$                                                                               2014          95.00     95.00     67.50     4.25        4.00     0.950     2015          95.00     96.50     70.40     4.50        4.25     0.950     2016          95.00     97.50     71.20     4.75        4.55     0.950     2017          95.00     98.00     71.50     5.00        4.75     0.950     2018          95.30     98.30     71.80     5.25        5.00     0.950     Thereafter        **        **        **        **          **   0.950     (1) Edmonton Light Sweet 40 degree API, 0.3% sulphur content crude.     **  Escalation varies after 2018.        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, before 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.     Net Present Value of Future Production Revenue - Forecast Prices     and Costs(before tax)     Reserves at December 31, 2013, ($         0%     5%    10%    15%     Millions, discounted at)     Proved developed producing            $5,238 $3,820 $3,051 $2,575     Proved developed non-producing           299    217    174    147     Proved undeveloped                     1,305    612    312    152     Total Proved                          $6,842 $4,649 $3,537 $2,874     Probable                               4,933  2,382  1,437    974     Total Proved Plus Probable Reserves  $11,775 $7,031 $4,974 $3,848     (before tax)  INFORMATION REGARDING RESERVES AND OPERATIONAL INFORMATION  Currency  All amounts in this news release are stated in Canadian dollars unless  otherwise specified.  Barrels of Oil Equivalent  This news release also contains references to "BOE" (barrels of oil  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.  BOEs 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, 2013, 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, 2013 ("our AIF") which will be available in late  February 2014 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 be  available on EDGAR at www.sec.gov. Readers are also urged to review the  Management's Discussion & Analysis and financial statements to be filed on  SEDAR and EDGAR concurrently with our AIF for more complete disclosure on our  operations.  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.  Other Metrics  Reserve life index is calculated by dividing the total applicable reserves  quantity by the 2014  annual production as forecast in the reserves  evaluations.  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.  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 to bring reserves on  production; the volumes and estimated net present value of Enerplus' oil and  gas reserves 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 reserves and production; 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 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 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 ""F&D costs", "FD&A costs", "recycle  ratio" and "operating netback" as measures of operating performance.   "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 U.S. GAAP, the terms "recycle 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 U.S. GAAP. Therefore, these measures, as defined by  Enerplus, may not be comparable to similar measures presented by other issuers.  Ian C. Dundas President & Chief Executive Officer Enerplus Corporation    SOURCE  Enerplus Corporation  Investor Relations Department at 1-800-319-6462 or  emailinvestorrelations@enerplus.com.  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/February2014/03/c7035.html  CO: Enerplus Corporation ST: Alberta NI: OIL FIELD