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  
-0- Feb/03/2014 23:59 GMT
 
 
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