Enerplus Announces Strong First Quarter 2014 Results

All financial information contained within this news release has been prepared 
in accordance with U.S. GAAP including comparative figures pertaining to 
Enerplus' 2013 results. This news release includes forward-looking statements 
and information within the meaning of applicable securities laws.  Readers are 
advised to review the "Forward-Looking Information and Statements" at the 
conclusion of this news release. Readers are also referred to "Non-GAAP 
Measures" at the end of this news release for information regarding the 
presentation of the financial and operational information in this news 
release. A full copy of our First Quarter 2014 Financial Statements and MD&A 
are available on our website at www.enerplus.com, under our profile on SEDAR 
at www.sedar.com and on the EDGAR website at www.sec.gov. 
CALGARY, May 9, 2014 /CNW/ - Enerplus Corporation ("Enerplus") (TSX: ERF) 
(NYSE: ERF) is pleased to announce the results from operations for the first 
quarter 2014. 

        --  Enerplus demonstrated continued focus on operational execution
            under a disciplined capital program in the first quarter,
            delivering growth in both production and funds flow.
        --  Production volumes grew by 5% in the first quarter compared to
            the fourth quarter of 2013, averaging 98,821 BOE per day. This
            increase was attributable to record production from the
            Marcellus, which averaged nearly 180 MMcf per day. While our
            crude oil volumes were maintained quarter over quarter, adverse
            weather conditions caused production interruptions in both our
            Canadian and U.S. operations and slowed capital spending
            activities.  We expect that our crude oil production will
            continue to grow throughout 2014 achieving our guidance as we
            move through the year.
        --  We are maintaining our annual average production forecast of
            96,000 BOE per day to 100,000 BOE per day, however we expect to
            track towards the high end of the range due to the
            outperformance in the Marcellus. As a result, our natural gas
            weighting is expected to increase to 56% of total volumes.
        --  Higher production levels and stronger commodity prices
            contributed to an increase in funds flow during the quarter.
            Funds flow grew to $220 million ($1.09 per share), up 22% from
            the previous quarter. Cold weather throughout many regions of
            North America caused natural gas prices to increase by over 50%
            and contributed to the growth in funds flow. This increase and
            the proceeds from our non-core divestment program also
            strengthened our balance sheet.  Our debt to trailing twelve
            month funds flow ratio improved to 1.3x from 1.4x at year end.
        --  Capital spending was slightly less than planned in the quarter
            due to weather interruptions delaying some of our completion
            activities, particularly in our U.S. oil assets.  We invested
            $218 million and continue to expect to be on track with our
            full year capital program. However, the decline in the Canadian
            dollar exchange rate vis-à-vis the U.S. dollar, while positive
            to revenues, will increase our reported capital spending for
            the year.  With approximately 60% of our capital program
            invested in our U.S. assets,  and modestly higher capital
            spending associated with our non-operated projects, our capital
            spending forecast for 2014 is expected to increase to $800
            million, up 5% from our original estimate of $760 million.
        --  Both our operating and G&A costs were in line with our
            estimates during the quarter and we are maintaining our
            guidance targets. Given the increase in our share price, we
            anticipate that cash share based compensation will increase by
            $0.20 per BOE to $0.45 per BOE.
        --  As a result of the improvement in our sustainability and
            balance sheet over the past year, and to reduce dilution, we
            elected to remove the 5% discount under our Stock Dividend
            Program ("SDP") effective with the April 2014 dividend payment.
            The SDP remains in place, affording shareholders the
            opportunity to reinvest their dividends on a monthly basis.

                                               Three months ended March 31,
                                                     2014              2013
    Financial (000's)                                                      
    Funds Flow                           $        220,512       $   172,599
    Cash and Stock Dividends                       54,935            53,785
    Net Income/(Loss)                              40,037          (16,397)
    Debt Outstanding - net of cash              1,020,720         1,125,762
    Capital Spending                              217,763           172,947
    Property and Land Acquisitions                  9,969             3,967
    Property Divestments                          117,225             1,331
    Debt to Trailing 12-Month                                    
    Funds Flow                                       1.3x              1.7x
    Financial per Weighted Average                               
    Shares Outstanding                                                     
    Funds Flow                           $           1.09       $      0.87
    Net Income (Basic)                               0.20            (0.08)
    Weighted Average Number of                                   
    Shares Outstanding (000's)                    203,178           199,031
    Selected Financial Results per                               
    Oil & Natural Gas Sales(3)           $          54.19       $     46.67
    Royalties and Production Taxes                (12.05)            (9.52)
    Commodity Derivative                                         
    Instruments                                    (1.72)              1.47
    Operating Costs                               (10.01)           (10.42)
    General and Administrative                     (2.31)            (3.15)
    Share-Based Compensation                       (0.77)            (0.70)
    Interest, Foreign Exchange and                               
    Other Expenses                                 (1.67)            (2.19)
    Taxes                                          (0.87)            (0.16)
    Funds Flow                           $          24.79       $     22.00
    SELECTED OPERATING RESULTS                 Three months ended March 31,
                                                     2014              2013
    Average Daily Production(2)                                            
      Crude oil (bbls/day)                         37,760            38,321
      NGLs (bbls/day)                               3,262             3,595
      Natural gas (Mcf/day)                       346,794           271,602
      Total (BOE/day)                              98,821            87,183
      % Natural Gas                                   58%               52%
    Average Selling Price(2)(3)                                            
      Crude oil (per bbl)                $          91.48       $     78.52
      NGLs (per bbl)                                66.30             58.58
      Natural gas (per Mcf)                          4.93              3.10
    Net Wells drilled                                  30                25
    (1)  Non-cash amounts have been excluded.
    (2)  Based on Company interest production volumes.  See "Basis of
         Presentation" section in the MD&A.
    (3)  Net of oil and gas transportation costs, but before royalties and
         the effects of commodity derivative instruments.
                                               Three months ended March 31,
    Average Benchmark                       2014                       2013
    WTI crude oil           $              98.68       $              94.37
    AECO - monthly                          4.76                       3.08
    index (CDN$/Mcf)
    AECO - daily                            5.71                       3.20
    index (CDN$/Mcf)
    NYMEX natural gas                       4.94                       3.34
    - last day
    USD/CDN exchange                        1.10                       1.01
    Share Trading Summary                  CDN* - ERF         U.S.** - ERF
    For the three months ended March           (CDN$)                 US$)
    31, 2014
    High                                 $      22.37       $        20.18
    Low                                  $      18.45       $        17.15
    Close                                $      22.10       $        20.03
    *TSX and other Canadian trading data combined.
    **NYSE and other U.S. trading data combined.
    2014 Dividends per Share                                           
                                            CDN$               US$(1)
    January                        $          0.09       $         0.08
    February                       $          0.09       $         0.08
    March                          $          0.09       $         0.08
    First Quarter Total            $          0.27       $         0.24
    (1)  US$ dividends represent CDN$ dividends converted at the relevant
        foreign exchange rate on the payment date.
    Production and Capital                               
                                                 Three months ended
                                                   March 31, 2014
    Crude Oil & NGLs           Average Production         Capital Spending
    (bbls/day)                            Volumes             ($ millions)
    Canada                                 19,117                      $62
    United States                          21,905                       59
    Total Crude Oil &                      41,022                     $121
    NGLs (bbls/day)
    Natural Gas                                                           
    Canada                                151,627                      $66
    United States                         195,167                       31
    Total Natural Gas                     346,794                      $97
    Company Total                          98,821                     $218
       Net Drilling Activity- for the three months ended March 31, 2014
                  Horizontal         Pending                         Dry &
                       Wells     Completion/           Wells     Abandoned
    Crude Oil        Drilled         Tie-in*     On-stream**         Wells
    Canada              13.2            10.3             4.0             -
    United               5.3             5.3             1.8             -
    Total               18.5            15.6             5.8             -
    Crude Oil
    Canada               7.3             3.7             3.4           0.3
    United               4.1             4.1             2.3             -
    Total               11.4             7.8             5.7             -
    Company             29.9            23.4            11.5           0.3
    *Wells drilled during the quarter that are pending potential
    completion/tie-in or abandonment as at March 31, 2014.
    **Total wells brought on-stream during the quarter regardless of when
    they were drilled.
    Asset Activity

We continued with an active capital program during the first quarter of 2014, 
spending $218 million across our four core areas.  A total of 30 net 
horizontal wells were drilled, however, due to extreme weather, only 11.5 net 
wells were placed on stream, down significantly from the fourth quarter of 
2013 when 19 net wells were brought on-stream.  Our U.S. activities were 
focused in Fort Berthold, North Dakota and in the Marcellus in northeast 
Pennsylvania where we continue to see strong well performance.

Production from Fort Berthold was maintained quarter over quarter despite the 
weather impact on production and the timing of our completion activities.  
Only 1.8 net wells were brought on-stream during the quarter. We are 
encouraged by the sustained performance of wells drilled in the fourth quarter 
with the new completion design. With 90 days of runtime, production volumes 
continue to be ahead of our expectations. Subsequent to the quarter, we 
brought on two wells from our second high density pad, one well producing from 
the Bakken and one well producing from the second bench of the Three Forks 
formation.  In the first 26 days on production, the Bakken well has produced 
over 64,000 barrels of oil (on average almost 2,500 barrels per day) and the 
second bench Three Forks well has produced over 60,000 barrels of oil (on 
average 2,300 barrels per day). These are the best wells we've drilled to date.

Production from the Marcellus continues to surpass our expectations.  Our 
drilling activities remain concentrated in the Bradford and Susquehanna areas 
where we are seeing strong well performance.  Similar to North Dakota, well 
completions in the Marcellus continue to evolve with an increase in the number 
of stages and the amount of sand per stage in the fracs.  During the quarter, 
30 day initial production rates on wells drilled in the Bradford and 
Susquehanna areas averaged 15 MMcf per day, with two wells producing over 20 
MMcf per day in their first 30 days.

We continued to invest in our waterflood portfolio in Canada where we advanced 
projects targeting the Ratcliffe, lower Mannville, Midale, Glauconitic, 
Cardium and Boundary Lake plays.  Our Canadian gas activities were directed to 
the Wilrich and the Duvernay.  We drilled two wells in the Ansell area 
targeting the Wilrich, and in the Willesden Green area we've drilled and 
completed two horizontal wells targeting the Duvernay. We expect to be in a 
position to discuss results from this activity later in the year.

Crude Oil & Natural Gas Pricing

While the West Texas Intermediate benchmark price for crude oil was only 
marginally higher quarter over quarter, the more significant impact to 
Enerplus was a narrowing of crude oil differentials in both Canada and the U.S 
and the strengthening of the U.S. dollar. Our average realized sales price for 
our crude increased by approximately 18% to $91.48 during the quarter with 
crude oil sales generating approximately 70% of our corporate netback.

We also saw a significant improvement in the price of natural gas in both 
Canada and the United States during the quarter as winter weather caused the 
largest storage withdrawals in 20 years across North America.  Our realized 
sales price for natural gas increased by over 50% quarter over quarter to 
average $4.93 per Mcf.

The growth in our Marcellus production volumes combined with higher natural 
gas prices has resulted in a significant increase in Marcellus net operating 
income to approximately $46 million during the quarter. With capital spending 
of approximately $31 million, the Marcellus generated $15 million of free cash 
flow in the first quarter. Based upon our outlook for production for the year, 
we expect the Marcellus to generate cash flow in excess of our capital 
spending in this area in 2014.  Industry production from the region continues 
to outpace takeaway capacity putting pressure on the regional basis 
differentials. We believe this issue may persist for another year or two.  We 
have long-term contracts and/or transportation to market points on 
approximately 75 - 85 MMcf per day which is helping to mitigate our exposure 
to these widening differentials however, roughly 55% of our volumes are not 
contracted. Our Marcellus production realized an average discount of US$0.88 
per Mcf relative to the NYMEX benchmark during the quarter. Higher production 
volumes and stronger NYMEX prices are resulting in an increase in funds flow 
in 2014.

We continued to enter into hedge contracts on our future crude oil and natural 
gas production in order to protect a minimum level of cash flow.  We have 
significant hedge protection in place for the rest of 2014, with over 60% of 
our crude oil production net of royalties hedged and just over 45% of our 
natural gas production, net of royalties, hedged. However, beyond 2014, the 
forward commodity price markets are in backwardation on both crude oil and 
natural gas.  We have roughly 10% of our forecast oil and 20% of our forecast 
natural gas hedged for 2015. We expect to layer in additional hedges over time.

Board & Executive Appointments

Mr. Doug Martin, Chairman of the Board of Enerplus, will be retiring at the 
end of 2014.  Doug will step down from his position as Chairman effective June 
1, 2014 but will remain a Board member until the end of the year to facilitate 
the transition for the new Chairman.  Doug joined the Board of Directors of 
Enerplus in 2000, and since that time has helped steer the Company through 
many commodity price cycles, changes within the landscape of the oil and gas 
industry, and our evolution from a trust to a corporation. I would like to 
thank Doug for his guidance and support over the past 14 years.

Mr. Elliott Pew, who is currently a Board member, will assume the position of 
Chairman of the Board for Enerplus.  Elliott is a geologist and joined our 
Board in 2010, bringing a deep technical and commercial background within the 
oil and gas industry. He currently sits as the Chair of the Reserves Committee 
and a member of the Audit Committee.

I would also like to thank Mr. David O'Brien who is retiring and will not be 
standing for re-election as a Board member this year. David joined our Board 
in 2008 and his guidance and direction have helped to transform our business 
over the past five years.  In planning for these changes, we added two new 
Board members during the quarter,   Ms. Hilary Foulkes and Mr. Michael 
Culbert.  Both individuals bring more than 30 years of experience in the oil 
and gas industry and their knowledge and expertise will enhance the strength 
of our Board.

I am also pleased to announce that Lisa Ower will be joining the executive 
team of Enerplus in the position of Vice-President of Human Resources 
effective May 20, 2014.  Lisa brings a wealth of experience to the role having 
held similar positions within oil and gas production, mid-stream, 
manufacturing and business service industries.  I welcome our new Board 
members and Lisa and look forward to their contributions in helping shape our 

Conference Call Details

A conference call hosted by Ian C. Dundas, President and CEO will be held at 
8:30AM MT (10:30AM ET) today to discuss these results. Details of the 
conference call are as follows:

Live Conference Call
    Date:       Friday, May 9, 2014
    Time:       8:30AM MT / 10:30AM ET
    Dial-In:    647-427-7450  
                888-231-8191 (toll free)
                Passcode: 27538438
    Audiocast:  http://www.newswire.ca/en/webcast/detail/1335843/1476541

To ensure timely participation in the conference call, callers are encouraged 
to dial in 15 minutes prior to the start time to register for the event. A 
podcast of the conference call will be available on our website for 
downloading.  A telephone replay will be available for 30 days following the 
conference call. The telephone replay can be accessed at the following numbers:
    Dial-In:   416-849-0833   
               1-855-859-2056 (toll free)
    Passcode:  27538438

Electronic copies of our First Quarter 2014 MD&A and Financial Statements, 
along with other public information including investor presentations, are 
available on our website at www.enerplus.com.  For further information, please 
contact Investor Relations at 1-800-319-6462 or email 

Follow @EnerplusCorp on Twitter at https://twitter.com/EnerplusCorp.

Currency and Accounting Principles

All amounts in this news release are stated in Canadian dollars unless 
otherwise specified. All financial information in this news release has been 
prepared and presented in accordance with U.S. GAAP, except as noted below 
under "Non-GAAP Measures".

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 Information

Under U.S. GAAP oil and gas sales are generally presented net of royalties and 
U.S. industry protocol is to present production volumes net of royalties.  
Under Canadian industry protocol oil and gas sales and production volumes are 
presented on a gross basis before deduction of royalties.   In order to 
continue to be comparable with our Canadian peer companies, the summary 
results contained within this news release presents our production and BOE 
measures on a before royalty company interest basis. 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.

See "Non-GAAP Measures" below.


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

The forward-looking information contained in this news release reflects 
several material factors and expectations and assumptions of Enerplus 
including, without limitation: that Enerplus will conduct its operations and 
achieve results of operations as anticipated; that Enerplus' development plans 
will achieve the expected results; the general continuance of current or, 
where applicable, assumed industry conditions; the continuation of assumed 
tax, royalty and regulatory regimes; the accuracy of the estimates of 
Enerplus' reserve and resource volumes; commodity price and cost assumptions; 
the continued availability of adequate debt and/or equity financing, cash flow 
and other sources to fund Enerplus' capital and operating requirements as 
needed; and the extent of its liabilities. Enerplus believes the material 
factors, expectations and assumptions reflected in the forward-looking 
information are reasonable but no assurance can be given that these factors, 
expectations and assumptions will prove to be correct.

The forward-looking information included in this news release is not a 
guarantee of future performance and should not be unduly relied upon. Such 
information involves known and unknown risks, uncertainties and other factors 
that may cause actual results or events to differ materially from those 
anticipated in such forward-looking information including, without limitation: 
changes in commodity prices; changes in realized prices for Enerplus' 
products; changes in the demand for or supply of Enerplus' products; 
unanticipated operating results, results from development plans or production 
declines; changes in tax or environmental laws, royalty rates or other 
regulatory matters; changes in development plans by Enerplus or by third party 
operators of Enerplus' properties; increased debt levels or debt service 
requirements; inaccurate estimation of Enerplus' oil and gas reserves and 
resources volumes; limited, unfavourable or a lack of access to capital 
markets; increased costs; a lack of adequate insurance coverage; the impact of 
competitors; reliance on industry partners; and certain other risks detailed 
from time to time in Enerplus' public disclosure documents (including, without 
limitation, those risks identified in our AIF and Form 40-F described above).

The purpose of certain financial outlook information included in this news 
release, including with respect to our 2014 guidance for funds flow, is to 
communicate our current expectations as to our performance in 2014.  Readers 
are cautioned that it may not be appropriate for other purposes. 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.


In this news release, we use the terms "funds flow", "adjusted payout ratio" 
and "netback" as measures to analyze operating performance, leverage and 
liquidity. "Funds flow" is calculated as net cash generated from operating 
activities but before changes in non-cash operating working capital and asset 
retirement obligation expenditures. "Adjusted payout ratio" is calculated as 
cash dividends to shareholders, net of our stock dividends and DRIP proceeds, 
plus capital spending (including office capital) divided by funds flow. 
"Netback" is calculated as oil and gas revenues after deducting royalties, 
operating costs and transportation expenses.

Enerplus believes that, in addition to net earnings and other measures 
prescribed by U.S. GAAP, the terms "funds flow", "adjusted payout ratio", and 
"netback" 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 U.S. 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.

SOURCE  Enerplus Corporation 
Ian C. Dundas President & Chief Executive Officer Enerplus Corporation 
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