CALGARY, Dec. 20, 2012 /CNW/ – Enerplus Corporation (“Enerplus”) (TSX:
ERF) (NYSE: ERF) is pleased to announce the closing of the previously
disclosed acquisition of additional working interests in the Sleeping
Giant area in the Elm Coulee field in Richland County, Montana for
US$119 million including estimated closing adjustments. This
acquisition includes approximately 6.2 million BOE of proved plus
probable reserves, incremental daily production of approximately 1,550
BOE/day, and consolidates our working interest to approximately 90% in
these operated leases. Total current production including the
acquisition is approximately 7,300 BOE/day net to Enerplus.

We have also closed the sale of crude oil assets in Manitoba for $216
million including estimated closing adjustments. These assets were
producing approximately 1,600 BOE/day of crude oil under waterflood and
had an estimated 8.4 million barrels of estimated proved plus probable
reserves associated with them.

These transactions are consistent with our strategy of focusing our
portfolio through the sale of non-core assets and consolidating our
interests in core areas. By reinvesting approximately half of the
proceeds from the sale of our Manitoba assets, we have replaced the
sold production, improved the concentration of our asset base and
improved our operating metrics.

Enerplus is a North American energy producer with a diversified asset
base of high-quality, low-decline oil and gas assets complemented by
growth assets in resource plays with superior economics. We are focused
on creating value for our investors through the successful development
of our properties. Through our activities, we strive to provide
investors with a competitive return comprised of both growth and
income.

Electronic copies of our financial statements, news releases, and other
public information are available on our website at www.enerplus.com.

Gordon J. Kerr
President & Chief Executive Officer
Enerplus Corporation

Cautionary Note Regarding Forward-Looking Information and Statements

Except for the historical and present factual information contained
herein, the matters set forth in this news release, including words
such as “expects”, “projects”, “plans”, “believes” and similar
expressions, are forward-looking information. Forward looking
information in this news release includes the anticipated timing and
proceeds to be received form the completion of the transaction and the
anticipated accretion to Enerplus’ cash flow and production per share
and the growth potential of Enerplus’ other projects. The projections,
estimates and beliefs contained in such forward-looking statements
necessarily involve known and unknown risks and uncertainties, which
may cause Enerplus’ actual performance and financial results in future
periods to differ materially from any projections of future performance
or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, among other things, the failure
to satisfy all financing and closing conditions, inaccurate estimates
of the value and accretion resulting from the transaction and the
failure to realize the anticipated benefits of Enerplus; other
projects, as well as those described in Enerplus’ filings with the
Canadian and U.S. securities authorities. Accordingly, holders of
Enerplus shares and potential investors are cautioned that events or
circumstances could cause results to differ materially from those
predicted.

SOURCE Enerplus Corporation