>CALGARY, June 28, 2011 /CNW/ – Enerplus Corporation (“Enerplus”) (TSX: ERF) (NYSE: ERF) is pleased to advise that we have closed the previously announced sale of a portion of our Marcellus natural gas interests in Pennsylvania, West Virginia and Maryland and are in receipt of proceeds of approximately US$580 million. The sale is subject to ordinary course post-closing adjustments and consents. Proceeds from the sale will be used to repay our current outstanding bank debt resulting in our entire $1 billion credit facility being undrawn and available to support our growth strategies.
Following this transaction, Enerplus has retained approximately 110,000 net acres of Marcellus land comprised of 45,000 net acres with an average 20% non-operated working interest in the prolific northeast area of Pennsylvania in Bradford, Susquehanna, Lycoming, Columbia, Tioga, Wyoming and Sullivan counties and 65,000 net acres with an average 90% operated working interest in Clinton County, Pennsylvania, Garrett County, Maryland and Preston County, West Virginia. The leases have been evaluated by an independent third party and determined to contain a best estimate of 2.3 Tcfe of natural gas contingent resource and 92 Bcfe of proved plus probable natural gas reserves as of December 31, 2010.
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