Enerplus Acquires ArcLight-Backed Bruin E&P in Cash Transaction

Updated 6 months 1 week ago

Enerplus entered a definitive agreement in January 2021 to acquire Bruin E&P for $465 million in cash funded by a $400 million, three-year term loan and $115 million in bought-deal equity financing. Bruin has 151,000 net acres in the Williston Basin including 30,000 contiguous with Enerplus' first tier acreage, 84 million boe of proved plus probable reserves, and an inventory of 149 (111 net) drilling locations including drilled but uncompleted wells.

Enerplus will not assume any debt as part of the transaction with RBC Capital Markets and BMO Capital Markets are acting as joint bookrunners for the term loan. Enerplus was advised by Stifel FirstEnergy, TPH, and TD Securities. Closing is expected in early March 2021.

Ian Dundas, Enerplus President & CEO

With immediately adjacent acreage offering strong operational synergies, Bruin's assets are highly complementary to our existing tier 1 position in the Bakken and will enable us to accelerate free cash flow growth and further support our focus on providing long term sustainable shareholder returns.