SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report of Foreign Issuer
pursuant to Rule 13-a-16 or 15d-16
of the Securities Exchange
Act of 1934
FOR THE MONTH
OF March 2018
FORM 6-K
COMMISSION FILE NUMBER
1-15150
The Dome Tower
Suite
3000, 333 - 7th Avenue S.W.
Calgary, Alberta
Canada T2P 2Z1
(403) 298-2200
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)
Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
Indicate by check mark
whether, by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the securities Exchange Act of 1934.
EXHIBIT
INDEX
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
ENERPLUS CORPORATION
BY: |
/s/ |
David A. McCoy |
|
|
|
David A. McCoy |
|
|
|
Vice President, General Counsel & Corporate Secretary |
|
|
|
|
|
DATE: March 21, 2018
Exhibit 99.1
Enerplus Announces Upcoming Normal Course Issuer Bid
CALGARY, March 21, 2018 /CNW/ - Enerplus Corporation ("Enerplus"
or the "Company") (TSX and NYSE: ERF) announces acceptance by the Toronto Stock Exchange (the "TSX") of a Notice
of Intention to Make a Normal Course Issuer Bid (the "Bid").
Pursuant to the Bid, Enerplus proposes to purchase through
the facilities of the TSX, the New York Stock Exchange and/or alternative Canadian trading systems, from time to time over the
next 12 months, if considered advisable, up to 17,095,598 common shares, being 7% of public float of Enerplus (within the meaning
under the TSX rules) as of March 15, 2018.
Enerplus believes that, from time to time, the market price
of its common shares trade in a price range that does not adequately reflect their underlying value. Accordingly, Enerplus has
concluded that the repurchase of common shares for cancellation may represent an attractive investment that will increase the proportionate
interest in the Company of, and be advantageous to, all of the Company's remaining shareholders.
"Our fully funded capital plans are expected to drive
competitive crude oil production and cash flow growth over the next several years," said Ian C. Dundas, President and Chief
Executive Officer. "In addition, our balance sheet remains among the strongest in the North American peer group, having ended
2017 with a net debt to adjusted funds flow ratio of 0.6 times. With our significant liquidity, including $347 million of cash
on our balance sheet at December 31, 2017, and strong growth outlook, we believe repurchasing common shares may represent a compelling
capital allocation opportunity."
The Bid will be effected in accordance with the TSX's normal
course issuer bid rules and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, which contain restrictions
on the number of common shares that may be purchased on a single day, subject to certain exceptions for block purchases, based
on the average daily trading volumes of Enerplus' common shares on the applicable exchange. Subject to exceptions for block purchases,
Enerplus will limit daily purchases of common shares on the TSX in connection with the Bid to no more than 25% (317,274 common
shares) of the average daily trading volume of the common shares on the TSX (1,269,098 common shares) during any trading day. Common
shares purchased under the Bid will be cancelled.
Enerplus is authorized to make purchases during the period
of March 26, 2018 to March 25, 2019 or until such earlier time as the Bid is completed or terminated at the option of Enerplus.
Purchases under the Bid will be made through open market purchases at market price, as well as by other means as may be permitted
by applicable securities regulatory authorities, including private agreements. Any purchases made by private agreement under an
issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price as
provided in any exemption order.
Enerplus intends to enter into an automatic purchase plan
with a broker which will enable Enerplus to provide standard instructions and purchase common shares on the open market during
self-imposed blackout periods. Outside of these black-out periods, common shares may be purchased in accordance with management's
discretion.
About Enerplus
Enerplus Corporation is a responsible developer of high quality
crude oil and natural gas assets in Canada and the United States committed to creating value for its shareholders through a disciplined
capital investment strategy.
Forward-Looking Statements
Certain statements and other information included in this
press release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation
or constitute "forward-looking statements" within the meaning of applicable U.S. securities legislation (collectively,
the "forward-looking statements"). All statements in this press release, other than those relating to historical
information or current conditions, are forward-looking statements, including, but not limited to, Enerplus' intention to commence
a Bid and the timing, methods and quantity of any purchases of common shares under the Bid.
These forward-looking statements are subject to a number
of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such
forward-looking statements. All of the forward-looking statements are qualified by the assumptions that are stated or inherent
in such forward-looking statements, including the availability of cash for repurchases of common shares under the Bid, the existence
of alternative uses for Enerplus' cash resources and compliance with applicable laws and regulations pertaining to a Bid. Although
Enerplus believes that these assumptions are reasonable, this list is not exhaustive of the factors that may affect any of the
forward-looking statements and the reader should not place an undue reliance on these assumptions and such forward-looking statements.
Events or circumstances that could cause actual results
to differ materially from those in the forward-looking statements, include, but are not limited to: general economic, market and
business conditions, and other risk factors detailed from time to time in Enerplus reports filed with the Canadian securities regulators
and the Securities and Exchange Commission in the United States.
Enerplus disclaims any intention or obligation to update
or revise any forward-looking statements in this press release as a result of new information or future events, except as may be
required under applicable U.S. federal securities laws or applicable Canadian securities legislation.
Non-GAAP Measures
In this press release, Enerplus uses the term "net
debt to adjusted funds flow" as a measure to analyze leverage and liquidity. "Adjusted 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. "Net debt to adjusted funds flow" is calculated as total debt net of cash, including restricted cash, divided
by adjusted funds flow. This measure is not recognized by U.S. GAAP and does not have a standardized meaning prescribed by U.S.
GAAP. Therefore, this measure, as defined by Enerplus, may not be comparable to similar measures presented by other issuers. For
reconciliation of this measure to the most directly comparable measure calculated in accordance with U.S. GAAP, and further information
about this measure, see disclosure under "Non-GAAP Measures" in Enerplus' Management's Discussion & Analysis for
the year ended December 31, 2017.
Ian C. Dundas
President & Chief Executive Officer
Enerplus Corporation
SOURCE Enerplus Corporation
View original content: http://www.newswire.ca/en/releases/archive/March2018/21/c6259.html
%CIK: 0001126874
For further information: please contact Investor Relations
at 1-800-319-6462 or investorrelations@enerplus.com.
CO: Enerplus Corporation
CNW 06:00e 21-MAR-18
This regulatory filing also includes additional resources:
ex991.pdf
Enerplus (NYSE:ERF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Enerplus (NYSE:ERF)
Historical Stock Chart
From Sep 2023 to Sep 2024