CALGARY,
AB, May 23, 2024 /CNW/ - Enerplus Corporation
("Enerplus" or the "Company") (TSX: ERF) (NYSE: ERF) today
announced a special cash dividend in connection with its previously
announced transaction with Chord Energy Corporation ("Chord"). The
transaction is anticipated to close on or about May 31, 2024, subject to receipt of the approval
of Enerplus' shareholders at the special meeting of the
shareholders scheduled to be held on May 24,
2024, receipt of the final order from the King's Court of
Alberta and the satisfaction of
remaining customary closing conditions.
Special Dividend
As Enerplus expects the transaction to close on May 31, 2024, Enerplus' Board of Directors
declared a special cash dividend (the "Special Dividend") in the
amount of US$0.232675 per share,
payable to shareholders of record at the close of business on
May 30, 2024. The ex-dividend date
for this payment will be May 30,
2024. The Special Dividend is intended to equalize the
amount of quarterly dividends declared by Enerplus to the quarterly
dividends declared by Chord following the companies' respective
March 2024 dividends. Payment of the
dividend will be made to eligible Enerplus shareholders on
June 4, 2024 and will occur whether or not the transaction is
completed. For certainty, the Special Dividend is in addition to
Enerplus' quarterly cash dividend in the amount of US$0.065 per share, which was declared on
May 7, 2024 and will be payable on
June 4, 2024 to shareholders of
record at the close of business on May 22, 2024.
The Special Dividend is equivalent to approximately CDN$0.318765 per share if converted using the
current US/Canadian dollar exchange rate of 1.37. The CDN dollar
equivalent dividend will be based upon the US/Canadian exchange
rate closer to the payment date. Payments to shareholders who
are not residents of Canada will
be net of any Canadian withholding taxes that may be applicable.
Dividends paid by Enerplus are considered "eligible dividends" for
Canadian tax purposes. For U.S. federal income tax purposes,
Enerplus' dividends are generally treated as "qualified dividend
income" if the shareholder satisfies certain holding period
and other requirements.
About Enerplus
Enerplus is an independent North American oil and gas
exploration and production company focused on creating long-term
value for its shareholders through a disciplined, returns-based
capital allocation strategy and a commitment to safe, responsible
operations. For more information, visit the Company's website at
www.enerplus.com.
Forward-Looking
Statements
Certain statements in this document concerning the Special
Dividend, including any statements regarding the expected timing
thereof and any other statements regarding Enerplus' future
expectations, beliefs, plans, objectives, financial conditions,
assumptions or future events or performance that are not historical
facts are "forward-looking" statements based on assumptions
currently believed to be valid. Forward-looking statements are all
statements other than statements of historical facts. The words
"anticipate," "believe," "ensure," "expect," "if," "intend,"
"estimate," "probable," "project," "forecasts," "predict,"
"outlook," "aim," "will," "could," "should," "would," "potential,"
"may," "might," "anticipate," "likely," "plan," "positioned,"
"strategy," and similar expressions or other words of similar
meaning, and the negatives thereof, are intended to identify
forward-looking statements. Specific forward-looking statements
include statements regarding the expectations regarding completion
of transaction with Chord, including the anticipated closing date
of the transaction. The forward-looking statements are intended to
be subject to the safe harbor provided by Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of
1995.
These forward-looking statements involve significant risks
and uncertainties that could cause actual results to differ
materially from those anticipated, including, but not limited to,
the possibility that the transaction with Chord may not be
completed, whether on the anticipated timeline or at all, including
due to shareholders of Enerplus not approving the transaction, that
a condition to closing of the transaction may not be satisfied, or
that either party may terminate the arrangement agreement.
Additional factors that could cause results to differ materially
from those described above can be found in Enerplus' annual
information form for the year ended December
31, 2023, which is on file with the Securities and Exchange
Commission (the "SEC") and on SEDAR+ and available from Enerplus'
website at www.enerplus.com under the "Investors" tab, and in other
documents Enerplus files with the SEC, TSX or on SEDAR+.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time.
Enerplus assumes no obligation to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements were made or to reflect the occurrence
of unanticipated events except as required by applicable securities
laws. As forward-looking statements involve significant risks and
uncertainties, caution should be exercised against placing undue
reliance on such statements.
SOURCE Enerplus Corporation