Chord Energy to buy Canada's Enerplus to boost Williston basin presence (updated)

Enerplus

21/02/2024 22:41

(Adds details on the deal from paragraph 2 onwards)
       Feb 21 (Reuters) - U.S. energy firm Chord Energy
 CHRD.O  said on Wednesday that it would acquire Canada's
Enerplus  ERF.TO , creating a combined entity with an enterprise
value of $11 billion.
    Under the terms of the agreement, Enerplus shareholders will
receive 0.10125 shares of Chord common stock and $1.84 in cash
for each common share of Enerplus owned at closing.
        Chord said it would issue about 20.7 million shares of
its common stock.
  
        The combined company is expected to be a premier
operator in the Williston Basin, with approximately 1.3 million
net acres. 
  
        Enerplus operates mainly in the Bakken Basin in North
Dakota and also has a footprint in the Marcellus shale region in
Pennsylvania.
  

 (Reporting by Sourasis Bose in Bengaluru; Editing by Pooja
Desai)
 ((Sourasis.Bose@thomsonreuters.com;))