Enerplus Corp. (ERF, ERF.TO) said it reiterated production growth targets for 2012. The company said it continues to expect to deliver 10% organic production growth through a capital spending program designed to increase crude oil production significantly throughout the year and preserve the value of its core natural gas assets for the future.
The company said approximately 70% of its forecasted $800 million capital spending in 2012 is weighted to crude oil and natural gas liquids projects. Approximately 40% of this capital is being directed to our light crude oil assets in the North Dakota region where production is expected to double by year end.
The company noted that it continues to pursue the monetization or joint venture of a portion of our strategic undeveloped land base. Along with the sale of equity portfolio, the company expects that it could generate $250 million - $500 million of proceeds over the next 12 - 18 months that will help fund the company future growth strategies.
The company said it is reducing its monthly dividend to C$0.09 per share
from C$0.18 per share.
The company noted that the new dividend amount of C$0.09 per share will be effective with the July payment and will not impact the dividend payable on June 20, 2012.
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