http://www.morningstar.com/earnings/44966070-enerplus-corp-erf-q3-2012.aspx

Enerplus Corp ERF
Q3 2012 Earnings Call Transcript

Transcript Call Date 11/09/2012

Operator: Good morning. My name is Loral and I will be your conference operator today. At this time, I would like to welcome everyone to the Enerplus Corporation 2012 Third Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. Ms. Jo-Anne Caza, Vice President of Corporate and Investor Relations, you may begin your conference.

Jo-Anne M. Caza - VP, Corporate and IR: Thank you, operator, and good morning, everyone. I'd like to welcome you to our third quarter conference call. Gord Kerr, our President and CEO will be summarizing the results of the quarter and Ian Dundas, Executive Vice President and Chief Operating Officer, will provide a more detailed update on our operations. To help answer some of your questions at the end of the call, we also have with us Mr. Rob Waters, our Senior Vice President and Chief Financial Officer; Ray Daniels, our Senior Vice President of Operations; Eric Le Dain, Senior Vice President of Strategic Planning, Reserves and Marketing; and Rod Gray, our Vice President of Finance.

Before we get started, please note that this call will contain forward-looking information. Listeners should understand the risks and limitations of this type of information and review our advisory on forward-looking information found at the end of our news release issued this morning and included within our MD&A and financial statements filed on SEDAR and EDGAR, and also available on our website at Enerplus.com.

Our financial statements were also prepared in accordance with International Financial Reporting Standards. All financial figures referenced during this call are in Canadian dollars, unless otherwise specified, and all conversions of natural gas to barrels of oil equivalent are done on a 6-to-1 energy equivalent conversion ratio, which does not necessarily represent the current value equivalent.

Following our review, we'll open up the phone lines and answer any questions you may have and we'll also have a replay of this call available later today on our website.

With that, I'll turn the call over to Gord.

Gordon J. Kerr - President and CEO: Thanks for joining us this morning. I'll be reviewing our results for the third quarter that we released this morning and then I'll turn the call over to Ian to provide you with more detail on our operations and the progress we are making in our key plays.

Now, during the third quarter, we continued to focus the majority of our spending on our oil plays. We executed on our plans to strengthen our financial position through the sale of some of our non-core assets. Our production averaged 81,573 BOE per day, up approximately 11% from the same quarter last year and down marginally from the second quarter.

Our crude oil volumes continued to increase through the quarter. However, our natural gas volumes were lower than we expected due to delays in our non-operated Marcellus production coming on-stream. Our oil production from Fort Berthold grew by 10% from last quarter to average 12,800 BOE per day and our oil and liquids now account for almost half of our daily production volume, consistent with our expectations of increasing our oil and liquids to approximately 50% this year.

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