M&A RESEARCH (DEAL ALERT)

CHORD BUYS ENERPLUS (Mar 11, 2024)

$4 Billion Deal. Newco Joins Large Cap Peers

COMBO NOW #1 BAKKEN PRODUCER

1.3 Million Net Acres.

Also gets 155 MMcf/d Non-op Marcellus

Enerplus Stock up 25% Since ERF In Play

Owners: 67% Chord, 33% Enerplus

~10 Years Drilling Inventory (1,824 Locs)

>40% Locs Ready For 3-Mile Laterals

Combined Entity Makes: 254,000 BOEPD

Est. $29/BOE Margins, Low Leverage

Maintaining 75%+ Return of Free Cash Flow

Offers Pure Play Focus w/Tech Expertise

Next? EnCap's Grayson Mill Exploring Sale

Like Midland, Bakken Continues to Mature.

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