Enerplus Announces Sale of Non-Strategic Interests in the Williston Basin
Vinson & Elkins advised Enerplus Corporation (“Enerplus”) in a definitive agreement to sell its interests in the Sleeping Giant field (Montana) and Russian Creek area (North Dakota) in the Williston Basin for total consideration of $115 million.
In addition, Enerplus will receive up to $5 million in contingent payments if the WTI oil price averages over $65 per barrel in 2022 and over $60 per barrel in 2023. The effective date of the transaction is July 1, 2021.
The V&E corporate team was led by partner Bryan Loocke and counsel Joclynn Townsend, with assistance from senior associate Cesar Leyva and associates Alicia Vesely, Kene Obi and John McEntire. Other key team members included partner Todd Way and associates David Gilbert and Adam Bateman; partner Matt Dobbins; partner David D’Alessandro and associate Mary Daniel Morgan; and partner Sean Becker.
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