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Enerplus' CEO Discusses Q2 2012 Results - Earnings Call Transcript

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 at the end of our news release issued this morning and included within our MD&A and financial statement 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 [IFRS].

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 six to one 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 questions you may have and we will also have a replay of this call available later today on our website.

With that, it’s over to you Gordon.

Gordon Kerr

Well, thanks Jo-Anne and good morning everyone and thanks for joining us on the call today. I want to give you a brief overview of our financial and operating results and then I am going to it over to Ian who will provide more detail on our operations before we open up for questions.

Starting-off, Q2 marked another quarter of production growth through the drill bit for Enerplus. Our daily production averaged to 82,100 BOE per day and it's 4% higher than the first quarter and 9% higher year-over-year.

Notably our oil volumes increased by 7% quarter-over-quarter as a result of our successful drilling at Fort Berthold and in our waterflood properties. Accrued oil and liquids volumes now account for 49% of our total production helping support our funds flow through a period of weak gas prices.

We spent a total of CAD$209 million on capital expenditures during the quarter; 80% of which was focused on our oil assets. The majority of spending continued to be on tight oil play in the Williston Basin area of North Dakota. And we continue to have an active operated program in this area.

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