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enerPLUS ENERPLUS CORPORATION The Dome Tower , Suite 3000 333 7th Avenue SW Calgary , Alberta T2P 2Z1 T. 403-298-2200 F. 403-298-2211 www.enerplus.com NEWS RELEASE November 4 , 2021 Enerplus Announces Third Quarter 2021 Results ; Updated 2021 Guidance ; Preliminary 2022 Budget ; Increases Share Repurchase Program and Dividend All financial information contained within this news release has been prepared in accordance with U.S. GAAP , except as noted under " Non- GAAP Measures " . This news release includes forward - looking statements and information within the meaning of applicable securities laws . Readers are advised to review the " Forward - Looking Information and Statements " at the conclusion of this news release . A full copy of Enerplus ' Third Quarter 2021 Financial Statements and MD & A are available on the Company's website at www.enerplus.com , under its SEDAR profile at www.sedar.com and on the EDGAR website at www.sec.gov . Calgary , Alberta - Enerplus Corporation ( " Enerplus " or the " Company " ) ( TSX : ERF NYSE : ERF ) today announced its third quarter 2021 operating and financial results , preliminary 2022 capital budget and an increase to its share repurchase program and dividend . Cash flow from operating activities for the third quarter was $ 226.6 million and adjusted funds flow was $ 255.7 million , compared to $ 137.0 million and $ 83.1 million , respectively , in the third quarter of 2020. Cash flow from operating activities and adjusted funds flow increased compared to the same period in 2020 due to higher production and commodity prices during the third quarter of 2021 . HIGHLIGHTS : THIRD QUARTER AND 2021 • Adjusted funds flow was $ 255.7 million in the third quarter , which exceeded capital spending of $ 80.2 million , generating free cash flow of $ 175.5 million • • • Achieved record production in the third quarter of 123,454 BOE per day , 7 % higher than the prior quarter and 36 % higher than the prior year period following Enerplus ' strategic acquisitions in the first half of 2021 Annual 2021 production guidance revised to 113,750 to 114,750 BOE per day due to outperformance , an increase to the guidance midpoint of 750 BOE per day despite volumes sold in connection with the Williston Basin divestment Continued volume growth in the fourth quarter with expected production of 124,500 to 128,500 BOE per day 2021 capital spending guidance now $ 380 million ( from $ 360 to $ 400 million ) Increased estimated 2021 free cash flow to approximately $ 540 million based on current forward strip commodity prices • Net debt to adjusted funds flow ratio expected to be below 1.0x by year - end 2021 • Closed the previously announced divestment of non - strategic interests in the Williston Basin on November 2 , 2021 HIGHLIGHTS : PRELIMINARY 2022 BUDGET AND INCREASED CASH RETURNS TO SHAREHOLDERS • Expected 2022 capital spending is approximately $ 500 million , representing a reinvestment rate of 44 % based on current forward strip commodity prices • Expected annual 2022 production is 122,000 BOE per day , including 75,000 barrels per day of liquids • Estimated 2022 free cash flow is $ 640 million based on current forward strip commodity prices • • Increased share repurchase program to $ 200 million , representing 7 % of Enerplus ' market capitalization , commencing in the fourth quarter of 2021 Increased quarterly dividend by 8 % effective with the December 15 , 2021 payment " We continue to deliver strong performance in 2021 , " said lan C. Dundas , President and CEO . " We extended our core Bakken inventory through accretive acquisitions , generated over $ 290 million in free cash flow through the first nine months of the year and we anticipate another $ 250 million in free cash flow in the fourth quarter . We also expect to end the year with a net debt to adjusted funds flow ratio below one times . Looking ahead into 2022 , we have a sustainable plan expected to generate meaningful free cash flow underpinned by compelling development economics . We remain committed to returning capital to shareholders which we have continued to demonstrate with today's announcement of our accelerated share repurchase program and third dividend increase in 2021. "