Enerplus acquisition of Bruin E&P Holdings

On Mar. 10, Enerplus Corporation (Enerplus) completed its acquisition of Bruin E&P Holdings, LLC (Bruin), a U.S. private oil and gas company with assets in the Williston Basin of North Dakota, for total cash consideration of US$465 million, subject to ongoing purchase price adjustments. Concurrent with completion of the acquisition, Enerplus finalized and fully drew down on a new US$400 million term loan with two Canadian chartered banks to fund a portion of the purchase price.

On Feb. 3, Enerplus closed a Canadian public offering of $132.25 million of common shares, the proceeds of which will also be used to fund a portion of the purchase price for Bruin and for capital expenditures on the acquired properties.

David McCoy, Enerplus’ vice-president, legal and general counsel, led the transactions.

Vinson & Elkins LLP provided assistance to McCoy on the acquisition with a team including
Bryan Loocke,
Joclynn Townsend,

Alicia Vesely,
Cesar Leyva.

Blake, Cassels & Graydon LLP acted as Canadian counsel to Enerplus on the acquisition and equity and debt financings, with a team of
Chad Schneider
 (securities and M&A),
Olga Kary,

Courtney Bohn (securities),
Nick Tropak,

Michael McIntosh,
Cameron Siempelkamp (financial services),

Carrie Aiken (tax).

Vinson & Elkinsacted as U.S. counsel to Enerplus on the equity and debt financing, with a team of
Michael Telle,
Nettie Down (securities),

Alex Cross,
Guy Gribov (banking).

Norton Rose Fulbright Canada LLP represented the lenders under the term loan and the underwriters for the public offering, with a team consisting of
Rick Borden
Marlow Gereluk (banking),

Marcus Archer,
Jason Giborski,

Connor Kense,
Peter Wiazowksi (securities).

Willkie Farr & Gallagher LLP acted for Bruin, with a team including
David Aaronson,
Steve Torello,

Albert Jou,
Ashley Whittington.