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Enerplus Corporation Message Board

  • hardmetalman42 hardmetalman42 Apr 30, 2013 12:23 PM Flag

    ERF's increasing value for leases in Northwest Montana:

    Enerplus management has the forsight to purchase 46,500 acres in Northwest Montana Bakken area for $9,800 per acre in September 2010.

    QEP Resources purchased 27,000 undeveloped acres - in the very same area - at the end of 2012 for $40,000 per acre. So QEP Resources paid $30,200 per acre more than ERF paid only two years prior.

    If we divide the additional value of ERF's acres - which is $1,404,300,000.00 - by ERF's 200,000,000 outstanding shares we come up with $7.02 in added book value per share just for the increase in the value of leased land in Northwest Montana.

    If we add this $7.02 to Yahoo's book value for ERF of $15.40 we come up with a new book value of $22.66 which is 39% more than the current share price.

    Sentiment: Buy

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