Investor Update November 2023

Billings Continued strong performance from Little Knife pads enerPLUS LITTLE KNIFE AREA - ENERPLUS ACREAGE Hay Draw Pad McKenzie Bice Pad Dunn Hay Draw Pad Cumulative Oil Production per well (Mbbls) Bice Pad (1) Cumulative Oil Production per well (Mbbls) 240 200 160 120 80 40 240 200 160 120 80 40 30 60 90 Normalized Production Day Enerplus Little Knife type well 120 150 180 Enerplus Little Knife type well 30 60 90 120 150 180 Normalized Production Day 6 1) Non-producing days removed. See "Expected well performance" in "Advisories".

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