Enerplus Q1 2023 Update

BAKKEN DRILLING INVENTORY Little Knife Expected average well performance (1) Payout period and NPV10 at $60, $80, $100 per barrel WTI 300 WTI NPV10 $MM $100 $18 250 $80 $12 50 50 Cumulative oil production (mbbls) 100 $60 $7 200 $80 $60 WTI WTI 150 $100 WTI о Remaining Inventory Distribution enerPLUS Mountrail Williams 655 Net Core & Extended Core Little Knife McKenzie 25% Little Dunn Billings Knife Development plan -6-9 wells per 1,280 acre spacing unit Payout: 8 months MB at $80 WTI TF 1 О 2 4 6 8 10 12 14 16 18 20 22 24 Month TF 2 Enerplus well $60 WTI breakeven well $50 WTI breakeven well 1) See "Expected well performance" in "Advisories". Well economics assume well costs of $6.0mm at $50 WTI, $6.3mm at $60 WTI, $7.8mm at $80 WTI, and $8.0mm at $100 WTI. 24

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