Enerplus Corp. (TSX, NYSE: ERF) snagged an impressive US$292 million from the sale of a sliver of noncore assets in its Bakken/ Three Forks holdings, the company said Dec. 12.

The Calgary-based company’s U.S. subsidiary agreed to sell Bakken acreage, including 5,800 net acres located on the Fort Berthold Indian Reservation, with an average working interest per drilling spacing unit of 8%. Based on its previously reported acreage, Enerplus has also divested about 1,200 net acres in the Williston Basin.

While it’s likely too early to call activity in the Williston a revival, a steady stream of deals has progressed this year. However, of the $1.6 billion in value transacted in North Dakota and Montana in 2016, about half came from Oasis Petroleum Inc.’s (NYSE: OAS) purchase of Williston territory from SM Energy Co. (NYSE: SM) for $785 million.

Only three other deals have eclipsed the $100 million mark.

Enerplus appears to have swung a profitable deal.

“The price received is attractive: at $77,000 per barrel of oil equivalent per day (boe/d), it is double the company’s current trading multiple [of about $38,000 per boe/d] and is particularly solid considering the low working interest of the assets,” said Grant Hofer, equity research analyst at Barclays.

Production on the Berthold assets averaged 5,000 boe/d in third-quarter 2016. The assets comprise roughly 8% of the company's North Dakota acreage and, after closing, Enerplus will hold an operated position of about 65,500 net acres.

Barclays said it had considered Enerplus done with pruning noncore assets in North Dakota, but its additional sale should be the last of its surplus acreage.

The company’s remaining Bakken volumes—which averaged 23,700 boe/d in the third quarter—should be more valuable “given that they are operated and were expected to generate 25% growth in 2017” prior to the sale, Hofer said.

Enerplus’ liquids production is expected to increase company-wide by 15%, on the back of the Bakken’s oily production.

The company embarked on a divestiture campaign to give itself the financial wherewithal to bump up its operated Fort Berthold program over the next few years.

Enerplus expects to provide updated 2017 capital plans and guidance in early 2017.

Enerplus also increased its Fort Berthold drilling inventory by moving to six wells per drilling spacing unit from four. Overall, the company said it identified 465 net locations, up 28% from 363 net locations in November.

“We have established a position as one of the leading operators in the Williston Basin,” Enerplus president and CEO Ian C. Dundas said. “This divestment of our nonoperated, low-working interest acreage is highly accretive and will further improve our focus on our operated core acreage position allowing us to more efficiently allocate capital to the play.”

Evercore and RBC Richardson Barr are financial advisers to Enerplus on the transaction.

Darren Barbee can be reached at dbarbee@hartenergy.com.