Asset purchases in the United States, followed by oil and gas price increases, have paid off for Calgary-based Enerplus Corp., which switched to American production last year.

In deals described as a transformation, Enerplus bought into North Dakota and its Bakken Shale formation in the Williston Basin with a $465 million takeover of Bruin E&P Partners LLC and a $312 million asset purchase from Hess Corp.

Early this month Enerplus announced plans to sell its remaining Canadian properties, which account for about 7% of its production.

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Annual average Enerplus oil output grew to 48,514 b/d in 2021 from 36,681 b/d in 2020. Natural gas liquids (NGL)...