EXHIBIT 99.2

---



Reports

Management's Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision of our Chief Executive
Officer and our Chief Financial Officer we have conducted an evaluation of the effectiveness of our internal control over financial reporting based on theInternal
Control  Integrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on our
assessment, we have concluded that as of December 31, 2012, our internal control over financial reporting is effective.

Because
of inherent limitations, internal control over financial reporting may not prevent or detect misstatements and even those systems determined to be effective can provide only
reasonable assurance with respect to the financial statement preparation and presentation.

The
effectiveness of the Company's internal control over financial reporting as of December 31, 2012, has been audited by Deloitte LLP, the Company's Independent
Registered Chartered Accountants, who also audited the Company's Consolidated Financial Statements for the year ended December 31, 2012.

|LOGO                                                |  | LOGO                                                             
|--------------------------------------------------- |  | -----------------------------------------------------------------
|Gordon J. KerrPresident and
Chief Executive Officer |  | Robert J. WatersSenior Vice President and
Chief Financial Officer

Calgary, Alberta
February 21, 2013

ENERPLUS      2012 FINANCIAL
SUMMARY      29

---



Report of Independent Registered Chartered Accountants

To
the Board of Directors and Shareholders of Enerplus Corporation

We
have audited the internal control over financial reporting of Enerplus Corporation and subsidiaries (the "Company") as of December 31, 2012, based on the criteria established
inInternal Control  Integrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway
Commission. The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying management's report on internal control over financial reporting. Our responsibility is to express an opinion on the Company's internal control over financial
reporting based on our audit.

We
conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of
internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed
risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A
company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or
persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards. A company's internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because
of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to
future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In
our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on the criteria
established inInternal Control  Integrated Frameworkissued by the Committee of Sponsoring Organizations of the
Treadway Commission.

We
have also audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the
consolidated financial statements as at and for the year ended December 31, 2012 of the Company and our report dated February 21, 2013 expressed an unqualified opinion on
those financial statements.

GRAPHIC

Independent
Registered Chartered Accountants

February 21, 2013
Calgary, Canada

30      ENERPLUS      2012 FINANCIAL
SUMMARY

---



Management's Responsibility for Financial Statements

In management's opinion, the accompanying consolidated financial statements of Enerplus Corporation have been prepared within reasonable limits of materiality
and in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. Since a precise determination of many assets and liabilities is dependent
on future events, the preparation of financial statements necessarily involves the use of estimates and approximations. These have been made using careful judgment and with all information available
up to February 21, 2013. Management is responsible for all information in the annual report and for the consistency, therewith, of all other financial and operating data presented in
this report.

To
meet its responsibility for reliable and accurate financial statements, management has established and monitors systems of internal control which are designed to provide reasonable
assurance that financial information is relevant, reliable and accurate, and that assets are safeguarded and transactions are executed in accordance with management's authorization.

The
consolidated financial statements have been examined by Deloitte LLP, Independent Registered Chartered Accountants. Their responsibility is to express a professional opinion
on the fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The
Independent Registered Chartered Accountants Report outlines the scope of their examination and sets forth their opinion.

The
Audit Committee, consisting exclusively of independent directors, has reviewed these statements with management and the Independent Registered Chartered Accountants and has
recommended their approval to the Board of Directors. The Board of Directors has approved the consolidated financial statements of the Company.

|SIGNATURE                                           |  | SIGNATURE                                                        
|--------------------------------------------------- |  | -----------------------------------------------------------------
|Gordon J. KerrPresident and
Chief Executive Officer |  | Robert J. WatersSenior Vice President and
Chief Financial Officer

Calgary, Alberta
February 21, 2013

ENERPLUS      2012 FINANCIAL
SUMMARY      31

---



Report of Independent Registered Chartered Accountants

To
the Board of Directors and Shareholders of Enerplus Corporation

We
have audited the accompanying consolidated financial statements of Enerplus Corporation and subsidiaries (the "Company"), which comprise the consolidated balance sheets as at
December 31, 2012 and 2011, and the consolidated statements of income (loss) and comprehensive income (loss), changes in shareholders' equity and cash flows for the years ended
December 31, 2012 and 2011, and notes to the consolidated financial statements.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally
accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An
audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the
auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements.

We
believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In
our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Enerplus Corporation and subsidiaries as at
December 31, 2012 and 2011, and their financial performance and cash flows for the years ended December 31, 2012 and 2011 in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board.

Other Matter

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Enerplus Corporation's internal control over
financial reporting as of December 31, 2012, based on the criteria established inInternal Control  Integrated
Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 21, 2013 expressed an unqualified opinion
on the Company's internal control over financial reporting.

GRAPHIC

Independent
Registered Chartered Accountants

February 21, 2013
Calgary, Canada

32      ENERPLUS      2012 FINANCIAL
SUMMARY

---



Statements

Consolidated Balance Sheets

|(CDN$ thousands)                              |  | Note |  |  |   | December 31, 2012 |   |  |  |   | December 31, 2011 |   | 
|--------------------------------------------- |  | ---- |  |  | - | ----------------- | - |  |  | - | ----------------- | - | 
|                                              |  |     
|Assets                                        |  |      |  |  |   |                   |   |  |  |   |                   |   | 
|Current assets                                |  |      |  |  |   |                   |   |  |  |   |                   |   | 
|Cash                                          |  |      |  |  | $ | 5,200             |   |  |  | $ | 5,629             |   | 
|Accounts receivable                           |  |      |  |  |   | 150,372           |   |  |  |   | 124,806           |   | 
|Deferred financial assets                     |  | 16   |  |  |   | 54,165            |   |  |  |   | 2,312             |   | 
|Other current                                 |  |      |  |  |   | 15,068            |   |  |  |   | 14,655            |   | 
|                                              |  |     
|                                              |  |      |  |  | $ | 224,805           |   |  |  | $ | 147,402           |   | 
|Exploration and evaluation assets             |  | 4    |  |  |   | 773,820           |   |  |  |   | 874,799           |   | 
|Property, plant and equipment                 |  | 5    |  |  |   | 4,242,447         |   |  |  |   | 4,332,011         |   | 
|Goodwill                                      |  |      |  |  |   | 151,390           |   |  |  |   | 154,691           |   | 
|Deferred financial assets                     |  | 16   |  |  |   | 8,013             |   |  |  |   | 6,585             |   | 
|Other assets                                  |  | 8    |  |  |   | 11,687            |   |  |  |   | 207,824           |   | 
|                                              |  |     
|Total Assets                                  |  |      |  |  | $ | 5,412,162         |   |  |  | $ | 5,723,312         |   | 
|                                              |  |     
|Liabilities                                   |  |      |  |  |   |                   |   |  |  |   |                   |   | 
|Current liabilities                           |  |      |  |  |   |                   |   |  |  |   |                   |   | 
|Accounts payable                              |  |      |  |  | $ | 274,387           |   |  |  | $ | 422,666           |   | 
|Dividends payable                             |  |      |  |  |   | 17,882            |   |  |  |   | 32,609            |   | 
|Current portion of long-term debt             |  | 9    |  |  |   | 45,566            |   |  |  |   | 46,808            |   | 
|Deferred financial credits                    |  | 16   |  |  |   | 18,522            |   |  |  |   | 35,711            |   | 
|                                              |  |     
|                                              |  |      |  |  | $ | 356,357           |   |  |  | $ | 537,794           |   | 
|                                              |  |     
|Long-term debt                                |  | 9    |  |  | $ | 1,023,999         |   |  |  | $ | 860,286           |   | 
|Deferred financial credits                    |  | 16   |  |  |   | 17,127            |   |  |  |   | 31,820            |   | 
|Deferred tax liability                        |  | 13   |  |  |   | 365,473           |   |  |  |   | 452,670           |   | 
|Decommissioning liability                     |  | 10   |  |  |   | 599,652           |   |  |  |   | 563,763           |   | 
|                                              |  |     
|                                              |  |      |  |  | $ | 2,006,251         |   |  |  | $ | 1,908,539         |   | 
|                                              |  |     
|Total Liabilities                             |  |      |  |  | $ | 2,362,608         |   |  |  | $ | 2,446,333         |   | 
|                                              |  |     
|Equity                                        |  |      |  |  |   |                   |   |  |  |   |                   |   | 
|Shareholders' capital                         |  | 15   |  |  | $ | 3,818,043         |   |  |  | $ | 3,442,364         |   | 
|Contributed surplus                           |  | 15   |  |  |   | 36,088            |   |  |  |   | 26,910            |   | 
|Accumulated deficit                           |  |      |  |  |   | (736,761          | ) |  |  |   | (279,467          | ) | 
|Accumulated other comprehensive income/(loss) |  |      |  |  |   | (67,816           | ) |  |  |   | 87,172            |   | 
|                                              |  |     
|                                              |  |      |  |  | $ | 3,049,554         |   |  |  | $ | 3,276,979         |   | 
|                                              |  |     
|Total Liabilities & Equity                    |  |      |  |  | $ | 5,412,162         |   |  |  | $ | 5,723,312         |   | 
|                                              |  |     

See accompanying notes to the Consolidated Financial Statements

Approved
on behalf of the Board of Directors:

|LOGO                      |  | LOGO                     
|------------------------- |  | -------------------------
|Douglas R. MartinDirector |  | Robert B. HodginsDirector

ENERPLUS      2012 FINANCIAL
SUMMARY      33

---



Consolidated Statements of Income (loss) and
Comprehensive Income (loss)

|For the year ended December 31(CDN$ thousands)            |                                                  | Note |  |  |   | 2012      |         |   |  |   | 2011      |        | 
|--------------------------------------------------------- | ------------------------------------------------ | ---- |  |  | - | --------- | ------- | - |  | - | --------- | ------ | 
|                                                          |                                                  |     
|Revenues                                                  |                                                  |      |  |  |   |           |         |   |  |   |           |        | 
|Oil and gas sales                                         |                                                  |      |  |  | $ | 1,365,542 |         |   |  | $ | 1,363,726 |        | 
|Royalties                                                 |                                                  |      |  |  |   | (268,831  | )       |   |  |   | (245,230  | )      | 
|Commodity derivative instruments gain/(loss)              |                                                  | 16   |  |  |   | 91,995    |         |   |  |   | (27,092   | )      | 
|                                                          |                                                  |     
|                                                          |                                                  |      |  |  | $ | 1,188,706 |         |   |  | $ | 1,091,404 |        | 
|                                                          |                                                  |     
|Expenses                                                  |                                                  |      |  |  |   |           |         |   |  |   |           |        | 
|Operating                                                 |                                                  |      |  |  | $ | 319,644   |         |   |  | $ | 281,217   |        | 
|General and administrative                                |                                                  |      |  |  |   | 78,341    |         |   |  |   | 67,660    |        | 
|Equity based compensation                                 |                                                  | 15   |  |  |   | 15,503    |         |   |  |   | 26,773    |        | 
|Transportation                                            |                                                  |      |  |  |   | 26,569    |         |   |  |   | 20,647    |        | 
|Depletion, depreciation and amortization                  |                                                  | 5    |  |  |   | 510,758   |         |   |  |   | 433,366   |        | 
|Impairments                                               |                                                  | 6    |  |  |   | 531,825   |         |   |  |   | 359,703   |        | 
|Foreign exchange (gain)/loss                              |                                                  | 12   |  |  |   | (17,204   | )       |   |  |   | 4,216     |        | 
|Finance expense                                           |                                                  | 11   |  |  |   | 70,127    |         |   |  |   | 60,439    |        | 
|Asset disposition (gain)                                  |                                                  | 7    |  |  |   | (131,166  | )       |   |  |   | (302,053  | )      | 
|Other expense/(income)                                    |                                                  |      |  |  |   | 1,276     |         |   |  |   | (2,576    | )      | 
|                                                          |                                                  |     
|                                                          |                                                  |      |  |  | $ | 1,405,673 |         |   |  | $ | 949,402   |        | 
|                                                          |                                                  |     
|Income/(loss) before taxes                                |                                                  |      |  |  | $ | (216,967  | )       |   |  | $ | 142,002   |        | 
|Current tax expense/(recovery)                            |                                                  | 13   |  |  |   | 1,647     |         |   |  |   | 81,195    |        | 
|Deferred tax expense/(recovery)                           |                                                  | 13   |  |  |   | (62,880   | )       |   |  |   | (48,630   | )      | 
|                                                          |                                                  |     
|Net Income/(loss)                                         |                                                  |      |  |  | $ | (155,734  | )       |   |  | $ | 109,437   |        | 
|                                                          |                                                  |     
|Other Comprehensive Income                                |                                                  |      |  |  |   |           |         |   |  |   |           |        | 
|Change due to marketable securities (net of tax)          |                                                  | 8    |  |  |   |           |         |   |  |   |           |        | 
|                                                          | Unrealized gains/(losses)                        |      |  |  |   | $         | (69,728 | ) |  |   | $         | 50,658 | 
|                                                          | Realized gains reclassified to net income/(loss) |      |  |  |   |           | (39,491 | ) |  |   |           |       | 
|Change in cumulative translation adjustment               |                                                  |      |  |  |   | (45,769   | )       |   |  |   | 36,536    |        | 
|                                                          |                                                  |     
|Other Comprehensive Income/(loss), net of tax             |                                                  |      |  |  | $ | (154,988  | )       |   |  | $ | 87,194    |        | 
|                                                          |                                                  |     
|Total Comprehensive Income/(loss)                         |                                                  |      |  |  | $ | (310,722  | )       |   |  | $ | 196,631   |        | 
|                                                          |                                                  |     
|Net income/(loss) per share                               |                                                  |      |  |  |   |           |         |   |  |   |           |        | 
|Basic                                                     |                                                  |      |  |  | $ | (0.80     | )       |   |  | $ | 0.61      |        | 
|Diluted                                                   |                                                  |      |  |  | $ | (0.80     | )       |   |  | $ | 0.61      |        | 
|                                                          |                                                  |     
|Weighted average number of shares outstanding (thousands) |                                                  | 15   |  |  |   |           |         |   |  |   |           |        | 
|Basic                                                     |                                                  |      |  |  |   | 195,633   |         |   |  |   | 179,889   |        | 
|Diluted                                                   |                                                  |      |  |  |   | 195,633   |         |   |  |   | 180,345   |        | 
|                                                          |                                                  |     

See accompanying notes to the Consolidated Financial Statements

34      ENERPLUS      2012 FINANCIAL
SUMMARY

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Consolidated Statements of Changes in Shareholders' Equity

|For the year ended December 31(CDN$ thousands)    |                                           |   | 2012      |         |   |  |   | 2011       |        | 
|------------------------------------------------- | ----------------------------------------- | - | --------- | ------- | - |  | - | ---------- | ------ | 
|                                                  |                                           |  
|Shareholders' Capital                             |                                           |   |           |         |   |  |   |            |        | 
|Balance, beginning of year                        |                                           | $ | 3,442,364 |         |   |  | $ | 5,639,380  |        | 
|Reclassification of EELP units                    |                                           |   |          |         |   |  |   | 44,387     |        | 
|Reclassification of accumulated deficit           |                                           |   |          |         |   |  |   | (2,314,775 | )      | 
|Public offering                                   |                                           |   | 330,618   |         |   |  |   |           |        | 
|Stock Option Plan  cash                          |                                           |   | 1,180     |         |   |  |   | 11,626     |        | 
|Stock Option Plan  non cash                      |                                           |   | 1,119     |         |   |  |   | 9,371      |        | 
|Dividend Reinvestment Plan                        |                                           |   | 19,150    |         |   |  |   | 52,375     |        | 
|Stock Dividend Program                            |                                           |   | 23,612    |         |   |  |   |           |        | 
|                                                  |                                           |  
|Balance, end of year                              |                                           | $ | 3,818,043 |         |   |  | $ | 3,442,364  |        | 
|                                                  |                                           |  
|Contributed Surplus                               |                                           |   |           |         |   |  |   |            |        | 
|Balance, beginning of year                        |                                           | $ | 26,910    |         |   |  | $ | 3,795      |        | 
|Reclassification of trust unit rights liability   |                                           |   |          |         |   |  |   | 20,156     |        | 
|Stock Option Plan  exercised                     |                                           |   | (1,119    | )       |   |  |   | (9,371     | )      | 
|Stock Option Plan  expensed                      |                                           |   | 10,297    |         |   |  |   | 12,330     |        | 
|                                                  |                                           |  
|Balance, end of year                              |                                           | $ | 36,088    |         |   |  | $ | 26,910     |        | 
|                                                  |                                           |  
|Accumulated Deficit                               |                                           |   |           |         |   |  |   |            |        | 
|Balance, beginning of year                        |                                           | $ | (279,467  | )       |   |  | $ | (2,314,775 | )      | 
|Reclassification to Shareholders' Capital         |                                           |   |          |         |   |  |   | 2,314,775  |        | 
|Net income/(loss)                                 |                                           |   | (155,734  | )       |   |  |   | 109,437    |        | 
|Dividends to shareholders                         |                                           |   | (301,560  | )       |   |  |   | (388,904   | )      | 
|                                                  |                                           |  
|Balance, end of year                              |                                           | $ | (736,761  | )       |   |  | $ | (279,467   | )      | 
|                                                  |                                           |  
|Accumulated other comprehensive income            |                                           |   |           |         |   |  |   |            |        | 
|Balance, beginning of year                        |                                           | $ | 87,172    |         |   |  | $ | (22        | )      | 
|Changes due to marketable securities (net of tax) |                                           |   |           |         |   |  |   |            |        | 
|                                                  | Unrealized gains/(losses)                 |   |           | (69,728 | ) |  |   |            | 50,658 | 
|                                                  | Realized gains reclassified to net income |   |           | (39,491 | ) |  |   |            |       | 
|Change in cumulative translation adjustment       |                                           |   | (45,769   | )       |   |  |   | 36,536     |        | 
|                                                  |                                           |  
|Balance, end of year                              |                                           | $ | (67,816   | )       |   |  | $ | 87,172     |        | 
|                                                  |                                           |  
|Total Equity                                      |                                           | $ | 3,049,554 |         |   |  | $ | 3,276,979  |        | 
|                                                  |                                           |  

See accompanying notes to the Consolidated Financial Statements

ENERPLUS      2012 FINANCIAL
SUMMARY      35

---



Consolidated Statements of Cash Flows

|For the year ended December 31(CDN$ thousands)            |                                                  |   | 2012     |         |   |  |   | 2011     |         |  
|--------------------------------------------------------- | ------------------------------------------------ | - | -------- | ------- | - |  | - | -------- | ------- | -
|                                                          |                                                  |  
|Operating Activities                                      |                                                  |   |          |         |   |  |   |          |         |  
|Net income/(loss)                                         |                                                  | $ | (155,734 | )       |   |  | $ | 109,437  |         |  
|Non-cash items add/(deduct):                              |                                                  |   |          |         |   |  |   |          |         |  
|                                                          | Depletion, depreciation and amortization         |   |          | 510,758 |   |  |   |          | 433,366 |  
|                                                          | Impairments                                      |   |          | 531,825 |   |  |   |          | 359,703 |  
|                                                          | Change in fair value of derivative instruments   |   |          | (85,163 | ) |  |   |          | (31,920 | )
|                                                          | Deferred tax expense/(recovery)                  |   |          | (62,880 | ) |  |   |          | (48,630 | )
|                                                          | Foreign exchange loss/(gain) on U.S. dollar debt |   |          | (7,647  | ) |  |   |          | 7,185   |  
|                                                          | Accretion expense                                |   |          | 13,522  |   |  |   |          | 13,803  |  
|                                                          | Equity based compensation  Stock Option Plan    |   |          | 10,297  |   |  |   |          | 12,330  |  
|                                                          | Amortization of debt transaction costs           |   |          | 1,693   |   |  |   |          | 1,269   |  
|Derivative settlement on senior notes principal repayment |                                                  |   | 18,406   |         |   |  |   | 19,119   |         |  
|Asset disposition gain                                    |                                                  |   | (131,166 | )       |   |  |   | (302,053 | )       |  
|                                                          |                                                  |  
|Funds Flow                                                |                                                  | $ | 643,911  |         |   |  | $ | 573,609  |         |  
|Decommissioning expenditures                              |                                                  |   | (19,905  | )       |   |  |   | (21,656  | )       |  
|Changes in non-cash operating working capital             |                                                  |   | (88,929  | )       |   |  |   | 71,487   |         |  
|                                                          |                                                  |  
|Cash flow from operating activities                       |                                                  | $ | 535,077  |         |   |  | $ | 623,440  |         |  
|                                                          |                                                  |  
|Financing Activities                                      |                                                  |   |          |         |   |  |   |          |         |  
|Issuance of shares                                        |                                                  | $ | 350,948  |         |   |  | $ | 64,001   |         |  
|Cash dividends                                            |                                                  |   | (277,948 | )       |   |  |   | (388,904 | )       |  
|Change in bank debt                                       |                                                  |   | (189,251 | )       |   |  |   | 212,732  |         |  
|Repayment on senior notes                                 |                                                  |   | (46,236  | )       |   |  |   | (45,523  | )       |  
|Proceeds from senior note issue                           |                                                  |   | 406,088  |         |   |  |   |         |         |  
|Derivative settlement on senior notes principal repayment |                                                  |   | (18,406  | )       |   |  |   | (19,119  | )       |  
|Changes in non-cash financing working capital             |                                                  |   | (14,727  | )       |   |  |   | 451      |         |  
|                                                          |                                                  |  
|Cash flow from financing activities                       |                                                  | $ | 210,468  |         |   |  | $ | (176,362 | )       |  
|                                                          |                                                  |  
|Investing Activities                                      |                                                  |   |          |         |   |  |   |          |         |  
|Capital expenditures                                      |                                                  | $ | (864,684 | )       |   |  | $ | (876,975 | )       |  
|Property and land acquisitions                            |                                                  |   | (185,337 | )       |   |  |   | (255,209 | )       |  
|Property dispositions                                     |                                                  |   | 245,771  |         |   |  |   | 641,190  |         |  
|Sale of equity investments                                |                                                  |   | 146,898  |         |   |  |   | 1,544    |         |  
|Changes in non-cash investing working capital             |                                                  |   | (90,252  | )       |   |  |   | 38,592   |         |  
|                                                          |                                                  |  
|Cash flow from investing activities                       |                                                  | $ | (747,604 | )       |   |  | $ | (450,858 | )       |  
|                                                          |                                                  |  
|Effect of exchange rate changes on cash                   |                                                  | $ | 1,630    |         |   |  | $ | 1,035    |         |  
|                                                          |                                                  |  
|Change in cash                                            |                                                  | $ | (429     | )       |   |  | $ | (2,745   | )       |  
|Cash, beginning of year                                   |                                                  |   | 5,629    |         |   |  |   | 8,374    |         |  
|                                                          |                                                  |  
|Cash, end of year                                         |                                                  | $ | 5,200    |         |   |  | $ | 5,629    |         |  
|                                                          |                                                  |  
|Supplementary Cash Flow Information                       |                                                  |   |          |         |   |  |   |          |         |  
|Cash income taxes paid                                    |                                                  | $ | 17,946   |         |   |  | $ | 49,592   |         |  
|Cash interest paid                                        |                                                  | $ | 49,826   |         |   |  | $ | 47,756   |         |  
|                                                          |                                                  |  

See accompanying notes to the Consolidated Financial Statements

36      ENERPLUS      2012 FINANCIAL
SUMMARY

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Notes

Notes to Consolidated Financial Statements

1. REPORTING ENTITY

These annual audited consolidated financial statements ("Consolidated Financial Statements") and notes present the results of Enerplus Corporation including its Canadian and
U.S. subsidiaries. Enerplus is a North American crude oil and natural gas exploration and development company. Enerplus is publicly traded on the Toronto and New York stock exchanges
under the ticker symbol ERF. Enerplus' head office is located in Calgary, Alberta, Canada. The Consolidated Financial Statements were authorized for issue by the Board of Directors on
February 21, 2013.

2. BASIS OF PREPARATION

Enerplus' Consolidated Financial Statements for the years ended December 31, 2012 and 2011 are prepared in accordance with International Financial Reporting
Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). These
Consolidated Financial Statements present Enerplus' results of operations and financial position under IFRS as at and for the year ended December 31, 2012, and the 2011 comparative
periods.

(a) Basis of Measurement

The Consolidated Financial Statements have been prepared on the historical cost basis except for the following items which are measured at fair value:

(b) Functional and Presentation Currency

These Consolidated Financial Statements are presented in Canadian dollars, which is Enerplus' functional currency. All financial information presented in Canadian dollars has
been rounded to the nearest thousand unless otherwise indicated.

(c) Use of Estimates and Judgment

The preparation of financial statements requires management to use judgment, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results could differ from those estimated.

The
amounts recorded for depletion and depreciation of the oil and gas assets are based on estimates of reserves and future costs. By their nature, these estimates, and those related to
future cash flows used to assess impairment, are subject to measurement uncertainty and the impact on the financial statements of future periods could be material. Estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future periods affected.

The
provision for decommissioning liability is based on current legal and constructive requirements, technology, estimated costs and expected timing for remediation. Actual costs can
differ from estimated costs because of changes in laws and regulations, market conditions, discovery and analysis of site conditions and changes in technology.

IFRS
requires that the Company's oil and gas assets be aggregated into cash-generating units, based on their ability to generate largely independent cash flows, which are
used to assess the assets for impairment. The determination of the Company's cash-generating units is subject to management's judgment.

The
decision to transfer assets from exploration and evaluation to property, plant and equipment is based on management's assessment of technical feasibility and commercial viability and
this is subject to management's judgment.

The
estimated fair value of derivative instruments, by their very nature, are subject to measurement uncertainty.

ENERPLUS      2012 FINANCIAL
SUMMARY      37

---



Compensation
costs recorded for the stock option plan are subject to estimation as they are calculated using the Black Scholes option pricing model which is based on significant
assumptions such as volatility, dividend yield, expected term and forfeiture rate. Other compensation plans are performance based and are also subject to management's judgment as to whether or not
certain performance criteria will be met.

The
determination of the income tax provision and other tax issues can be complex and require management judgment. As such, income taxes are subject to measurement uncertainty. Income
tax filings are subject to audits and re-assessments and changes in facts, circumstances and interpretations may result in an increase or decrease in the Company's provision for
income taxes.

Additional
details concerning estimates and judgment have been provided in Note 3.

3. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are presented to assist the reader in evaluating these Consolidated Financial Statements and, together with the following notes,
should be considered an integral part of the Consolidated Financial Statements.

(a) Basis of Consolidation

These Consolidated Financial Statements include the accounts of Enerplus and its subsidiaries. Intercompany balances and transactions are eliminated on consolidation. Interests
in jointly controlled assets are accounted for using the proportionate
consolidation method, whereby Enerplus' proportionate share of revenues, expenses, assets and liabilities are included in the accounts.

The
acquisition method of accounting is used to account for acquisitions of companies and assets that meet the definition of a business under IFRS. The cost of an acquisition is measured
as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the acquisition date. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

(b) Revenue

Revenue associated with the sale of crude oil and natural gas is recognized when title passes from the Company to its customers and is measured at the fair value of the
consideration received or receivable based on price, volumes delivered and contractual delivery points. Realized gains and losses from commodity price risk management activities are recognized in
revenue when the contract is settled and unrealized gains and losses on commodity price risk management activities are recognized in revenue based on the changes in fair value of the contracts at the
end of the respective reporting period.

(c) Exploration and Evaluation Assets ("E&E") and Property, Plant and Equipment ("PP&E")

(i) E&E Assets

Costs incurred prior to acquiring the legal right to explore an area are charged directly to net income.

Costs
incurred after the legal right to explore is obtained but before technical feasibility and commercial viability of the area has been established are capitalized as E&E assets.
These assets include both tangible and intangible costs such as unproved property acquisition costs, geological and geophysical costs, sampling and appraisals, related drilling and completion costs
and directly attributable internal costs.

Once
an area is determined to be technically feasible and commercially viable the accumulated costs are tested for impairment. The carrying value, net of any impairment, is then
reclassified to PP&E as a Developed and Producing ("D&P") asset. If an area is determined not to be technically feasible and commercially viable, or the Company discontinues its exploration and
evaluation activity, any unrecoverable costs are charged to net income.

(ii) PP&E

All costs directly associated with the development of crude oil and natural gas reserves are capitalized on an area-by-area basis if they extend or
enhance the recoverable reserves of the underlying assets. These expenditures are referred to as D&P assets and include assets where technical feasibility and commercial viability has been determined.
Costs in this category include property acquisitions, drilling and completion costs, gathering and infrastructure, capitalized decommissioning costs, directly attributable internal costs

38      ENERPLUS      2012 FINANCIAL
SUMMARY

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and
transfers of exploration and evaluation assets. Repairs and maintenance and operational costs that do not extend or enhance the recoverable reserves are charged to net income in the period.

D&P
assets are aggregated into cash generating units ("CGUs") for the purposes of impairment testing and depletion calculations. CGUs are groups of assets that generate independent cash
inflows and are generally defined based on geographic areas, with consideration given to how the assets are managed.

Gains
and losses on disposals of properties are determined by comparing the proceeds to the net carrying value of the property and are recognized in net income.

(d) Depletion and Depreciation

The net carrying value of D&P assets is depleted using the unit of production method, calculated as the ratio of production in the year compared to the related proved plus
probable reserves, taking into account estimated future development costs necessary to bring those reserves into production. Natural gas reserves and production are converted to equivalent units on
the basis of 6 mcf = 1 bbl, reflecting the approximate energy content. Proved plus probable reserves are generally estimated using independent reserve engineers and represent the
estimated quantities of crude oil and natural gas which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be economically recoverable in
future years.

E&E
assets are not depleted.

(e) Impairment

(i) E&E

E&E assets are tested for impairment when indicators of impairment exist or when technical feasibility and commercial viability are established and the assets are reclassified
to PP&E. The impairment test compares the E&E assets' carrying value to their
recoverable amount plus any excess recoverable amounts on D&P assets on a country by country basis. E&E assets that are determined not to be technically feasible and commercially viable are charged to
net income.

(ii) PP&E and Goodwill

D&P assets included in PP&E are reviewed for impairment at a CGU level when indicators of impairment exist. When indicators of impairment exist, the carrying value of each CGU,
including goodwill, is compared to its recoverable amount which is defined as the higher of its fair value less cost to sell ("FVLCTS") or its value in use ("VIU"). FVLCTS is determined to be the
amount for which the asset could be sold in an arm's length transaction. VIU is based upon the estimated before tax net present value of the Company's proved plus probable reserves, as prepared by
independent reserve evaluators. These estimates of future net revenues are based on forecast prices and costs, and are stated prior to the provision of financing and general and administrative
expenses and after the deduction of royalties and estimated future capital expenditures. Forecast prices reflect heating values, quality differentials and transportation costs specific to the
Company's assets. Estimated future net revenues are discounted using the Company's weighted average cost of capital.

Where
the carrying value exceeds the recoverable amount an impairment loss exists and is charged to net income. Impairment losses are first recorded against goodwill within a CGU and the
remainder is recorded against the D&P assets.

Reversals
of impairments are recognized when events or circumstances that triggered the original impairment have changed. Impairments can only be reversed in future periods up to the
carrying amount that would have been determined, net of depletion and depreciation, had no impairment losses been previously recognized. Goodwill impairments are not reversible.

(f) Foreign Currency

(i) Foreign currency transactions

Transactions in foreign currencies are generally translated to Canadian dollars at the average exchange rate for the period. Monetary assets and liabilities denominated in
foreign currencies are translated to Canadian dollars at the period end exchange rate. Foreign currency differences arising on translation are recognized in net income in the period in which
they arise.

ENERPLUS      2012 FINANCIAL
SUMMARY      39

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(ii) Foreign operations

Assets and liabilities of Enerplus' U.S. operations are translated into Canadian dollars at period end exchange rates while revenues and expenses are translated using
average rates for the period. Gains and losses from the translation are deferred and included in the cumulative translation adjustment ("CTA") which is part of accumulated other comprehensive income
("AOCI").

(g) Financial Instruments

Financial instruments are classified into one of five categories: fair value through profit or loss, held to maturity investments, loans and receivables, available for sale
financial assets or other liabilities.

(i) Non-derivative financial instruments

Non-derivative financial instruments comprise cash, accounts receivable, accounts payable, dividends payable to shareholders and debt. Cash is classified as "fair
value through profit or loss" and is carried at fair value. Accounts receivable are classified as "loans and receivables" and are carried at amortized cost less any allowance for impairment. Accounts
payable, dividends payable to shareholders and debt are classified as "other financial liabilities" and are carried at amortized cost using the effective interest method.

Enerplus
has certain equity investments in entities involved in the oil and gas industry which are included in other assets on the Consolidated Balance Sheets. These investments are
classified as "available-for-sale" and are carried at fair value with changes in fair value recorded in other comprehensive income. The fair value of investments that are
publicly traded are determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no public market, fair value is determined
using valuation techniques including using recent arm's length market transactions. When investments are ultimately sold any gains or losses are recognized in net income and any unrealized gains or
losses previously recognized in other comprehensive income are reversed.

Enerplus
capitalizes transaction costs and premiums on long-term debt. These costs are amortized using the effective interest method.

(ii) Derivative financial instruments

Enerplus enters into financial derivative contracts in order to manage its exposure to market risks from fluctuations in commodity prices, foreign exchange rates and interest
rates in the normal course of operations. Enerplus has not designated its financial derivative contracts as effective accounting hedges, and thus has not applied hedge accounting, even though it
considers most of these contracts to be economic hedges. As a result, all financial derivative contracts are classified as "fair value through profit or loss" and are recorded at fair value on the
Consolidated Balance Sheets with changes in fair value recorded in net income. The fair values of these derivative instruments are generally based on an estimate of the amounts that would be paid or
received to settle these instruments at the balance sheet date.

Enerplus
accounts for its physical delivery purchase and sales contracts as executory contracts as they were entered into and continue to be held for the purpose of receipt or delivery
of products in accordance with its expected purchase, sale or usage requirements. As such, these contracts are not considered to be derivative financial instruments. Settlements on these physical
contracts are recognized in net income over the term of the contracts as they occur.

(h) Goodwill

Enerplus recognizes goodwill relating to corporate acquisitions when the total purchase price exceeds the fair value of the net identifiable assets and liabilities of the
acquired companies. The portion of goodwill that relates to its U.S. operations fluctuates due to changes in foreign exchange rates. For the purposes of impairment testing, goodwill is
allocated to the CGUs that benefited from the synergies of the respective business combinations and is tested for impairment in conjunction with the CGU on an annual basis. Goodwill is stated at cost
less impairment and is not amortized. Goodwill is not deductible for income tax purposes.

(i) Assets Held for Sale

Non-current assets, or disposal groups consisting of assets and liabilities, are classified as held for sale if management intends to sell the assets, the sale is
highly probable and the assets are available for immediate sale in their present condition.

Assets
classified as held for sale are measured at the lower of the carrying amount and fair value less costs to sell. Any impairments are recognized in net income in the period
measured. Non-current assets and disposal groups held for sale are

40      ENERPLUS      2012 FINANCIAL
SUMMARY

---



presented
in current assets and liabilities within the Consolidated Balance Sheets. Assets held for sale are not depreciated, depleted or amortized.

(j) Share Based Payments

Enerplus uses the Black Scholes option pricing model to calculate the grant date fair value of stock options granted under the Company's stock option plan. This amount is
charged to earnings as equity based compensation over the vesting period of the options, with a corresponding increase in contributed surplus. When options are exercised, the proceeds, together with
the amount recorded in contributed surplus, are recorded to shareholders' capital.

Enerplus
recognizes a liability in respect of its cash settled Performance Share, Restricted Share and Director Share incentive plans, based on their estimated fair value. The liability
is re-measured at each reporting date and at settlement date with any changes in the fair value recorded as equity based compensation in net income.

(k) Provisions

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably and it is probable that an
outflow of economic benefits will be required to settle the obligation. Provisions are determined by recognizing the present value of the estimated future cash flows, discounted using a
risk-free rate.

(l) Decommissioning Liabilities

Enerplus' oil and gas operating activities give rise to dismantling, decommissioning and site remediation activities. Enerplus recognizes a liability for the estimated present
value of the future decommissioning liabilities at each balance sheet date. The associated decommissioning cost is capitalized and amortized over the same period as the underlying asset. Changes in
the estimated liability resulting from revisions to estimated timing, amount of cash flows, or changes in the discount rate are recognized as a change in the decommissioning liability and related
capitalized decommissioning cost.

Amortization
of capitalized decommissioning costs is included in depreciation, depletion and amortization in net income. Increases in decommissioning liabilities resulting from the
passage of time are recorded as accretion which is included with finance expense in net income. Actual expenditures incurred are charged against the decommissioning liability.

(m) Income Tax

Income tax expense is comprised of current and deferred tax.

Current
tax is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, along with any adjustment to tax payable
in respect of previous years.

Deferred
tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and
the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted
or substantively enacted by the reporting date. Deferred tax is recognized in net income except to the extent that it relates to items recognized directly in equity. Deferred tax is not
recognized for taxable temporary differences arising on the initial recognition of goodwill. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related
tax benefit will be realized.

(n) Net Income Per Share

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period.

For
the diluted net income per common share calculation, the weighted average number of shares outstanding is adjusted for the potential number of shares which may have a dilutive effect
on net income. The weighted average number of diluted shares is calculated in accordance with the treasury stock method which assumes that the proceeds received from the exercise of all stock options
would be used to repurchase common shares at the average market price.

ENERPLUS      2012 FINANCIAL
SUMMARY      41

---



(o) Recent Pronouncements Issued

The following Standards and Interpretations which have not been applied in these financial statements have been released but not yet effective at
December 31, 2012.

4. E&E ASSETS

|Carrying value($ thousands) |                                            |   | E&E assets |          |  
|--------------------------- | ------------------------------------------ | - | ---------- | -------- | -
|                           
|At December 31, 2010        |                                            | $ | 1,545,378  |          |  
|                            | Capital spending and acquisitions          |   |            | 620,172  |  
|                            | Dispositions                               |   |            | (300,629 | )
|                            | Transfers to Property, Plant and Equipment |   |            | (969,036 | )
|                            | Impairment expense, net                    |   |            | (25,401  | )
|                            | Foreign currency translation adjustment    |   |            | 4,315    |  
|                           
|At December 31, 2011        |                                            | $ | 874,799    |          |  
|                            | Capital spending and acquisitions          |   |            | 265,893  |  
|                            | Dispositions                               |   |            | (23,794  | )
|                            | Transfers to Property, Plant and Equipment |   |            | (214,761 | )
|                            | Impairment expense                         |   |            | (113,824 | )
|                            | Foreign currency translation adjustment    |   |            | (14,493  | )
|                           
|As at December 31, 2012     |                                            | $ | 773,820    |          |  
|                           

As at December 31, 2012 the E&E asset balance of $773,820,000
(December 31, 2011  $874,799,000) consists of undeveloped lands and assets that management has not fully evaluated for technical feasibility and
commercial viability.

42      ENERPLUS      2012 FINANCIAL
SUMMARY

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5. PP&E

|Carrying value before accumulated depletion and depreciation($ thousands) |                                           |   | D&P assets |          |   | Office
and other |        |   | Total     |          |  
|------------------------------------------------------------------------- | ----------------------------------------- | - | ---------- | -------- | - | ---------------- | ------ | - | --------- | -------- | -
|                                                                         
|As at December 31, 2010                                                   |                                           | $ | 4,253,439  |          | $ | 59,542           |        | $ | 4,312,981 |          |  
|                                                                          | Capital spending and acquisitions         |   |            | 500,748  |   |                  | 11,264 |   |           | 512,012  |  
|                                                                          | Transfers from Exploration and Evaluation |   |            | 969,036  |   |                  |       |   |           | 969,036  |  
|                                                                          | Change in decommissioning costs (Note 10) |   |            | 179,635  |   |                  |       |   |           | 179,635  |  
|                                                                          | Dispositions                              |   |            | (39,305  | ) |                  |       |   |           | (39,305  | )
|                                                                          | Foreign currency translation adjustment   |   |            | 41,306   |   |                  | 210    |   |           | 41,516   |  
|                                                                         
|As at December 31, 2011                                                   |                                           | $ | 5,904,859  |          | $ | 71,016           |        | $ | 5,975,875 |          |  
|                                                                          | Capital spending and acquisitions         |   |            | 772,350  |   |                  | 11,778 |   |           | 784,128  |  
|                                                                          | Transfers from Exploration and Evaluation |   |            | 214,761  |   |                  |       |   |           | 214,761  |  
|                                                                          | Change in decommissioning costs (Note 10) |   |            | 75,381   |   |                  |       |   |           | 75,381   |  
|                                                                          | Dispositions                              |   |            | (244,907 | ) |                  |       |   |           | (244,907 | )
|                                                                          | Foreign currency translation adjustment   |   |            | (38,290  | ) |                  | (206   | ) |           | (38,496  | )
|                                                                         
|As at December 31, 2012                                                   |                                           | $ | 6,684,154  |          | $ | 82,588           |        | $ | 6,766,742 |          |  
|                                                                         

|
|

|Accumulated Depletion and Depreciation |                                          |   | D&P assets |         |   | Office
and other |       |   | Total     |         |  
|-------------------------------------- | ---------------------------------------- | - | ---------- | ------- | - | ---------------- | ----- | - | --------- | ------- | -
|                                      
|As at December 31, 2010                |                                          | $ | 827,331    |         | $ | 45,082           |       | $ | 872,413   |         |  
|                                       | Depletion, Depreciation and Amortization |   |            | 425,806 |   |                  | 7,560 |   |           | 433,366 |  
|                                       | Impairment expense                       |   |            | 334,302 |   |                  |      |   |           | 334,302 |  
|                                       | Foreign currency translation adjustment  |   |            | 3,760   |   |                  | 23    |   |           | 3,783   |  
|                                      
|As at December 31, 2011                |                                          | $ | 1,591,199  |         | $ | 52,665           |       | $ | 1,643,864 |         |  
|                                       | Depletion, Depreciation and Amortization |   |            | 502,991 |   |                  | 7,767 |   |           | 510,758 |  
|                                       | Impairment expense                       |   |            | 418,001 |   |                  |      |   |           | 418,001 |  
|                                       | Dispositions                             |   |            | (44,075 | ) |                  |      |   |           | (44,075 | )
|                                       | Foreign currency translation adjustment  |   |            | (4,213  | ) |                  | (40   | ) |           | (4,253  | )
|                                      
|As at December 31, 2012                |                                          | $ | 2,463,903  |         | $ | 60,392           |       | $ | 2,524,295 |         |  
|                                      

|Net Carrying Value      |  |   | D&P assets |  |   | Office
and other |  |   | Total     | 
|----------------------- |  | - | ---------- |  | - | ---------------- |  | - | --------- | 
|                       
|As at December 31, 2010 |  | $ | 3,426,108  |  | $ | 14,460           |  | $ | 3,440,568 | 
|As at December 31, 2011 |  | $ | 4,313,660  |  | $ | 18,351           |  | $ | 4,332,011 | 
|                       
|As at December 31, 2012 |  | $ | 4,220,251  |  | $ | 22,196           |  | $ | 4,242,447 | 
|                       

6. IMPAIRMENT

|($ thousands)           |  |   | 2012    |  |  |   | 2011    |   | 
|----------------------- |  | - | ------- |  |  | - | ------- | - | 
|                        |  |  
|D&P assets              |  | $ | 418,001 |  |  | $ | 334,302 |   | 
|E&E assets              |  |   | 113,824 |  |  |   | 35,548  |   | 
|E&E impairment reversal |  |   |        |  |  |   | (10,147 | ) | 
|                        |  |  
|Impairment expense      |  | $ | 531,825 |  |  | $ | 359,703 |   | 
|                        |  |  

The estimated recoverable amounts used for impairment testing were based on the respective assets value in use, calculated using proved plus probable reserves
discounted at 10%. D&P asset impairments recorded for the years ended December 31, 2012 and 2011 relate to the impact of lower forecast commodity prices on Enerplus' natural gas focused
CGUs. E&E asset impairments of $113,824,000 for the year ended December 31, 2012 (December 31, 2011  $35,548,000) relate to expiring
undeveloped land and unrecoverable costs on other projects where activity is being discontinued. There were no E&E asset impairment reversals for the

ENERPLUS      2012 FINANCIAL
SUMMARY      43

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year
ended December 31, 2012. E&E asset impairment reversals of $10,147,000 for the year ended December 31, 2011 relate to an increase in the estimated recoverable amount
for certain E&E assets.

The
following table outlines forecasted commodity prices and exchange rates used in Enerplus' CGU impairment tests at December 31, 2012. The forecast commodity prices are
consistent with those used by Enerplus' external reserve evaluators.

|Year          |  |   | WTI Crude Oil(1)
US$/bbl |  |   | Exchange Rate
US$/CDN$ |  |   | Edm Light
Crude(1)
CDN$/bbl |  |   | U.S. Henry
Hub Gas price(1)
US$/Mcf |  |   | Natural Gas
30 day spot @ AECO(1)
CDN$/Mcf | 
|------------- |  | - | ------------------------ |  | - | ---------------------- |  | - | --------------------------- |  | - | ----------------------------------- |  | - | ------------------------------------------ | 
|             
|2013          |  | $ | 92.50                    |  | $ | 1.00                   |  | $ | 87.50                       |  | $ | 3.75                                |  | $ | 3.35                                       | 
|2014          |  |   | 92.50                    |  |   | 1.00                   |  |   | 90.50                       |  |   | 4.30                                |  |   | 3.85                                       | 
|2015          |  |   | 93.60                    |  |   | 1.00                   |  |   | 92.60                       |  |   | 4.85                                |  |   | 4.35                                       | 
|2016          |  |   | 95.50                    |  |   | 1.00                   |  |   | 94.50                       |  |   | 5.25                                |  |   | 4.70                                       | 
|2017          |  |   | 97.40                    |  |   | 1.00                   |  |   | 96.40                       |  |   | 5.70                                |  |   | 5.10                                       | 
|Thereafter(2) |  |   | +2% yr                   |  |   | 1.00                   |  |   | +2% yr                      |  |   | +2% yr                              |  |   | +2% yr                                     | 
|             

7. ASSET DISPOSITION GAIN

During the year ended December 31, 2012 Enerplus recorded a gain of $131,166,000
(December 31, 2011  $302,053,000) related to the sale of certain properties and marketable securities.

|($ thousands)                         |  |   | 2012    |  |  |   | 2011    | 
|------------------------------------- |  | - | ------- |  |  | - | ------- | 
|                                      |  |  
|Gain on property dispositions         |  | $ | 83,800  |  |  | $ | 301,950 | 
|Gain on sale of marketable securities |  |   | 47,366  |  |  |   | 103     | 
|                                      |  |  
|Total asset disposition gain          |  | $ | 131,166 |  |  | $ | 302,053 | 
|                                      |  |  

8. OTHER ASSETS

Other assets of $11,687,000 (December 31, 2011  $207,824,000) represent Enerplus' marketable securities portfolio. During
the year ended December 31, 2012 Enerplus sold certain marketable securities for proceeds of $146,898,000 (net of transaction costs of $1,785,000) recognizing a gain of
$47,366,000. In connection with these sales, realized gains of $39,491,000 net of tax ($46,770,000 before tax) were reclassified from accumulated other comprehensive income to net income.

For
the year ended December 31, 2012 the change in fair value of these investments represented unrealized losses of $69,728,000 net of tax ($79,835,000 before tax). For the
year ended December 31, 2011 the change in fair value of these investments represented unrealized gains of $50,658,000 ($58,555,000 before tax).

44      ENERPLUS      2012 FINANCIAL
SUMMARY

---



9. DEBT

|($ thousands) |                                   |                                            | December 31, 2012 |         |         |   | December 31, 2011 |        
|------------- | --------------------------------- | ------------------------------------------ | ----------------- | ------- | ------- | - | ----------------- | -------
|              |                                   |                                           
|Current:      |                                   |                                            |                   |         |         |   |                   |        
|              | Current portion of long-term debt |                                            | $                 | 45,566  |         |   | $                 | 46,808 
|              |                                   |                                           
|              |                                   | $                                          | 45,566            |         |         | $ | 46,808            |        
|              |                                   |                                           
|Long-term:    |                                   |                                            |                   |         |         |   |                   |        
|              | Bank credit facility              |                                            | $                 | 260,950 |         |   | $                 | 446,182
|              | Senior notes                      |                                            |                   |         |         |   |                   |        
|              |                                   | CDN$30 million (Matures May 15, 2019)      |                   |         | 30,000  |   |                   |        
|              |                                   | US$20 million (Matures May 15, 2022)       |                   |         | 19,898  |   |                   |        
|              |                                   | US$355 million (Matures May 15, 2024)      |                   |         | 353,190 |   |                   |        
|              |                                   | CDN$40 million (Matures June 18, 2015)     |                   |         | 40,000  |   |                   |        
|              |                                   | US$40 million (Matures June 18, 2015)      |                   |         | 39,796  |   |                   |        
|              |                                   | US$225 million (Matures June 18, 2021)     |                   |         | 223,853 |   |                   |        
|              |                                   | US$54 million (Matures October 1, 2015)(1) |                   |         | 21,490  |   |                   |        
|              |                                   | US$175 million (Matures June 19, 2014)(2)  |                   |         | 34,822  |   |                   |        
|              |                                   |                                           
|              |                                   | $                                          | 1,023,999         |         |         | $ | 860,286           |        
|              |                                   |                                           
|Total debt    |                                   | $                                          | 1,069,565         |         |         | $ | 907,094           |        
|              |                                   |                                           

Bank Credit Facility

Enerplus has an unsecured, covenant-based, $1 billion bank credit facility that matures on October 31, 2015. Drawn fees range between 160 and
325 basis points over bankers' acceptance rates, with current drawn fees of 180 basis points. Standby fees on the undrawn portion of the facility are based on 20% of the drawn pricing.
The Company has the ability to request an extension of the facility each year or repay the entire balance at the end of the term. At December 31, 2012 Enerplus had $260,950,000 drawn and
was in compliance with all financial covenants under the facility. During 2012 a fee of $700,000 was paid to extend the facility. The weighted average interest rate on the facility for the year ended
December 31, 2012 was 2.4% (December 31, 2011  2.7%).

Senior Notes

On May 15, 2012 Enerplus closed a private offering of senior unsecured notes raising gross proceeds of approximately $405,000,000. The notes rank equally with the
bank credit facility and other outstanding senior notes.

On
June 19, 2012 Enerplus made its third principal repayment on the US$175 million senior notes and associated cross currency interest rate swap principal settlement
for a total of $53,666,000. On October 1, 2012 Enerplus made its second principal repayment and associated foreign exchange swap settlement on the US$54 million senior notes for a
total of $10,976,000.

The
terms and rates of the Company's outstanding senior notes are detailed below:

|Issue Date    |  | Original
Principal($ thousands) |  |  | Remaining
Principal($ thousands) |  | Coupon
Rate |  | Interest Payment Dates |  | Repayment                                           | 
|------------- |  | ------------------------------- |  |  | -------------------------------- |  | ----------- |  | ---------------------- |  | --------------------------------------------------- | 
|             
|May 15, 2012  |  | CDN$30,000                      |  |  | CDN$30,000                       |  | 4.34%       |  | May 15 and Nov 15      |  | Bullet payment on May 15, 2019                      | 
|May 15, 2012  |  | US$20,000                       |  |  | US$20,000                        |  | 4.40%       |  | May 15 and Nov 15      |  | Bullet payment on May 15, 2022                      | 
|May 15, 2012  |  | US$355,000                      |  |  | US$355,000                       |  | 4.40%       |  | May 15 and Nov 15      |  | 5 equal annual installments beginning May 15, 2020  | 
|June 18, 2009 |  | CDN$40,000                      |  |  | CDN$40,000                       |  | 6.37%       |  | June 18 and Dec 18     |  | Bullet payment on June 18, 2015                     | 
|June 18, 2009 |  | US$40,000                       |  |  | US$40,000                        |  | 6.82%       |  | June 18 and Dec 18     |  | Bullet payment on June 18, 2015                     | 
|June 18, 2009 |  | US$225,000                      |  |  | US$225,000                       |  | 7.97%       |  | June 18 and Dec 18     |  | 5 equal annual installments beginning June 18, 2017 | 
|Oct 1, 2003   |  | US$54,000                       |  |  | US$32,400                        |  | 5.46%       |  | April 1 and Oct 1      |  | 5 equal annual installments beginning Oct 1, 2011   | 
|June 19, 2002 |  | US$175,000                      |  |  | US$70,000                        |  | 6.62%       |  | June 19 and Dec 19     |  | 5 equal annual installments beginning June 19, 2010 | 
|             

ENERPLUS      2012 FINANCIAL
SUMMARY      45

---



10. DECOMMISSIONING LIABILITY

Enerplus has estimated the net present value of its decommissioning liability to be $599,652,000 at December 31, 2012 compared to $563,763,000 at
December 31, 2011, based on a total undiscounted liability of $659,714,000 and $644,922,000 respectively. The decommissioning liability was calculated using a risk free rate of 2.36% at
December 31, 2012 (December 31, 2011  2.49%). Enerplus' decommissioning expenditures are expected to be incurred over the next
66 years with the majority between 2022 and 2052. The change in capitalized decommissioning costs for the year ended December 31, 2012 was $75,381,000
(December 31, 2011  $179,635,000).

|($ thousands)                                 |  |   | December 31, 2012 |   |  |  |   | December 31, 2011 |   | 
|--------------------------------------------- |  | - | ----------------- | - |  |  | - | ----------------- | - | 
|                                              |  |  
|Decommissioning liability, beginning of year  |  | $ | 563,763           |   |  |  | $ | 392,709           |   | 
|Change in estimates                           |  |   | 69,822            |   |  |  |   | 174,807           |   | 
|Property acquisition and development activity |  |   | 5,559             |   |  |  |   | 4,828             |   | 
|                                              |  |  
|                                              |  | $ | 75,381            |   |  |  | $ | 179,635           |   | 
|Dispositions                                  |  |   | (33,584           | ) |  |  |   | (692              | ) | 
|Decommissioning expenditures                  |  |   | (19,905           | ) |  |  |   | (21,656           | ) | 
|Accretion                                     |  |   | 13,522            |   |  |  |   | 13,803            |   | 
|Foreign currency translation adjustment       |  |   | 475               |   |  |  |   | (36               | ) | 
|                                              |  |  
|Decommissioning liability, end of year        |  | $ | 599,652           |   |  |  | $ | 563,763           |   | 
|                                              |  |  

11. FINANCE EXPENSE

|($ thousands)   |                                               |   | 2012   |        |   |  |   | 2011   |        |  
|--------------- | --------------------------------------------- | - | ------ | ------ | - |  | - | ------ | ------ | -
|                |                                               |  
|Realized:       |                                               |   |        |        |   |  |   |        |        |  
|                | Interest on bank debt and senior notes        |   | $      | 53,074 |   |  |   | $      | 47,049 |  
|Unrealized:     |                                               |   |        |        |   |  |   |        |        |  
|                | Cross currency interest rate swap (gain)/loss |   |        | 2,963  |   |  |   |        | 355    |  
|                | Interest rate swap (gain)/loss                |   |        | (1,125 | ) |  |   |        | (2,037 | )
|                | Debt transaction cost amortization            |   |        | 1,693  |   |  |   |        | 1,269  |  
|                | Accretion of decommissioning liability        |   |        | 13,522 |   |  |   |        | 13,803 |  
|                |                                               |  
|Finance expense |                                               | $ | 70,127 |        |   |  | $ | 60,439 |        |  
|                |                                               |  

12. FOREIGN EXCHANGE

|($ thousands)                |                                               |   | 2012    |         |   |  |   | 2011  |         |  
|---------------------------- | --------------------------------------------- | - | ------- | ------- | - |  | - | ----- | ------- | -
|                             |                                               |  
|Realized:                    |                                               |   |         |         |   |  |   |       |         |  
|                             | Foreign exchange (gain)/loss                  |   | $       | 6,508   |   |  |   | $     | 18,421  |  
|Unrealized:                  |                                               |   |         |         |   |  |   |       |         |  
|                             | Translation of U.S. dollar debt (gain)/loss   |   |         | (7,647  | ) |  |   |       | 7,185   |  
|                             | Cross currency interest rate swap (gain)/loss |   |         | (15,118 | ) |  |   |       | (15,133 | )
|                             | Foreign exchange swaps (gain)/loss            |   |         | (947    | ) |  |   |       | (6,257  | )
|                             |                                               |  
|Foreign exchange (gain)/loss |                                               | $ | (17,204 | )       |   |  | $ | 4,216 |         |  
|                             |                                               |  

46      ENERPLUS      2012 FINANCIAL
SUMMARY

---



13. INCOME TAXES

The deferred tax liability arises as a result of the following temporary differences:

|                                          |  | Deferred Tax Liability/(Asset)
|----------------------------------------- |  | ------------------------------
|($ thousands)                             |  |                               
|                                          |  |                               
|PP&E and E&E assets                       |  | $                             
|Tax loss carry-forwards and other credits |  |                               
|Decommissioning liability                 |  |                               
|Long-Term debt                            |  |                               
|Investments in other entities             |  |                               
|Deferred financial assets and credits     |  |                               
|Other assets and liabilities              |  |                               
|                                          |  |                               
|Deferred tax liability/(asset)            |  | $                             
|                                          |  |                               

Deferred tax assets have not been recognized for realized capital losses in Canada for approximately $1.2 billion at December 31, 2012
(December 31, 2011  $1.1 billion) as it is not probable that future taxable capital gains will be available against which the company can
utilize the losses. These losses have an indefinite carry-forward period.

The
Company has income tax filings that are subject to audit and potential reassessment whereby the audit findings may impact the Company's tax liability. The Company does not anticipate
adjustments arising from these audits that would materially affect its financial position and believes that it has adequately provided for current and deferred income taxes.

The
following provides a reconciliation of effective tax expense:

|($ thousands)                                                                                |  |   | 2012     |   |  |  |   | 2011    |   | 
|-------------------------------------------------------------------------------------------- |  | - | -------- | - |  |  | - | ------- | - | 
|                                                                                             |  |  
|Income/(loss) before taxes                                                                   |  | $ | (216,967 | ) |  |  | $ | 142,002 |   | 
|                                                                                             |  |  
|Income tax (recovery)/expense at the applicable Canadian rate of 25.32% (26.82% for 2011)(1) |  | $ | (54,936  | ) |  |  | $ | 38,085  |   | 
|Recovery due to change in tax rate on undistributed profits                                  |  |   |         |   |  |  |   | (34,118 | ) | 
|Effect of tax rates in foreign jurisdictions                                                 |  |   | (6,142   | ) |  |  |   | 34,312  |   | 
|Effect of differences in applicable tax rates                                                |  |   | (4,200   | ) |  |  |   | 2,163   |   | 
|Reversal/(Recognition) of realized capital losses                                            |  |   | 8,840    |   |  |  |   | (11,688 | ) | 
|Non-taxable portion of gains                                                                 |  |   | (7,178   | ) |  |  |   | (364    | ) | 
|Equity based compensation                                                                    |  |   | 2,574    |   |  |  |   | 3,307   |   | 
|Other                                                                                        |  |   | (191     | ) |  |  |   | 868     |   | 
|                                                                                             |  |  
|Tax (recovery)/expense                                                                       |  | $ | (61,233  | ) |  |  | $ | 32,565  |   | 
|                                                                                             |  |  

ENERPLUS      2012 FINANCIAL
SUMMARY      47

---



The detail of the Company's tax expense is as follows:

|For the year ended December 31, 2012($ thousands) |  |   | Canadian |   |   | U.S.  |  |   | Total   |   | 
|------------------------------------------------- |  | - | -------- | - | - | ----- |  | - | ------- | - | 
|                                                 
|Current tax expense/(recovery)                    |  | $ | (2,074   | ) | $ | 3,721 |  | $ | 1,647   |   | 
|                                                 
|Deferred tax expense/(recovery)                   |  |   |          |   |   |       |  |   |         |   | 
|Changes in temporary differences                  |  | $ | (77,393  | ) | $ | 5,673 |  | $ | (71,720 | ) | 
|Reversal of previously recognized tax losses      |  |   | 8,840    |   |   |      |  |   | 8,840   |   | 
|                                                 
|                                                  |  | $ | (68,553  | ) | $ | 5,673 |  | $ | (62,880 | ) | 
|                                                 
|Total tax expense/(recovery)                      |  | $ | (70,627  | ) | $ | 9,394 |  | $ | (61,233 | ) | 
|                                                 

|
|

|For the year ended December 31, 2011($ thousands) |  |   | Canadian |   |   | U.S.    |   |   | Total   |   | 
|------------------------------------------------- |  | - | -------- | - | - | ------- | - | - | ------- | - | 
|                                                 
|Current tax expense/(recovery)                    |  | $ | 569      |   | $ | 80,626  |   | $ | 81,195  |   | 
|                                                 
|Deferred tax expense/(recovery)                   |  |   |          |   |   |         |   |   |         |   | 
|Changes in temporary differences                  |  | $ | (110,239 | ) | $ | 99,237  |   | $ | (11,002 | ) | 
|Recognition of previously unrecognized tax losses |  |   | (11,688  | ) |   | (25,940 | ) |   | (37,628 | ) | 
|                                                 
|                                                  |  | $ | (121,927 | ) | $ | 73,297  |   | $ | (48,630 | ) | 
|                                                 
|Total tax expense/(recovery)                      |  | $ | (121,358 | ) | $ | 153,923 |   | $ | 32,565  |   | 
|                                                 

Deferred income tax recovery recognized in Other Comprehensive Income totaled $17,386,000 for 2012 ($7,647,000 expense for 2011) related to marketable
securities.

14. KEY MANAGEMENT PERSONNEL EXPENSE

Key management personnel are comprised of all officers and directors of the Company.

|($ thousands)                           |  |   | 2012   |  |  |   | 2011   | 
|--------------------------------------- |  | - | ------ |  |  | - | ------ | 
|                                        |  |  
|Salaries, benefits and other            |  | $ | 9,265  |  |  | $ | 9,601  | 
|Equity based compensation(1)            |  |   | 6,114  |  |  |   | 12,384 | 
|                                        |  |  
|Total key management personnel expenses |  | $ | 15,379 |  |  | $ | 21,985 | 
|                                        |  |  

15. SHAREHOLDERS' CAPITAL

(a) Share Capital

|                                                                 |                                                    | 2012    |        | 2011
|---------------------------------------------------------------- | -------------------------------------------------- | ------- | ------ | ----
|                                                                 |                                                    |        
|Authorized unlimited number of common shares
Issued: (thousands) |                                                    | Shares  |        |     
|                                                                 |                                                    |        
|Balance, beginning of year                                       |                                                    | 181,159 |        | $   
|Corporate Conversion:                                            |                                                    |         |        |     
|                                                                 | Reclassification of EELP units (non-cash)          |         |       |     
|                                                                 | Reclassification of Accumulated Deficit (non-cash) |         |       |     
|Issued for cash:                                                 |                                                    |         |        |     
|                                                                 | Public offerings                                   |         | 14,709 |     
|                                                                 | Dividend reinvestment plan                         |         | 955    |     
|                                                                 | Stock option plan                                  |         | 68     |     
|Non-cash:                                                        |                                                    |         |        |     
|                                                                 | Stock dividend program                             |         | 1,793  |     
|                                                                 | Stock option plan                                  |         |       |     
|                                                                 |                                                    |        
|Balance, end of year                                             |                                                    | 198,684 |        | $   
|                                                                 |                                                    |        

48      ENERPLUS      2012 FINANCIAL
SUMMARY

---



Effective January 1, 2011, Enerplus Resources Fund (the "Fund") converted from an income trust into a corporate entity under a Plan of
Arrangement pursuant to theBusiness Corporations Act (Alberta)(the "Plan of Arrangement") and continued as Enerplus Corporation. Under the Plan
of Arrangement, former unitholders of the Fund received one common share in Enerplus Corporation in exchange for each trust unit held and 0.425 of a common share in Enerplus Corporation for each
exchangeable partnership unit of Enerplus Exchangeable Limited Partnership ("EELP") held. On January 1, 2011, all outstanding securities of the Fund and EELP were cancelled.

Under
IFRS, EELP units and trust unit rights were considered liabilities and were recorded on the Consolidated Balance Sheets at their amortized fair value. Upon conversion to a
corporation these liabilities were converted into equity and the EELP liability of $44,387,000 was recorded to share capital and the trust unit rights liability of $20,156,000 was recorded to
contributed surplus. Pursuant to the Plan of Arrangement, Shareholders' Capital was reduced by the amount of the accumulated deficit of the Fund on December 31, 2010 of $2,314,775,000.

On
February 8, 2012 Enerplus issued 14,709,000 common shares for gross proceeds of $344,914,000 ($330,618,000 net of issuance costs).

(b) Dividends

|($ thousands)             |  |   | 2012    |  |  |   | 2011    | 
|------------------------- |  | - | ------- |  |  | - | ------- | 
|                          |  |  
|Cash dividends            |  | $ | 277,948 |  |  | $ | 388,904 | 
|Stock dividends           |  |   | 23,612  |  |  |   |        | 
|                          |  |  
|Dividends to shareholders |  | $ | 301,560 |  |  | $ | 388,904 | 
|                          |  |  

On January 25, 2013 Enerplus declared a dividend of $0.09 per share payable on February 20, 2013.

(c) Equity Based Compensation

The following table summarizes Enerplus' equity based compensation expense:

|($ thousands)                     |                                   |   | 2012   |        |   |  |   | 2011   |       
|--------------------------------- | --------------------------------- | - | ------ | ------ | - |  | - | ------ | ------
|                                  |                                   |  
|Cash:                             |                                   |   |        |        |   |  |   |        |       
|                                  | Long term incentive plans expense |   | $      | 5,618  |   |  |   | $      | 14,443
|Non-Cash:                         |                                   |   |        |        |   |  |   |        |       
|                                  | Stock option plan expense         |   |        | 10,297 |   |  |   |        | 12,330
|                                  | Equity total return swap gain     |   |        | (412   | ) |  |   |        |      
|                                  |                                   |  
|Equity based compensation expense |                                   | $ | 15,503 |        |   |  | $ | 26,773 |       
|                                  |                                   |  

The following assumptions were used to arrive at the estimates of fair value during each of the respective reporting periods:

|Weighted average for the period |  | December 31, 2012 |  |  | December 31, 2011 | 
|------------------------------- |  | ----------------- |  |  | ----------------- | 
|                                |  |                  
|Dividend yield(1)               |  | 8.2%              |  |  | 7.14%             | 
|Volatility(1)                   |  | 28.35%            |  |  | 35.00%            | 
|Risk-free interest rate         |  | 1.35%             |  |  | 2.34%             | 
|Forfeiture rate                 |  | 10.0%             |  |  | 9.4%              | 
|Expected life                   |  | 4.5 years         |  |  | 4.5 years         | 
|                                |  |                  

The weighted average grant date fair value of options granted in 2012 was $2.22 (December 31, 2011  $4.77).
At December 31, 2012, 2,558,000 options were exercisable at a weighted average reduced exercise price of $27.20 with a weighted average remaining contractual term of
3.49 years, giving an aggregate intrinsic value of nil (December 31, 2011  $4,446,000).

For
the year ended December 31, 2012, 68,000 options were exercised at a weighted average price of $17.35. The weighted average share price during the year
was $16.98.

For
the year ended December 31, 2012 Enerplus expensed a total of $10,297,000 (December 31, 2011  $12,330,000) related
to its Stock Option Plan. The remaining unamortized grant date fair value of outstanding options of $7,084,000

ENERPLUS      2012 FINANCIAL
SUMMARY      49

---



(December 31, 2011  $6,854,000)
will be recognized in net income over the remaining vesting period. Activity for the periods is as follows:

|                                       |           | Year ended December 31, 2012 |        | Year ended December 31, 2011
|-------------------------------------- | --------- | ---------------------------- | ------ | ----------------------------
|                                       |           | Number of
Options (000's     | )      |                             
|                                       |           |                             
|Options outstanding                    |           |                              |        |                             
|Beginning of year                      |           | 5,098                        |        | $                           
|                                       | Granted   |                              | 7,313  |                             
|                                       | Exercised |                              | (68    | )                           
|                                       | Forfeited |                              | (1,056 | )                           
|                                       | Expired   |                              | (519   | )                           
|                                       |           |                             
|End of year                            |           | 10,768                       |        | $                           
|                                       |           |                             
|Options exercisable at the end of year |           | 2,558                        |        | $                           
|                                       |           |                             

The following tables summarize the Contributed Surplus activity for the year ended December 31, 2012 and the ending balances as at
December 31, 2012:

|($ thousands)                                   |  |   | 2012   |   |  |  |   | 2011   |   | 
|----------------------------------------------- |  | - | ------ | - |  |  | - | ------ | - | 
|                                                |  |  
|Balance, beginning of year                      |  | $ | 26,910 |   |  |  | $ | 3,795  |   | 
|Reclassification of trust unit rights liability |  |   |       |   |  |  |   | 20,156 |   | 
|Stock Option Plan  exercised                   |  |   | (1,119 | ) |  |  |   | (9,371 | ) | 
|Stock Option Plan  expensed                    |  |   | 10,297 |   |  |  |   | 12,330 |   | 
|                                                |  |  
|Balance, end of year                            |  | $ | 36,088 |   |  |  | $ | 26,910 |   | 
|                                                |  |  

|($ thousands)        |  |   | 2012   |  |  |   | 2011   | 
|-------------------- |  | - | ------ |  |  | - | ------ | 
|                     |  |  
|Cancelled shares     |  | $ | 3,893  |  |  | $ | 3,795  | 
|Stock Option Plan    |  |   | 32,195 |  |  |   | 23,115 | 
|                     |  |  
|Balance, end of year |  | $ | 36,088 |  |  | $ | 26,910 | 
|                     |  |  

50      ENERPLUS      2012 FINANCIAL
SUMMARY

---



The following table summarizes information with respect to outstanding options as at December 31, 2012:

|Options Outstanding at
December 31, 2012(000's) |  |   | Original Exercise
Price |  |   | Exercise Price after(1)
Price Reductions |  | Expiry Date |  | Options Exercisable at
December 31, 2012(000's) | 
|----------------------------------------------- |  | - | ----------------------- |  | - | ---------------------------------------- |  | ----------- |  | ----------------------------------------------- | 
|                                               
|18                                              |  | $ | 48.86                   |  | $ | 45.16                                    |  | 2013        |  | 18                                              | 
|84                                              |  |   | 50.25                   |  |   | 47.06                                    |  | 2013        |  | 84                                              | 
|16                                              |  |   | 45.14                   |  |   | 42.46                                    |  | 2013        |  | 16                                              | 
|2                                               |  |   | 38.70                   |  |   | 36.54                                    |  | 2013        |  | 2                                               | 
|411                                             |  |   | 42.05                   |  |   | 40.40                                    |  | 2013 - 2014 |  | 411                                             | 
|17                                              |  |   | 47.19                   |  |   | 45.97                                    |  | 2013 - 2014 |  | 17                                              | 
|7                                               |  |   | 38.76                   |  |   | 37.95                                    |  | 2013 - 2014 |  | 7                                               | 
|4                                               |  |   | 23.58                   |  |   | 23.36                                    |  | 2013 - 2014 |  | 4                                               | 
|706                                             |  |   | 17.11                   |  |   | 17.11                                    |  | 2013 - 2015 |  | 706                                             | 
|                                               |  |   | 19.30                   |  |   | 19.30                                    |  | 2013 - 2015 |  |                                                | 
|11                                              |  |   | 25.97                   |  |   | 25.97                                    |  | 2013 - 2015 |  | 11                                              | 
|5                                               |  |   | 22.76                   |  |   | 22.76                                    |  | 2013 - 2015 |  | 5                                               | 
|1                                               |  |   | 23.65                   |  |   | 23.65                                    |  | 2013 - 2015 |  | 1                                               | 
|1,085                                           |  |   | 23.58                   |  |   | 23.58                                    |  | 2014 - 2016 |  | 704                                             | 
|19                                              |  |   | 23.05                   |  |   | 23.05                                    |  | 2014 - 2016 |  | 12                                              | 
|10                                              |  |   | 24.30                   |  |   | 24.30                                    |  | 2014 - 2016 |  | 7                                               | 
|5                                               |  |   | 30.32                   |  |   | 30.32                                    |  | 2014 - 2016 |  | 3                                               | 
|1,489                                           |  |   | 30.40                   |  |   | 30.40                                    |  | 2018        |  | 507                                             | 
|17                                              |  |   | 30.64                   |  |   | 30.64                                    |  | 2018        |  | 6                                               | 
|47                                              |  |   | 30.26                   |  |   | 30.26                                    |  | 2018        |  | 16                                              | 
|20                                              |  |   | 27.43                   |  |   | 27.43                                    |  | 2018        |  | 7                                               | 
|40                                              |  |   | 25.70                   |  |   | 25.70                                    |  | 2018        |  | 14                                              | 
|3,842                                           |  |   | 23.00                   |  |   | 23.00                                    |  | 2019        |  |                                                | 
|169                                             |  |   | 14.14                   |  |   | 14.14                                    |  | 2019        |  |                                                | 
|2,690                                           |  |   | 13.23                   |  |   | 13.23                                    |  | 2019        |  |                                                | 
|31                                              |  |   | 15.61                   |  |   | 15.61                                    |  | 2019        |  |                                                | 
|22                                              |  |   | 12.88                   |  |   | 12.88                                    |  | 2019        |  |                                                | 
|                                               
|10,768                                          |  | $ | 22.21                   |  | $ | 22.11                                    |  |             |  | 2,558                                           | 
|                                               

(d) Basic and Diluted Earnings per Share

Net income/(loss) per share has been determined based on the following:

|(thousands of units)          |  | 2012    |  |  | 2011    | 
|----------------------------- |  | ------- |  |  | ------- | 
|                              |  |        
|Weighted average shares       |  | 195,633 |  |  | 179,889 | 
|Dilutive impact of options(1) |  |        |  |  | 456     | 
|                              |  |        
|Diluted shares                |  | 195,633 |  |  | 180,345 | 
|                              |  |        

(e) Long-Term Incentive Plans

Enerplus' long-term incentive plans include its Performance Share Unit ("PSU"), Restricted Share Unit ("RSU") and Director Share Unit ("DSU") plans.

Under
Enerplus' RSU plan employees receive cash compensation in relation to the value of a specified number of underlying notional shares. The number of notional shares awarded varies by
individual and vests one-third each year for three years. Upon vesting, the plan participants receive a cash payment based on the value of the underlying notional shares plus notional
accrued dividends over the vesting period.

Under
Enerplus' PSU plan executives and management receive cash compensation in relation to the value of a specified number of underlying notional shares. The number of notional shares
awarded varies by individual and they vest at the end of three years. Upon vesting, the plan participants receive a cash payment based on the value of the underlying shares plus notional accrued

ENERPLUS      2012 FINANCIAL
SUMMARY      51

---



dividends.
The payment is subject to a multiplier that ranges from 0.5 to 2.0 depending on the performance of Enerplus compared to a group of peers over the vesting period.

Under
Enerplus' DSU plan directors receive cash compensation in relation to the value of a specified number of underlying notional shares. The number of notional shares awarded is based
on the annual non-cash retainer value and they vest upon the director leaving the Board. Upon vesting, the plan participants receive a cash payment based on the value of the underlying
notional shares plus notional accrued dividends over the vesting period.

For
the year ended December 31, 2012 the Company recorded cash compensation costs of $5,618,000
(December 31, 2011  $14,443,000) for these plans which was included in equity based compensation. At December 31, 2012 the long term
incentive plans had a liability balance of $13,316,000 (December 31, 2011  $21,785,000) which is included in accounts payable on the Consolidated
Balance Sheets.

The
following table summarizes the PSU, RSU and DSU activity for the year ended December 31, 2012:

|(thousands of units)       |  | Number
of PSUs |   |  |  | Number
of RSUs |   | Number
of DSUs |   | 
|-------------------------- |  | -------------- | - |  |  | -------------- | - | -------------- | - | 
|                          
|Balance, beginning of year |  | 170            |   |  |  | 895            |   | 14             |   | 
|Granted                    |  | 488            |   |  |  | 694            |   | 29             |   | 
|Vested                     |  |               |   |  |  | (497           | ) | (9             | ) | 
|Forfeited                  |  | (53            | ) |  |  | (129           | ) |               |   | 
|                          
|Balance, end of year       |  | 605            |   |  |  | 963            |   | 34             |   | 
|                          

16. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

(a) Carrying Value and Fair Value of Non-Derivative Financial Instruments

Enerplus' non-derivative financial instruments include cash, accounts receivable, accounts payable, marketable securities, dividends payable, bank indebtedness and
long-term debt. Refer to Note 3 for details relating to Enerplus' significant accounting policies for recognition and measurement of financial instruments.

(i) Cash, Accounts Receivable, Accounts Payable, Dividends Payable, Bank Credit Facilities and Senior Notes

As at December 31, 2012 the carrying value of cash, accounts receivable, accounts payable, dividends payable and bank credit facilities approximated their
fair value. Cash is classified as held for trading and is reported at fair value based on a level 1 designation.

(ii) Marketable Securities

Enerplus has assessed the relative inputs used in the determination of the fair value of its marketable securities. Enerplus' publicly traded marketable securities are
classified as level 1 and Enerplus' marketable securities in private companies are classified as level 3. The inputs used in determining the fair value of private company
securities are based on recent market transactions.

As
at December 31, 2012 the fair value of Enerplus' marketable securities was $11,687,000
(December 31, 2011  $207,824,000), including marketable securities in private companies of $3,909,000
(December 31, 2011  $202,882,000) and marketable securities in public companies of $7,778,000
(December 31, 2011  $4,942,000).

52      ENERPLUS      2012 FINANCIAL
SUMMARY

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(iii) Debt

Senior Notes

The following table details carrying values and fair values of Enerplus' senior notes:

|Original Principal($ thousands) |  | Remaining Principal |  |   | Reported CDN$
Carrying Value |  |   | CDN$ Fair Value | 
|------------------------------- |  | ------------------- |  | - | ---------------------------- |  | - | --------------- | 
|                               
|CDN$30,000                      |  | CDN$30,000          |  | $ | 30,000                       |  | $ | 30,401          | 
|US$20,000                       |  | US$20,000           |  |   | 19,898                       |  |   | 20,581          | 
|US$355,000                      |  | US$355,000          |  |   | 353,190                      |  |   | 377,571         | 
|CDN$40,000                      |  | CDN$40,000          |  |   | 40,000                       |  |   | 43,097          | 
|US$40,000                       |  | US$40,000           |  |   | 39,796                       |  |   | 43,961          | 
|US$225,000                      |  | US$225,000          |  |   | 223,853                      |  |   | 274,013         | 
|US$54,000                       |  | US$32,400           |  |   | 32,235                       |  |   | 34,489          | 
|US$175,000                      |  | US$70,000           |  |   | 69,643                       |  |   | 72,758          | 
|                               
|                                |  |                     |  | $ | 808,615                      |  | $ | 896,871         | 
|                               

(b) Fair Value of Derivative Financial Instruments

Enerplus has assessed the relative inputs used in the determination of the fair value of all derivative financial instruments and has determined that a fair value
classification of level 2 is appropriate for each of the instruments. A level 2 assignment is appropriate where observable inputs other than quoted prices are used in the fair value
determination.

The
deferred financial assets and credits on the Consolidated Balance Sheets result from recording derivative financial instruments at fair value. At December 31, 2012 a
current deferred financial asset of $54,165,000, a current deferred financial credit of $18,522,000, a non-current deferred financial asset of $8,013,000 and a non-current
deferred financial credit of $17,127,000 are recorded on the Consolidated Balance Sheets.

The
following table summarizes the fair value as at December 31, 2012 and change in fair value for the year ended December 31, 2012.

|                                                             |  |   | Interest Rate |     |   | Cross Currency
Interest Rate |     |   | Foreign Exchange |     |   | Electricity |      |   | Equity |     | Commodity Derivative Instruments |         |     |   |       |    
|------------------------------------------------------------ |  | - | ------------- | --- | - | ---------------------------- | --- | - | ---------------- | --- | - | ----------- | ---- | - | ------ | --- | -------------------------------- | ------- | --- | - | ----- | ---
|($ thousands)                                                |  |   | Swaps         |     |   | Swap                         |     |   | Swaps            |     |   | Swaps       |      |   | Swaps  |     |                                  | Oil     |     |   | Gas   |    
|                                                            
|Deferred financial assets/(liabilities), beginning of period |  | $ | (1,603        | )   | $ | (46,317                      | )   | $ | 6,642            |     | $ | 2,255       |      | $ |       |     | $                                | (19,611 | )   | $ |      |    
|Change in fair value gain/(loss)                             |  |   | 1,125         | (1) |   | 12,155                       | (2) |   | 947              | (3) |   | (3,108      | )(4) |   | 412    | (5) |                                  | 70,283  | (6) |   | 3,349 | (6)
|                                                            
|Deferred financial assets/(liabilities), end of period       |  | $ | (478          | )   | $ | (34,162                      | )   | $ | 7,589            |     | $ | (853        | )    | $ | 412    |     | $                                | 50,672  |     | $ | 3,349 |    
|                                                            

ENERPLUS      2012 FINANCIAL
SUMMARY      53

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|                              |  |   | Interest Rate |   |   | Cross Currency
Interest Rate |   |   | Foreign Exchange |   |   | Electricity |   |   | Equity |  | Commodity Derivative Instruments |        |  |   |       | 
|----------------------------- |  | - | ------------- | - | - | ---------------------------- | - | - | ---------------- | - | - | ----------- | - | - | ------ |  | -------------------------------- | ------ |  | - | ----- | 
|Balance Sheet Classification: |  |   | Swaps         |   |   | Swap                         |   |   | Swaps            |   |   | Swap        |   |   | Swap   |  |                                  | Oil    |  |   | Gas   | 
|                             
|Current assets                |  | $ |              |   | $ |                             |   | $ |                 |   | $ |            |   | $ | 144    |  | $                                | 50,672 |  | $ | 3,349 | 
|Current liabilities           |  |   | (478          | ) |   | (17,035                      | ) |   | (156             | ) |   | (853        | ) |   |       |  |                                  |       |  |   |      | 
|Non-current assets            |  |   |              |   |   |                             |   |   | 7,745            |   |   |            |   |   | 268    |  |                                  |       |  |   |      | 
|Non-current liabilities       |  |   |              |   |   | (17,127                      | ) |   |                 |   |   |            |   |   |       |  |                                  |       |  |   |      | 
|                             
|Total                         |  | $ | (478          | ) | $ | (34,162                      | ) | $ | 7,589            |   | $ | (853        | ) | $ | 412    |  | $                                | 50,672 |  | $ | 3,349 | 
|                             

The following table summarizes the income statement effects of Enerplus' commodity derivative instruments:

|($ thousands)                                                        |  |   | 2012   |  |  |   | 2011    |   | 
|-------------------------------------------------------------------- |  | - | ------ |  |  | - | ------- | - | 
|                                                                     |  |  
|Change in fair value of commodity derivative instruments gain/(loss) |  | $ | 73,632 |  |  | $ | 6,092   |   | 
|Net realized cash gain/(loss)                                        |  |   | 18,363 |  |  |   | (33,184 | ) | 
|                                                                     |  |  
|Commodity derivative instruments gain/(loss)                         |  | $ | 91,995 |  |  | $ | (27,092 | ) | 
|                                                                     |  |  

(c) Risk Management

(i) Market Risk

Market risk is comprised of commodity price risk, currency risk and interest rate risk.

Commodity Price Risk

Enerplus manages a portion of commodity price risk through a combination of financial derivative and physical delivery sales contracts. Enerplus' policy is to enter into
commodity contracts considered appropriate subject to a maximum of 80% of forecasted production volumes net of royalties.

Crude Oil Instruments:

At
December 31, 2012 the fair value of Enerplus' crude oil derivative contracts represented an asset of $50,672,000 and the change in fair value of these contracts during 2012
represented an unrealized gain of $70,283,000. The following table summarizes Enerplus' crude oil risk management positions at February 7, 2013:

|Instrument Type            |  | bbls/day |  | US$/bbl(1) | 
|-------------------------- |  | -------- |  | ---------- | 
|                          
|Jan 1, 2013  Jan 31, 2013 |  |          |  |            | 
|WTI Swap                   |  | 17,000   |  | 100.84     | 
|WTI Purchased Call         |  | 3,500    |  | 104.09     | 
|WTI Sold Put               |  | 5,500    |  | 63.09      | 
|WTI Sold Call              |  | 3,500    |  | 130.00     | 
|Feb 1, 2013  Dec 31, 2013 |  |          |  |            | 
|WTI Swap                   |  | 18,500   |  | 100.52     | 
|WTI Purchased Call         |  | 3,500    |  | 104.09     | 
|WTI Sold Put               |  | 5,500    |  | 63.09      | 
|WTI Sold Call              |  | 3,500    |  | 130.00     | 
|Jan 1, 2014  Dec 31, 2014 |  |          |  |            | 
|WTI Swap                   |  | 2,000    |  | 93.33      | 
|                          

54      ENERPLUS      2012 FINANCIAL
SUMMARY

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The following sensitivities show the impact to after-tax net income of the respective changes in forward crude oil prices as at
December 31, 2012 on Enerplus' outstanding crude oil contracts at that time with all other variables held constant:

|                               |  | Increase/(decrease) to
after-tax net income
|------------------------------ |  | -------------------------------------------
|($ thousands)                  |  |                                            
|                              
|Crude oil derivative contracts |  | $                                          
|                              

Natural Gas Instruments:

At December 31, 2012 the fair value of Enerplus' natural gas derivative contracts represented an asset of $3,349,000 and the change in fair value of these
contracts during 2012 represented an unrealized gain of $3,349,000. The following table summarizes Enerplus' natural gas financial contracts at February 7, 2013:

|Instrument Type            |  | MMcf/day |  | CDN$/Mcf |  | US$/Mcf | 
|-------------------------- |  | -------- |  | -------- |  | ------- | 
|                          
|Jan 1, 2013  Jan 31, 2013 |  |          |  |          |  |         | 
|AECO Swap                  |  | 23.7     |  | 3.63     |  |         | 
|AECO Purchased Put         |  | 22.7     |  | 3.17     |  |         | 
|Feb 1, 2013  Jun 30, 2013 |  |          |  |          |  |         | 
|AECO Swap                  |  | 28.4     |  | 3.54     |  |         | 
|AECO Purchased Put         |  | 22.7     |  | 3.17     |  |         | 
|Jul 1, 2013  Dec 31, 2013 |  |          |  |          |  |         | 
|AECO Swap                  |  | 23.7     |  | 3.63     |  |         | 
|AECO Purchased Put         |  | 22.7     |  | 3.17     |  |         | 
|Jan 1, 2013  Jun 30, 2013 |  |          |  |          |  |         | 
|NYMEX Swap                 |  | 15.0     |  |          |  | 3.45    | 
|Jan 1, 2014  Dec 31, 2014 |  |          |  |          |  |         | 
|NYMEX Swap                 |  | 10.0     |  |          |  | 4.03    | 
|                          

The following sensitivities show the impact to after-tax net income of the respective changes in forward natural gas prices as at
December 31, 2012 on Enerplus' outstanding natural gas contracts at that time with all other variables held constant:

|                                 |  | Increase/(decrease) to
after-tax net income
|-------------------------------- |  | -------------------------------------------
|($ thousands)                    |  |                                            
|                                
|Natural gas derivative contracts |  | $                                          
|                                

Enerplus also has the following physical gas contracts in place at February 7, 2013:

|Instrument Type            |  | MMcf/day |  | CDN$/Mcf | 
|-------------------------- |  | -------- |  | -------- | 
|                          
|Mar 1, 2013  Dec 31, 2013 |  |          |  |          | 
|AECO-NYMEX Basis           |  | 42.0     |  | 0.70     | 
|Jan 1, 2014  Oct 31, 2014 |  |          |  |          | 
|AECO-NYMEX Basis           |  | 53.5     |  | 0.69     | 
|                          

Electricity:

Enerplus is subject to electricity price fluctuations and manages this risk by entering into forward fixed rated electricity derivative contracts on a portion of its
electricity requirements. At December 31, 2012 the fair value of Enerplus' electricity contracts

ENERPLUS      2012 FINANCIAL
SUMMARY      55

---



represented
a liability of $853,000 and the change in fair value of these contracts during 2012 represented an unrealized loss of $3,108,000. The Company's outstanding electricity derivative
contracts at February 7, 2013 are summarized below:

|Instrument Type            |  | MWh  |  | CDN$/Mwh | 
|-------------------------- |  | ---- |  | -------- | 
|                          
|Jan 1, 2013  Dec 31, 2013 |  |      |  |          | 
|AESO Power Swap(1)         |  | 12.0 |  | 63.81    | 
|Jan 1, 2014  Dec 31, 2014 |  |      |  |          | 
|AESO Power Swap(1)         |  | 12.0 |  | 53.69    | 
|Jan 1, 2015  Dec 31, 2015 |  |      |  |          | 
|AESO Power Swap(1)         |  | 6.0  |  | 50.38    | 
|                          

Currency Risk

Enerplus is exposed to currency risk in relation to its U.S. dollar denominated senior notes and U.S. dollar denominated working capital held in Canada. Enerplus
manages the currency risk relating to its senior notes through the derivative instruments detailed below.

Cross Currency Interest Rate Swap ("CCIRS"):

Concurrent with the issuance of the US$175,000,000 senior notes on June 19, 2002, Enerplus entered into a CCIRS with a syndicate of financial institutions. Under the
terms of the swap, the amount of the notes was fixed for purposes of interest and principal payments at a notional amount of CDN$268,328,000. Interest payments are made on a floating rate basis, set
at the rate for three-month Canadian bankers' acceptances, plus 1.18%. At December 31, 2012 the remaining USD principal is fixed at a notional amount of CDN$107,331,000. The CCIRS
matures between June 2013 and June 2014 in conjunction with the remaining principal repayments on the notes.

Foreign Exchange Swaps:

In September 2007 Enerplus entered into foreign exchange swaps on US$54,000,000 of notional debt at an average US$/CDN$ foreign exchange rate of 1.02. At
December 31, 2012, following the second settlement, Enerplus had USD$32,400,000 of remaining notional debt swapped. These foreign exchange swaps mature between October 2013 and
October 2015 in conjunction with the remaining principal repayments on the US$54,000,000 senior notes.

During
2011 Enerplus entered into foreign exchange swaps on US$175,000,000 of notional debt at approximately par. These foreign exchange swaps mature between June 2017 and
June 2021 in conjunction with the principal repayments on the US$225,000,000 senior notes.

The
following sensitivities show the impact to after-tax net income of the changes in the period end and applicable forward foreign exchange rates, respectively, as at
December 31, 2012, with all other variables held constant:

|                                                       |  | Increase/(decrease) to after-tax net income
|------------------------------------------------------ |  | -------------------------------------------
|($ thousands)                                          |  |                                            
|                                                      
|Translation of U.S. dollar denominated debt            |  | $                                          
|Translation of U.S. dollar denominated working capital |  |                                            
|                                                      
|Total                                                  |  | $                                          
|                                                      

|
|

|                                     |  | Increase/(decrease) to after-tax net income
|------------------------------------ |  | -------------------------------------------
|($ thousands)                        |  |                                            
|                                    
|Foreign exchange swaps               |  | $                                          
|Cross currency interest rate swap(1) |  |                                            
|                                    
|Total                                |  | $                                          
|                                    

56      ENERPLUS      2012 FINANCIAL
SUMMARY

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Interest Rate Risk

Enerplus' cash flows are impacted by fluctuations in interest rates as advances under the bank facility and payments made under the CCIRS are based on floating interest rates.
To manage a portion of this interest rate risk, Enerplus entered into interest rate swaps on $45,000,000 of notional debt at rates varying from 3.70% to 3.75% that mature between April and
July 2013.

If
interest rates change by 1%, either lower or higher, on Enerplus' effective outstanding variable rate debt at December 31, 2012 with all other variables held constant,
Enerplus' after-tax net income for a year would change by $2,414,000.

(ii) Credit Risk

Credit risk represents the financial loss Enerplus would experience due to the potential non-performance of counterparties to its financial instruments. Enerplus is
exposed to credit risk mainly through its joint venture, marketing and financial counterparty receivables.

Enerplus
mitigates credit risk through credit management techniques, including conducting financial assessments to establish and monitor a counterparty's credit worthiness, setting
exposure limits, monitoring exposures against these limits and obtaining financial assurances such as letters of credit, parental guarantees, or third party credit insurance where warranted. Enerplus
monitors and manages its concentration of counterparty credit risk on an ongoing basis.

Enerplus'
maximum credit exposure at the balance sheet date consists of the carrying amount of its non-derivative financial assets as well as the fair value of its derivative
financial assets. At December 31, 2012 approximately 70% of Enerplus' marketing receivables were with companies considered investment grade.

At
December 31, 2012 approximately $4,666,000 or 3% of Enerplus' total accounts receivable were aged over 120 days and considered past due. The majority of these
accounts are due from various joint venture partners. Enerplus actively monitors past due accounts and takes the necessary actions to expedite collection, which can include withholding production,
netting amounts off future payments or seeking other remedies including legal action. Should Enerplus determine that the ultimate collection of a receivable is in doubt, it will provide the necessary
provision in its allowance for doubtful accounts with a corresponding charge to earnings. If Enerplus subsequently determines an account is uncollectible the account is written off with a
corresponding charge to the allowance account. Enerplus' allowance for doubtful accounts balance at December 31, 2012 was $2,803,000
(December 31, 2011  $2,895,000).

(iii) Liquidity Risk & Capital Management

Liquidity risk represents the risk that Enerplus will be unable to meet its financial obligations as they become due. Enerplus mitigates liquidity risk through actively
managing its capital, which it defines as debt (net of cash) and shareholders' capital. Enerplus' objective is to provide adequate short and longer term liquidity while maintaining a flexible
capital structure to sustain the future development of its business. Enerplus strives to balance the portion of debt and equity in its capital structure given its current oil and gas assets and
planned investment opportunities.

Management
monitors a number of key variables with respect to its capital structure, including debt levels, capital spending plans, dividends to shareholders, access to capital markets,
as well as acquisition and divestment activity. Enerplus commonly measures its debt levels relative to its "debt-to-funds flow ratio" which is defined as long-term
debt (net of cash) divided by the trailing twelve-month funds flow. Enerplus defines funds flow as cash flow from operating activities before changes in non-cash operating working
capital and decommissioning expenditures. The debt-to-funds flow ratio represents the time period, expressed in years, it would take to pay off the debt if funds flow remained
constant and no further capital investments were made or dividends paid.

Enerplus'
five-year history of debt-to-funds flow is illustrated below:

|                         |  | 2012 |  |  | 2011 |  | 2010 |  | 2009 |  | 2008 | 
|------------------------ |  | ---- |  |  | ---- |  | ---- |  | ---- |  | ---- | 
|                         |  |     
|Debt-to-Funds Flow Ratio |  | 1.7x |  |  | 1.6x |  | 1.0x |  | 0.6x |  | 0.5x | 
|                         |  |     

ENERPLUS      2012 FINANCIAL
SUMMARY      57

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17. COMMITMENTS AND CONTINGENCIES

Enerplus has the following minimum annual commitments at December 31, 2012:

|                             |  |   |           |  |  | Minimum Annual Commitment Each Year |         |  | Total
Committed |        
|---------------------------- |  | - | --------- |  |  | ----------------------------------- | ------- |  | --------------- | -------
|($ thousands)(1)             |  |   | Total     |  |  |                                     | 2013    |  |                 | 2014   
|                             |  |  
|Accounts payable(2)          |  | $ | 274,387   |  |  | $                                   | 274,387 |  | $               |       
|Dividends payable(3)         |  |   | 17,882    |  |  |                                     | 17,882  |  |                 |       
|Bank credit facility(4)      |  |   | 260,950   |  |  |                                     |        |  |                 |       
|Senior notes(4)              |  |   | 808,614   |  |  |                                     | 45,566  |  |                 | 45,566 
|Transportation commitments   |  |   | 126,533   |  |  |                                     | 49,454  |  |                 | 24,110 
|Processing commitments       |  |   | 1,192     |  |  |                                     | 331     |  |                 | 313    
|Drilling and completions     |  |   | 25,499    |  |  |                                     | 20,137  |  |                 | 5,362  
|Decommissioning liability(5) |  |   | 659,714   |  |  |                                     | 25,750  |  |                 | 26,000 
|Office leases                |  |   | 81,796    |  |  |                                     | 13,293  |  |                 | 12,938 
|                             |  |  
|Total commitments(6)         |  | $ | 2,256,567 |  |  | $                                   | 446,800 |  | $               | 114,289
|                             |  |  

(a) Transportation Commitments

Transportation for Enerplus' Bakken crude oil in the U.S. has been contracted for 12,500 bbl/day through January 2014 with 8,500 bbl/day of that continuing
through May 2016 and then 7,500 bbl/day through December 2017.

Enerplus
has contracted up to 239 MMcf/day of natural gas pipeline capacity in Canada, some of it in series, with contract terms that range anywhere from one month to
five years.

(b) Office Leases

Enerplus has office lease commitments for both its Canadian and U.S. operations that expire in 2019. Annual costs of these lease commitments include rent and
operating fees.

(c) Guarantees

58      ENERPLUS      2012 FINANCIAL
SUMMARY

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18. GEOGRAPHICAL INFORMATION

|As at and for the year ended December 31, 2012($ thousands) |  |   | Canada    |  |   | U.S.      |  |   | Total     | 
|----------------------------------------------------------- |  | - | --------- |  | - | --------- |  | - | --------- | 
|                                                           
|Oil and gas sales                                           |  | $ | 817,843   |  | $ | 547,699   |  | $ | 1,365,542 | 
|Exploration & evaluation assets                             |  |   | 320,367   |  |   | 453,453   |  |   | 773,820   | 
|Plant, property and equipment                               |  |   | 2,127,044 |  |   | 2,115,403 |  |   | 4,242,447 | 
|Goodwill                                                    |  |   | 2,795     |  |   | 148,595   |  |   | 151,390   | 
|                                                           

|
|

|As at and for the year ended December 31, 2011($ thousands) |  |   | Canada    |  |   | U.S.      |  |   | Total     | 
|----------------------------------------------------------- |  | - | --------- |  | - | --------- |  | - | --------- | 
|                                                           
|Oil and gas sales                                           |  | $ | 955,722   |  | $ | 408,004   |  | $ | 1,363,726 | 
|Exploration & evaluation assets                             |  |   | 339,611   |  |   | 535,188   |  |   | 874,799   | 
|Plant, property and equipment                               |  |   | 2,762,457 |  |   | 1,569,554 |  |   | 4,332,011 | 
|Goodwill                                                    |  |   | 2,795     |  |   | 151,896   |  |   | 154,691   | 
|                                                           

ENERPLUS      2012 FINANCIAL
SUMMARY      59

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