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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On February 21, 2024, the Company entered into an arrangement agreement (the “Arrangement Agreement”) with Enerplus Corporation (“Enerplus”), pursuant to which, among other things, the Company has agreed to acquire Enerplus in a stock-and-cash transaction, subject to satisfaction of certain closing conditions. The transaction will be effected by way of a plan of arrangement under the Business Corporations Act (Alberta) (the “Plan of Arrangement”).
Enerplus is an independent North American oil and gas exploration and production company. Under the terms of the Arrangement Agreement, Enerplus shareholders will receive 0.10125 shares of Chord common stock and $1.84 in cash in exchange for each common share of Enerplus they own at closing.
The combination has been unanimously approved by the boards of directors of both companies. The transaction is subject to customary closing conditions in the United States and Canada, as well as the approvals by Chord and Enerplus’ shareholders, the approval of the Court of King’s Bench of Alberta, the authorization for listing of shares of Chord’s common stock to be issued in the transaction on Nasdaq and regulatory clearances or approvals. The transaction is expected to close by mid-year 2024.