Enerplus (TSX and NYSE: ERF) was at last look on Thursday up 0.75% in US premarket as it declared a special cash dividend of US$0.232675 ($0.318765) per share in connection with its previously announced proposed combination with Chord Energy.

A statement noted the combination is expected to close by May 31, subject to receipt of the approval of Enerplus' shareholders at the special meeting of the shareholders scheduled to be held on May 24, 2024, receipt of the final order from the King's Court of Alberta and the satisfaction of remaining customary closing conditions.

The dividend will be paid to shareholders of record at the close of business on May 30. The ex-dividend date for this payment will be May 30.

Thursday's statement said the special dividend is intended to equalize the quarterly dividends declared by Enerplus to the quarterly dividends declared by Chord following the companies' respective March dividends. The dividend will be paid to eligible Enerplus shareholders on June 4 and will occur whether or not the transaction is completed.

The special dividend is in addition to Enerplus' quarterly cash dividend of US$0.065 per share, which was declared on May 7, and will be paid on June 4 to shareholders of record at the close of business on May 22.