Enerplus Corp. (NYSE: ERF) beat quarterly profit expectations on higher prices for oil and natural gas.

Enerplus has said it plans to drill new oil wells as it expects oil to account for more than 55% of its total production this year.

The Calgary, Alberta-based oil and gas producer, which has a bulk of its assets in the U.S., stood by its capex forecast of C$535 million to C$585 million in 2018, saying it will spend 75% of that amount to develop its North Dakota assets in the Williston Basin.

Production in the fourth quarter was 88,590 barrels of oil equivalent per day (boe/d), beating the company's own estimate of 86,000 boe/d to 88,000 boe/d, primarily driven by its oil and gas reserves in North Dakota and in the Marcellus in the Appalachian Basin.

Enerplus said the average selling price for crude oil jumped 22.2% to C$65.91 in the fourth quarter ended Dec 31. Natural gas prices rose 4.8%.

Total average daily production marginally fell to 88,590 boe from 88,960 boe.

Excluding items, Enerplus earned 27 Canadian per share, beating the average analyst estimate of 17 Canadian cents, according to Thomson Reuters I/B/E/S.