Encana Corp. (NYSE, TSE: ECA) announced Jan. 15 that it completed the sale of certain Clearwater assets in Alberta to Ember Resources Inc. for $542 million (C$605 million).
The sale includes about 1.2 million net acres of land, more than 6,800 producing wells and about 180 million cubic feet equivalent per day (MMcfe/d) of natural gas production.
"We enter 2015 focused on furthering our strategy and protecting our balance sheet with plans to not add any incremental debt through the year," said Sherri Brillon, Encana's CFO, in a statement. "With the closure of this sale, along with expected proceeds from our recently-announced Montney midstream agreement, we continue to competitively position ourselves to thrive throughout the commodity price cycle."
Encana retains about 1.1 million net acres in Clearwater, including about 480,000 net acres along the eastern edge of the Horseshoe Canyon Fairway.
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