Encana Corp.

Transaction Type
Fort Worth
Post Date
Estimated Price

Encana Oil & Gas (USA) Inc., a subsidiary of Encana Corp., Calgary, (Toronto, NYSE: ECA) has retained Scotia Waterous (USA) Inc. to sell its North Texas gas-producing assets in the Fort Worth Basin Barnett shale play.

The assets includes 52,000 net acres of high-quality, relatively mature producing properties in the Fort Worth Basin. Production is 125 million cubic feet of gas per day. The assets also include associated processing and pipeline facilities.

Encana executive vice president Jeff Wojahn says, “The initiation of the process to sell Encana’s North Texas assets is a continuation of the company’s ongoing divestiture program, which is well underway and is targeting net divestitures of between US$1 billion and $2 billion for 2011. Encana continuously looks for opportunities to manage its portfolio of producing assets and improve the long-term value creation capacity of its vast resource portfolio. These North Texas assets are high-quality, relatively mature producing properties that hold strong potential for future development.”

The deal is expected to close in late 2011 or early 2012. Contact Ryder McRitchie, (403) 645-2007.