Encana Corporation (Encana) has completed the previously announced sale of certain Clearwater assets in Alberta to Ember Resources Inc. for a purchase price of approximately C$605 million. The sale includes about 1.2 million net acres of land, over 6,800 producing wells and approximately 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 Chief Financial Officer. “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 approximately 1.1 million net acres in Clearwater, including approximately 480,000 net acres along the eastern edge of the Horseshoe Canyon Fairway.
Encana is a leading North American energy producer that is focused on developing its strong portfolio of resource plays, held directly and indirectly through its subsidiaries, producing natural gas, oil and natural gas liquids (NGLs). By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates. Encana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.