Encana Corporation (ticker: ECA) announced today the completion of its public offering (“Offering”) of 107,000,000 common shares (“Shares”) of Encana at a price of US$9.35 per Share, for gross proceeds to Encana of approximately US$1 billion. In connection with the Offering, Encana has granted the underwriters, led by Credit Suisse Securities (Canada), Inc. and J.P. Morgan, a 30-day over-allotment option to purchase up to 16,050,000 additional Shares.

Encana intends to use approximately half of the net proceeds received from the sale of the Shares to fund a portion of its 2017 capital program. The remaining proceeds will be used to enhance Encana’s balance sheet flexibility by repaying indebtedness under its credit facilities. The majority of the 2017 capital program is expected to be allocated to growing Encana’s Permian production through increasing the number of rigs in the play, which is expected to result in approximately two times as many Permian wells on stream in 2017 as compared to 2016. The allocation of proceeds may vary depending upon numerous factors, including changes in commodity prices and increased capital efficiency.

The Offering was made by means of a base prospectus and related prospectus supplements. Encana previously filed with the securities commission in each of the provinces and territories of Canada a shelf prospectus and a registration statement with the United States Securities and Exchange Commission (the “SEC”), which has become effective under the Securities Act of 1933, as amended. Prospectus supplements describing the Offering were filed with the securities regulatory authorities in each of the provinces and territories of Canada and with the SEC. The prospectuses and the related prospectus supplements contain important detailed information about the securities being offered. Before investing, you should read the prospectuses, the prospectus supplements and other documents filed with the securities regulatory authorities in each of the provinces and territories of Canada and the SEC for information about Encana and this Offering. Copies of the prospectuses and related prospectus supplements may be obtained: in Canada from Credit Suisse Securities (Canada), Inc., Prospectus Department (416-352-4520), 1 First Canadian Place Suite 2900, P.O. Box 301, Toronto, Ontario, Canada, M5X 1C9 and in the United States from Credit Suisse Securities (USA) LLC, Prospectus Department (1-800-221-1037), One Madison Avenue, New York, New York 10010, email:[email protected]; and J.P. Morgan, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204, email: [email protected]. You may also obtain these documents free of charge by visiting the SEC’s website at www.sec.gov or SEDAR at www.sedar.com.

Encana Corporation

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.

SOURCE: Encana Corporation

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