ENCANA OIL AND GAS BEGINS PROCESS TO DIVEST NORTH TEXAS PRODUCING ASSETS IN BARNETT; ENCANA AND AGL RESOURCES PARTNER TO PROMOTE NATURAL GAS LIQUIDS MERCHANT PROGRAM IN THE HAYNESVILLE AREA

摘要

On August 25 Encana Oil & Gas (USA) Inc., a subsidiary of Encana Corp., affirmed it initiated a process to divest of its North Texas natural gas producing assets in the Fort Worth Basin located in the Barnett Shale play. Scotia Waterous (USA) Inc. has been retained as advisor to assist in the process. Initiation of the process to sell Encana's North Texas assets is a continuation of the company's divestiture program, which is targeting net divestitures of between US$1 billion and $2 billion for 2011. Encana said in a statement it "continuously looks for opportunities to manage its portfolio of producing assets and improve the long-term value creation capacity of its vast resource portfolio." A sale of Encana's North Texas assets would be subject to receiving an acceptable bid, the approval of the companies' boards of directors, normal closing conditions as well as regulatory approvals.