Encana reaches agreement to sell properties in East Texas
Published by David Bizley,
Editor
Oilfield Technology,
Encana Corporation announced today that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has reached an agreement with an undisclosed purchaser, to sell certain properties located primarily in Leon and Robertson counties of East Texas for approximately $530 million.
"Consistent with our strategy, this transaction builds on our efforts to unlock value from properties within our massive asset base," says Doug Suttles, Encana President & CEO. "We remain focused on developing our core growth plays and extracting additional value from our base assets."
The combined areas represent about 90 000 net acres and 2013 average production of about 100 million ft3/d of natural gas and about 1200 bpd of total liquids. Year-end 2013 total estimated proved reserves of the properties equate to just over 200 billion ft3 equivalent compromised of 97% natural gas.
This sale is subject to the satisfaction of normal closing conditions and expected to close in the second quarter of 2014 with an effective date of 1 April 2014.
Adapted from a press release by David Bizley
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/30042014/encana_reaches_agreement_to_sell_properties_in_east_texas/
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