27.06.2014 13:13:49

Encana To Sell Bighorn Assets To Jupiter Resources For $1.8 Bln - Quick Facts

(RTTNews) - Canadian energy producer Encana Corp. (ECA.TO, ECA) has reached an agreement with Calgary, Alberta-based Jupiter Resources to sell its Bighorn assets for about $1.8 billion, or C$2.0 billion. The sale covers nearly 360,000 net acres of land along with Encana's working interests in all pipelines, facilities and service arrangements. The transaction may close by the end of the third quarter of 2014 with an effective date of May 1, 2014.

On an SEC basis, total net proved reserves at the end of 2013 reached about 1,100 billion cubic feet equivalent or Bcfe, with about three quarters of those reserves being natural gas.

"This transaction advances our strategy by unlocking value from our portfolio as we focus on developing our core growth plays and extracting additional value from our base assets," said Doug Suttles, Encana President & CEO. He added, "Bighorn is a high quality asset that has not been receiving significant investment in 2014. Going forward, it should serve as an excellent foundational asset for Jupiter Resources."

RBC Capital Markets and Burnet, Duckworth & Palmer LLP acted as financial and legal advisors, respectively, to Encana on this transaction.

Additionally, Encana intends to revise its 2014 forecast, which would consider the impact of all completed transactions to date, in conjunction with the announcement of its second-quarter earnings on July 24, 2014.

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