Encana Sells Off Barnett Assets for $860M

Encana Oil & Gas, a subsidiary of Encana Corporation, has closed the sale of the majority of its divestiture of North Texas natural gas producing properties and has received proceeds of approximately US $860 million for those assets.

The receipt of the remaining proceeds is subject to completion of additional closing conditions that Encana expects to complete in the first quarter of 2012.

On November 3, Encana announced its agreement to sell its North Texas natural gas producing properties for approximately $975 million.

Encana Corporation also recently closed the sale of its interest in the Cabin Gas Plant, which it agreed to sell for about $215 million.

To date, these divestiture closings have generated proceeds of approximately $1.1 billion and these two sales are part of Encana's previously announced divestitures that are expected to generate about $3.5 billion in proceeds.

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THOMAS JONES | Dec. 23, 2011
Sounds like theyre heading inti the GOM


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