EnCana Closes Sale of Brazilian Oil Discovery to Norsk Hydro

EnCana has closed the previously announced sale of its 50 percent interest in the Chinook heavy oil discovery offshore Brazil to Norsk Hydro ASA for approximately US$350 million. Under the agreement, Norsk Hydro purchased all of the shares of an EnCana subsidiary holding a 50 percent interest in Block BM-C-7, located in the Campos Basin. EnCana expects to record an after-tax gain in net earnings of more than US$200 million on the sale.

Upon the closing of this sale, EnCana now holds non-operated interests in 10 deep water exploration blocks offshore Brazil. Nine of these blocks are operated by Petrobras.

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