EnCana Spinoff Cenovus Commences Operations

Cenovus Energy today officially becomes Canada's newest integrated oil company with its first full day of independent operations. Cenovus is focused on the development of its enhanced oil assets in western Canada and its refineries in the United States. The company will look to its well-established natural gas and conventional oil operations to deliver strong free cash flow.

"This is an exciting day for Cenovus shareholders, employees, and for me personally. Cenovus will continue to be a leader in the development of new technologies and enhanced approaches to producing energy resources safely and responsibly," said Brian Ferguson, Cenovus Energy's President & Chief Executive Officer. "We're committed to progressive thinking -- especially when it comes to looking for ways to minimize our impact on the environment."

Cenovus was created by the split of EnCana Corporation into two separate entities -- Cenovus and a pure-play natural gas company, which retained the name EnCana. Cenovus is one of North America's largest integrated oil companies, with anticipated 2010 oil and liquids production of approximately 110,000 barrels per day, refining capacity of approximately 225,000 barrels per day and 1.2 billion barrels of oil equivalent of proved reserves as at year end 2008. Cenovus's two key enhanced oil properties in northeast Alberta, Foster Creek and Christina Lake, are expected to grow production by 15 to 20 percent in 2010, supported by the company's highly profitable natural gas operations.

"The Cenovus name may be new but this is a company with decades of experience, some of the best land positions in North America and a strong balance sheet. Cenovus will remain focused on being a low-cost energy producer through advances in technology which increase our production and minimize the environmental disturbance. We are committed to increasing shareholder value and paying a dividend as we continue to grow our enhanced oil assets," said Ferguson.

Cenovus shares will officially start trading on Toronto Stock Exchange (TSX) December 3, 2009 and on New York Stock Exchange (NYSE) December 9, 2009. Members of the Cenovus executive team will be in Toronto on December 3 to officially open the TSX market.
 

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