EnCana Not Aware of Any Takeover Bid
EnCana Corporation advises that it is not aware of any intention by any party to make an offer to purchase all of the issued and outstanding shares of EnCana, nor is EnCana in discussions with any party with respect to the purchase of its issued and outstanding shares.
The company's board of directors and management team believe that EnCana's continued independence is the best way to create long-term value for shareholders.
"When EnCana Chairman David O'Brien and I announced the creation of EnCana Corporation three and a half years ago, our vision was to build a flagship, Canadian-headquartered energy company that would be one of the strongest in our industry. The name EnCana was chosen from the words 'energy Canada'. Since that time, investors have realized a total shareholder return of approximately 200 percent as employees delivered top-tier production and reserves growth. EnCana has taken an important place in North American's energy supply, and has become a symbol of Canadian innovation and competitiveness. Today, EnCana is extraordinarily well positioned to continue to create long- term shareholder value while delivering on our corporate mission of providing Energy for People," said Gwyn Morgan, EnCana's President & Chief Executive Officer.
With an enterprise value of approximately US$50 billion, EnCana is one of
North America's leading natural gas producers, is among the largest holders of gas and oil resource lands onshore North America and is a technical and cost leader in the in-situ recovery of oilsands bitumen. EnCana delivers predictable, reliable, profitable growth from its portfolio of long-life resource plays situated in Canada and the United States. Contained in unconventional reservoirs, resource plays are large contiguous accumulations of hydrocarbons, located in thick or areally extensive deposits, that typically have low geological and commercial development risk, low average
decline rates and very long producing lives. The application of technology to unlock the huge resource potential of these plays typically results in continuous increases in production and reserves and decreases in costs over multiple decades of resource play life. EnCana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.
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