EnCana Names Oilsand Spin-Off Cenovus
Cenovus Energy Inc. has been selected as the new name for the integrated oil company that EnCana Corporation is creating as part of its split into two independent energy companies focused on unconventional resources -- an integrated oil company and a pure-play natural gas company.
Under the proposed split, Cenovus will be a fully integrated North American oil company that has industry-leading in-situ oilsands properties and top-performing refineries, as well as an underlying foundation of reliable oil and gas resource plays. The natural gas company will continue as EnCana Corporation.
"Cenovus is the newest name in the North American energy business. The name Cenovus successfully captures the essence of what we want our North American integrated oil company to be - a strong enterprise with a sustainable, innovative and bright future," said Brian Ferguson, EnCana's Chief Financial Officer who is the designated President & Chief Executive Officer of Cenovus.
Cenovus represents progressive thinking, technical advances and respect for the environment in a new century
Cenovus is a newly created word that derives its meaning from its letter couplings and root origins. Cen represents an innovative way of doing business in a new century. Novus is taken from the Latin root word meaning new. Together, they represent the company's commitment to the fresh, progressive thinking required to be successful in the 21st century -- new ideas, new technologies, and improved approaches to developing energy resources in a manner that reflects the company's honour and deep-rooted respect for the environment.
The Cenovus web domain name will be www.cenovus.com. Work is underway on a Cenovus logo and brand.
Corporate reorganization expected to be completed early in 2009.
The proposed corporate reorganization, which is expected to close in early 2009, would be implemented through a Plan of Arrangement and is subject to shareholder and court approval. An information circular setting out the details of the Plan of Arrangement is expected to be mailed to EnCana shareholders in mid-November, followed by a shareholders' meeting planned for mid-December.
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