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UPDATE 1-Encana to sell Denver Julesburg basin assets for $900 mln

Published 2015-10-08, 07:31 a/m
© Reuters. UPDATE 1-Encana to sell Denver Julesburg basin assets for $900 mln
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Oct 8 (Reuters) - Encana Corp ECA.TO ECA.N said it would
sell its Denver Julesburg basin assets in Colorado for $900
million, the latest divestitures by the Canadian oil and gas
producer as it focuses on its high-value gas liquids and oil
properties.
The company will sell all of its Denver Julesburg acreage
comprising 51,000 net acres to a joint venture owned by Canada
Pension Plan Investment Board (CPPIB) and real estate manager
Broe Group, Encana said on Thursday. urn:newsml:reuters.com:*:nMKW5Xm3ca
The assets produced an average of 52 million cubic feet per
day of natural gas and 14,800 barrels per day of crude oil and
natural gas liquids, Encana said.
Under Chief Executive Doug Suttles, Encana is transforming
into a major oil producer by concentrating spending on regions
rich in gas liquids and oil and selling off natural gas assets.
The company in August sold its Haynesville natural gas
assets in northern Louisiana for $850 million to GEP Haynesville
LLC. urn:newsml:reuters.com:*:nL4N1103RQ
Including the Denver Julesburg sale, cash proceeds from
divestitures in 2015 will be about $2.7 billion, the company
said.
Encana said it expects to have reduced its net debt by $3
billion by end of the year.
The Denver Julesburg deal is expected to close in the fourth
quarter, the company said.

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