Encana Reaches Agreement to Sell Gordondale Assets for C$625 Million
The sale includes approximately 54,200 net acres of land and associated infrastructure. In addition, through the transfer of current and future obligations,
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"We are tightening our portfolio and sharpening our focus in the
The sale of
ADVISORY REGARDING OIL AND GAS INFORMATION - Reserves are the estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on: analysis of drilling, geological, geophysical and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Proved reserves are those reserves which can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
The conversion of natural gas volumes to BOE is on the basis of six thousand cubic feet to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be misleading, particularly if used in isolation.
This news release discloses potential drilling locations, which include proved, probable, contingent and unbooked locations. These estimates are prepared internally based on
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains certain forward-looking statements or information (collectively, "forward-looking statements" or "FLS") within the meaning of applicable securities legislation. FLS include, but are not limited to: expected proceeds from the sale of the Gordondale assets, the use of proceeds therefrom, the expectation that the closing conditions and regulatory approvals will be satisfied and the timing of closing thereof; expected reduction in midstream and downstream commitments; potential drilling locations, including quantity, quality and commodity composition; growth of liquids production in the
Readers are cautioned against unduly relying on FLS which, by their nature, involve numerous assumptions, risks and uncertainties that may cause such statements not to occur, or for results to differ materially from those expressed or implied. These assumptions include: enforceability of the agreement; the ability of the parties to satisfy closing conditions and regulatory approvals; the value of adjustments to the expected proceeds from the transaction; assumptions contained in
Risks and uncertainties that may affect these business outcomes include: risks inherent to closing the transaction including whether it will close on a timely basis or at all; adjustments that may reduce the expected proceeds to