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Encana sells north Texas oil sites to Enervest

The deal will net Encana some $975 million.

03 November 2011

Encana Oil & Gas is to sell its natural gas producing properties in north Texas to EnerVest for $975 million (£610 million).

Once the business negotiations have been completed, the former expects to have net divestitures of approximately $1.7 billion.

The money received by Encana - which is looking to push the production of clean electricity - will then be used to supplement cash flow generation and strengthen the balance sheet of the organisation.

Randy Eresman, president and chief executive officer of the group, stated the agreement is part of an "ongoing portfolio optimisation".

"We plan to direct a greater portion of our capital investment to grow our oil and natural gas liquids production," Mr Eresman observed.

At present, 125 million cubic feet is produced daily at the Barnett Shale in north Texas.

It comes after the firm recently sold a portion of its Piceance Basin midstream assets for $590 million, which shows they have been busy negotiating in the past few months.

Posted by Ron Maverick

Source: Encana press release, November 3rd
 

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