One-Page Deal Sheet
Encana Oil and Gas Sells North Texas Properties to Enervest
Ovintiv Inc Enervest Ltd.
Announced Date
November 03,2011
Effective Date
November 01,2011
Close Date
December 22,2011
Transaction Type
Property
Enterprise Value (EV)($MM)
975
Asset/Basin:
{"Fort Worth Basin","Barnett Shale"}
TargetZones:
{"Barnett Shale"}
Net Acres
Location
Country
United States
State
Texas
Transaction Details: Require Private Equity Subscription
Encana Oil & Gas (USA) Inc., a subsidiary of Encana Corporation, has reached an agreement to sell its North Texas natural gas producing properties to certain partnerships managed by EnerVest, Ltd. of Houston, Texas for approximately US$975 million. With the completion of this divesture, plus other non-core asset sales, Encana expects to have net divestitures of approximately $1.7 billion by year-end, which is well within the company's 2011 target of between $1 billion and $2 billion. Proceeds from these transactions are expected to supplement cash flow generation, strengthen the company's…
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