Burnet Aids Encana In $3B Gas Field Sale To Mitsubishi

Law360, New York (February 17, 2012, 12:15 PM EST) -- Encana Corp. will sell a major stake in a British Columbia natural gas field to Mitsubishi Corp. for $2.9 billion, the company said Friday, the same day it posted a $246 million quarterly loss largely due to record-low gas prices.

The partnership will hold 409,000 acres of Encana's undeveloped Montney field, where more than 900 billion cubic feet of proved gas reserves lie under the foothills of the Canadian Rockies.

“This agreement brings a world-class partner to a world-class energy asset,” said Randy Eresman, Encana's president...
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