Encana Continues Gas Purge With $541M Alberta Asset Sale

Law360, New York (October 8, 2014, 1:33 PM EDT) -- Encana Corp. said Wednesday that it will sell most of its natural gas assets in Alberta's Clearwater reserve to private equity-backed Ember Resources Inc. for CA$605 million ($541 million), as the Canadian energy producer continues its shift away from gas and toward more lucrative oil and natural gas liquids.

The sale, which is expected to close in the first quarter of 2015, includes about 1.2 million net acres of land and more than 6,800 producing wells that were generating an average of 180 million cubic feet of natural gas per day in the second quarter of this year, according to Encana....

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