Canada’s Encana gets $860m for bulk of Texas Barnett Shale assets

22 December 2011 15:36  [Source: ICIS news]

TORONTO (ICIS)--Encana has completed the bulk of its divestiture of assets in the north Texas Barnett Shale region in the US to Houston-based EnerVest for $860m (€662m), the Canada-based energy firm said on Thursday.

Encana had announced plans to dispose of the assets earlier this year.

The total sales price is $975m. Encana expects to receive the remaining proceeds of about $115m in early 2012, subject to “additional closing conditions”, it said without disclosing details.

The sale is part of a $3.5bn divestment programme to strengthen Encana's balance sheet, it said.

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

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