Encana Sells East Texas Assets for $530 Million
“Rigzone” reports that Encana, Canada’s largest natural gas producer, is selling 90,000 net acres in Leon and Robertson counties, Texas. This is a continuation of what appears to be a trend for the industry in general, and Encana in particular, to divest gas assets in an effort to concentrate on liquids.
In March Encana agreed to sell its interest in Wyoming’s Jonah natural gas field. The East Texas properties being sold averaged 100 million cubic feet of gas and 1,200 barrels of liquids a day in 2013. Proven reserves were estimated at 200 billion cubic feet of gas equivalent at year end. The sale is expected to close by the end of June.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/132819/Encana.