Encana to Buy Athalon for $7.1 Billion Get Permian Assets | Russell T. Rudy Energy LLC
“Rigzone” reports that major Canadian natural gas producer, Encana Corp., will purchase Ft. Worth based Athlon Energy Inc. as part of a shift in focus from gas to oil. In the $7.1 billion deal Encana will acquire Athalon’s assets, primarily 140,000 net acres in the Permian Basin of West Texas.
The Permian Basin, long a mainstay in U. S. oil and gas production is experiencing a revival as part of the shale revolution and, along with the Eagle Ford shale in South Texas, and the Bakken in North Dakota, is considered a premier domestic play.
Encana President and CEO Doug Settles called the deal a “transformative acquisition” and said the company will invest at least $1 billion in the Permian Basin in 2015 and increase the rig count from its current 3 to 7.
To read the article in its entirety, please go to www.rigzone.com/news/article.asp?hpf=1&a_id=135221&utm .
