Encana sells Piceance assets to Cearus

Canada’s Encana has reached an agreement to sell its Piceance Basin gas assets in northwestern Colorado to Denver-based Caerus Oil and Gas for $750 million.
By Staff reporter 12 June 2017 0 26329

Canada’s Encana has reached an agreement to sell its Piceance Basin gas assets in northwestern Colorado to Denver-based Caerus Oil and Gas for $750 million.

Encana’s Piceance assets cover 222,500 hectares and include 3,100 operated wells; they produced 6.8 million cubic metres per day of gas on average during Q1 2017.

Proven reserves were estimated at 23 billion cubic metres at the end of 2016. Encana reported a net income of $431 million in Q1 2017 with operating earnings of $104 million.

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