Encana Agrees To Sell Clearwater Assets To Ember Resources For About C$605 Mln

(RTTNews) - Encana Corp. (ECA) said it has reached an agreement with Ember Resources Inc. to sell the majority of its Clearwater assets, located in southern and central Alberta, for approximately $605 million.

Commenting on the sale, Encana said it includes about 1.2 million net acres of land and over 6,800 producing wells with second quarter average production of about 180 million cubic feet equivalent per day of natural gas.

This sale is subject to the satisfaction of normal closing conditions and is expected to close in the first quarter of 2015.

"This acquisition establishes Ember as the leading producer of coalbed methane in Canada," says Doug Dafoe, Ember President & CEO. "This is an exciting time for our company and we look forward to working with the talented team that has made Encana successful in this area for so many years."