Encana To Sell Properties In East Texas For Nearly $530 Mln - Quick Facts

(RTTNews) - Canadian energy producer Encana Corp.'s (ECA.TO, ECA) unit, Encana Oil & Gas (USA) Inc., has inked a deal with an undisclosed buyer, to sell certain properties located mainly in Leon and Robertson counties of East Texas for about $530 million.

The combined areas represent around 90,000 net acres and 2013 average production of about 100 million cubic feet per day or MMcf/d of natural gas and about 1,200 barrels per day of total liquids. Year-end 2013 total estimated proved reserves of the properties equate to just more than 200 billion cubic feet equivalent or Bcfe compromised of 97% natural gas.

Subject to the satisfaction of normal closing conditions, the sale may close in the second quarter of 2014 with an effective date of April 1, 2014.