Encana Corp. has reached an agreement with Ember Resources Inc. to sell the majority of its Clearwater assets located in southern and central Alberta for about $542 million, according to a press release. The sale includes about 1.2 million net acres of land and more than 6,800 producing wells with second-quarter average production of about 5.1 MMcme/d (180 MMcfe/d) of natural gas.
Encana retains about 1.1 million net acres in Clearwater, including about 480,000 net acres along the eastern edge of the Horseshoe Canyon Fairway.
The sale is subject to the satisfaction of normal closing conditions and is expected to close in the first quarter of 2015.
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