Encana, PetroChina call off Cutbank Ridge talks

By OGJ editors
HOUSTON, June 21
– Encana Corp. and PetroChina International Investment Co. were “unable to achieve substantial alignment” after more than a year on a proposed joint venture in Encana’s Cutbank Ridge assets in western Canada, including the joint operating agreement.

Instead, Encana will initiate broad-based marketing of portions of its undeveloped Montney resources and midstream assets in Cutbank Ridge.

Encana will offer a variety of joint venture opportunities for portions of the undeveloped resources, and, separately, examine a transaction with respect to its midstream pipeline and processing assets in the area. Each opportunity has the potential for strong long-term growth and value generation, said Randy Eresman, Encana’s president and chief executive officer.

Meanwhile, Encana said discussions are well under way on its April 2011 plan to seek investors in the Horn River shale lands and Greater Sierra resource play in Northeast British Columbia. Talks are also advanced on a potential divestiture of producing assets in the north part of Greater Sierra.

Those transactions are expected 2011 proceeds and joint venture investments of between $1-2 billion, exceeding Encana’s net divestiture target for 2011 of $500 million to $1 billion. That estimate for higher 2011 divestiture and joint venture proceeds does not include any potential investments in Cutbank Ridge.

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