Encana Oil & Gas Inc., a wholly owned subsidiary of Encana Corp., has reached an agreement with an undisclosed buyer to sell certain properties primarily in Leon and Robertson counties in East Texas for $530 million, effective Apr. 1. The deal is expected to close in the second quarter.
The combined areas make up 90,000 net acres with average production in 2013 of 100 MMcfd of natural gas and 1,200 b/d of total liquids. The properties’ yearend 2013 total estimated proved reserves were just more than 200 bcf of gas equivalent, 97% of which was natural gas.