Encana, Mitsubishi form Cutbank Ridge shale gas partnership

02/27/2012
Mitsubishi Corp. agreed to acquire a partnership with EnCana Corp. to develop Cutbank Ridge undeveloped lands in northeastern British Columbia. Terms call for Mitshbishi to invest $2.9 billion (Can.) for a 40% interest. The partnership holds 409,000 net acres of Encana's undeveloped Montney formation gas assets in the Cutbank Ridge play. Encana will operate the partnership and be the managing partner with 60% interest in the partnership. Randy Eresman, Encana president and chief executive officer, said Encana began nearly a decade ago to assemble its land position in the Cutbank Ridge in the foothills of the Canadian Rockies. Encana plans to continue advancing joint ventures both in the U...
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