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EnCana buys Leor Energy's interests in Deep Bossier gas fields for 2.55 bln usd


Published :
Mon, 05 Nov 2007 12:17
By : Agencies
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CALGARY, Canada (Thomson Financial) - Encana Corporation today said one of its subsidiaries has entered into an agreement to acquire for 2.55 bln usd all of the Deep Bossier natural gas and land interests of privately owned Leor Energy in Texas.

Encana president and chief executive Randy Eresman said: 'We are acquiring our partner's 50 percent interest in the prolific Amoruso Field, centered in one of the fastest-growing natural gas trends in North America - the Deep Bossier formation.'

He described these assets as a 'seamless fit' with Encana's existing production and operations, and noted they hold tremendous growth potential in the near and longer term.

In just over 24 months, production from the Amoruso Field has grown from zero to more than 215 million gross cubic feet per day, Eresman said in a statement.

In addition to Leor's stake in the Amoruso field, the acquisition includes daily gas production of about 75 mln net cubic feet per day, and a total of about 56,300 net acres of land in east Texas, the majority of which is undeveloped.

tf.TFN-Europe_newsdesk@thomson.com

slj/am

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Copyright Thomson Financial News Limited 2007. All rights reserved.

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