Bloomberg: Encana seeking buyer for Bighorn assets

|About: Encana Corporation (ECA)|By:, SA News Editor

Encana (ECA) is working with Royal Bank of Canada to find a buyer for its Bighorn properties in Alberta, Bloomberg reports.

Bighorn may attract bids of C$2B-C$2.5B if offers are in line with the ~C$30K per flowing barrel that Canadian Natural Resources (CNQ) agreed to spend on Devon Energy’s (DVN) conventional assets in Canada last week, Cormark analyst Todd Kepler says, adding that Exxon Mobil (XOM) may be “a natural” buyer after its purchase of Celtic Exploration last year.

The properties up for sale are said to produce ~61.5K boe/day, of which 79% is gas.