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Encana to sell Gordondale assets to Birchcliff Energy for C$625M

Jun. 21, 2016 4:56 PM ETOvintiv Inc. (OVV) StockBy: Carl Surran, SA News Editor5 Comments
  • Encana (ECA) agrees to sell its Gordondale assets in northwestern Alberta to Birchcliff Energy (OTCPK:BIREF) for C$625M (US$488M).
  • ECA says it is also reducing midstream and downstream commitments by more than C$100M through the transfer of current and future obligations.
  • ECA says its Montney play will comprise of 9K-plus potential drilling locations following the sale, with two-thirds of the wells located in the condensate-rich part of the play.
  • Birchcliff will partially fund the purchase through a C$530M stock offering and a C$18.75M investment by top shareholder Seymour Schulich.
  • ECA +0.8% AH.

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