- 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.