ECA

Encana Corporation

"Encana was formed in 2002 through the business combination of Alberta Energy Company Ltd. (“AEC”) and PanCanadian Energy Corporation (“PanCanadian”). Encana is currently one of North America’s leading natural gas producers and its strategy is to be a natural gas pure-play company focused on the development of unconventional resources across North America. Encana’s other operations include the transportation and marketing of natural gas and liquids production. Encana pursues profitable growth from its portfolio of long-life resource plays situated in Canada and the U.S. All of Encana’s proved reserves and production are located in North America.

On November 30, 2009, Encana completed a corporate reorganization to split into two independent publicly traded energy companies – Encana Corporation, a natural gas company, and Cenovus Energy Inc., an integrated oil company.

The Split Transaction was initially proposed in May 2008 and was designed to enhance long-term value for shareholders by creating two independent and sustainable companies, each with the ability to pursue and achieve greater success by employing operational strategies best suited to its unique assets and business plan. In October 2008, due to an unusually high level of uncertainty and volatility in the global debt and equity markets, Encana delayed seeking shareholder and court approval for the Split Transaction until there were clear signs that the global financial markets had stabilized. In September 2009, Encana announced plans to proceed with the split.

Encana employs a decentralized decision making structure organized by operating divisions. Prior to the completion of the Split Transaction, Encana’s divisions included the Canadian Foothills Division, the Canadian Plains Division, the Integrated Oil Division and the USA Division. Under the Split Transaction, the assets associated with the Canadian Plains Division and the Integrated Oil Division were transferred to Cenovus.

Encana’s operations are currently divided into two operating divisions:
·Canadian Division, formerly the Canadian Foothills Division, which includes natural gas development and production assets located in British Columbia and Alberta, and the Deep Panuke natural gas project offshore Nova Scotia. Four key resource plays are located in the division: (i) Greater Sierra in northeast British Columbia, including the Horn River shale play; (ii) Cutbank Ridge on the Alberta and British Columbia border, including the Montney formation; (iii) Bighorn in west central Alberta; and (iv) Coalbed Methane (“CBM”) in southern Alberta.

·USA Division, which includes the natural gas development and production assets located in the U.S. Four key resource plays are located in the division: (i) Jonah in southwest Wyoming; (ii) Piceance in northwest Colorado; (iii) East Texas in Texas; and (iv) Fort Worth in Texas. The USA Division is also focused on the development of the Haynesville shale play located in Louisiana and Texas and the recent entrance into the Marcellus shale play located in Pennsylvania."