logo
Share SHARE
FONT-SIZE Plus   Neg

Encana And Mitsubishi Complete Partnership Agreement

Encana Corp. (ECA,ECA.TO) has completed the announced Cutbank Ridge Partnership agreement with Mitsubishi Corporation.

On February 17, 2012, Encana announced an agreement with Mitsubishi that sees the Japanese global integrated business enterprise invest approximately C$2.9 billion for a 40 percent interest in the Cutbank Ridge Partnership. The Partnership holds about 409,000 net acres of undeveloped Montney-formation natural gas lands in the Cutbank Ridge resource play in northeast British Columbia.

Upon closing of the transaction and under the terms of the agreement, Mitsubishi acquired its partnership interest for consideration of approximately C$1.45 billion and Mitsubishi will also invest approximately C$1.45 billion, in addition to its 40 percent of the Partnership's future capital investment, for a commitment period which is expected to be about five years. Encana owns 60 percent of the Cutbank Ridge Partnership and is the managing partner and operator of the Partnership.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT