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
Verizon is mulling the acquisition of a big cable company following its rival AT&T's deals with DirecTV and Time Warner, the New York Post reported, citing two well-placed sources. The move is expected to help the firm grow demand for its wireless data products. Saudi Arabian Oil Co., most popularly known as Saudi Aramco, is yet to finalize a date for its long planned initial public offer, but reports said, citing Saudi Arabian officials, that the IPO most likely would be conducted in the second half of 2018. Saudi Aramco Chief Executive Officer Amin Nasser told Bloomberg that the country has promised to reduce the overall tax rate... Dutch semiconductor equipment maker ASML Holding NV reported Wednesday significantly higher profit in its fourth quarter, with higher system sales, selling price and improved margin. Looking ahead, for the first quarter, the company sees sequentially lower net sales and margin.
comments powered by Disqus
Follow RTT