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
Two major hospitals Ascension Health and Providence St. Joseph Health are in discussion for merger to create one of the largest hospital chain, reported Wall Street Journal. The combination is expected to have 191 hospitals with an annual revenue of around $45 billion. The new entity would dethrone America's largest hospital operator Hospital Corporation of America that owns 177 hospitals and reve Uber has mistakenly charged a customer in Toronto an astounding C$18,518.50 for a five-mile, 21-minute ride. In U.S. dollar terms, the amount would be more than $14,400. The five-mile ride should have only cost between C$12 and C$16. French baby formula maker Lactalis has issued a major international product recall over fears of salmonella contamination. French health authorities have ordered the dairy company to stop selling hundreds of products worldwide, after 26 infants fell ill with salmonella poisoning in France. Salmonella infections can be life-threatening mainly for young children.
comments powered by Disqus
Follow RTT