Statement on the Tuscaloosa Marine Shale

(March 24, 2014) The Tuscaloosa Marine Shale (TMS) remains one of Encana’s five core growth assets identified in our strategy announcement of November, 2013.

Having multiple companies operating in an early life resource play accelerates appraisal and assists in unlocking its full potential. Bringing another experienced company in to invest capital, delineate the play and share information helps continue to lower costs and improve the economics of the play. As such, Encana has entered into an agreement with a third party that covers approximately one-third of our lands to help accelerate our evaluation of the TMS, while realizing some immediate value from our large land holdings in the area. Encana retains approximately 200,000 net acres, with an average 91 percent working interest, focused in the central and eastern portion of its original land position that it can develop in a reasonable time-frame. This will allow Encana to focus on the areas it can best develop, rather than having to drill wells for land retention purposes.

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As of 2017-09-22 16:01. Minimum 15 minute delay