EnCana selects contractor for Deep Panuke production field centre

Halifax, Nova Scotia, (November 8, 2007) - EnCana Corporation (TSX & NYSE: ECA) has entered into an agreement with Single Buoy Moorings Inc. (SBM) for the provision and operation of the Deep Panuke production field centre.

SBM was selected following a detailed nine-month bid competition process. SBM will own and operate the production field centre (PFC) and will lease it to EnCana for the life of the project.

“The contract award for the production field centre is a key step in the development of the Deep Panuke natural gas field,” said David Kopperson, EnCana’s Vice-President Atlantic Canada. “We look forward to continuing to work with SBM.”

SBM will be responsible for engineering, procurement, fabrication, installation and commissioning of the production field centre. In addition to the provision of the PFC, SBM will provide personnel to help ensure a smooth transition into the project’s production phase, and will be responsible for the long-term operations of the production facilities, including logistics.

The PFC will be fitted with topsides production equipment, a flare tower, and an accommodations block. Standing in approximately 44 metres of water, the facility will be affixed to the sea bed for the life of the field. 

Project Summary
EnCana’s Deep Panuke project involves the installation of the facilities required to produce natural gas from the Deep Panuke field, located about 175 kilometres offshore Nova Scotia. Produced gas will be transported by subsea pipeline to Goldboro, N.S., where it will be transported via the Maritimes & Northeast Pipeline (M&NP) to markets in Eastern Canada and the northeastern United States.

EnCana Corporation
With an enterprise value of approximately US$60 billion, EnCana is a leading North American natural gas producer and a technical and cost leader in the in-situ recovery of oilsands bitumen. By partnering with employees, community organizations and other businesses, EnCana contributes to the strength and sustainability of the communities where it operates. EnCana common shares trade on the Toronto and New York stock exchanges under the symbol ECA. EnCana is developing the Deep Panuke natural gas project in Nova Scotia’s offshore. First gas from the project is expected in 2010.

Please note - Interested suppliers to Deep Panuke should refer to www.bids.ca for contact information.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - In the interests of providing EnCana shareholders and potential investors with information regarding EnCana, including management’s assessment of EnCana’s and its subsidiaries’ future plans and operations, certain statements contained in this news release are forward-looking statements or information within the meaning of applicable securities legislation, collectively referred to herein as “forward-looking statements”. Forward-looking statements in this news release include, but are not limited to: future economic and operating performance; the anticipated facilities installations for the Deep Panuke project; anticipated pipeline projects and transportation strategies associated with the Deep Panuke project; anticipated timing for production of natural gas from the Deep Panuke project; and anticipated markets. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the company’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: volatility of and assumptions regarding oil and gas prices; assumptions based upon the company’s current guidance; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in the company’s marketing operations, including credit risks; imprecision of reserve estimates and estimates of recoverable quantities of oil, bitumen, natural gas and liquids from resource plays and other sources not currently classified as proved; the company’s ability to replace and expand oil and gas reserves; the ability of the company and ConocoPhillips to successfully negotiate and execute final definitive agreements relating to the integrated North American heavy oil business and the ability of the parties to obtain necessary regulatory approvals; refining and marketing margins; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; potential failure of new products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying manufacturing or refining facilities; unexpected difficulties in manufacturing, transporting or refining synthetic crude oil; risks associated with technology; the company’s ability to generate sufficient cash flow from operations to meet its current and future obligations; the company’s ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the company’s ability to secure adequate product transportation; changes in environmental and other regulations or the interpretations of such regulations; political and economic conditions in the countries in which the company operates; the risk of international war, hostilities, civil insurrection and instability affecting countries in which the company operates and terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions made against the company; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by EnCana. Although EnCana believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive.

Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and, except as required by law, EnCana does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Further information on EnCana Corporation is available on the company’s website, www.encana.com, or by contacting:

For further information:

EnCana Corporate Communications
Media contacts:
Lori MacLean
East Coast office
(902) 492-5537 or (902) 209-5703

Alan Boras
Manager, Media Relations
(403) 645-4747

Investor contact:
Paul Gagne
Vice-President, Investor Relations
(403) 645-4737

ECA stock price

TSX $5.70 Can -0.14

NYSE $4.36 USD -0.09

As of 2019-07-18T16:00:00. Minimum 15 minute delay