EnCana announces two bidders for the Deep Panuke Project field centre contract

Halifax, Nova Scotia, (December 15, 2006) - Today, EnCana Corporation (TSX & NYSE: ECA) released the names of two world-class companies bidding for the Deep Panuke field centre lease and operations services contract.

MODEC International LLC and Single Buoy Moorings (SBM) Inc. will be preparing proposals for EnCana over the next nine months for the provision of a mobile offshore production unit (MOPU), owned and operated by the contractor and offered to EnCana Corporation in the form of an operating lease.

"This is another very important step forward for this project," said Mr. Dave Kopperson, EnCana's Vice-President Atlantic Canada. "We continue to progress with our overall project plan."

The bid competition for the provision of the MOPU is at the core of EnCana's contracting strategy for the Deep Panuke development. The successful bidder will be responsible for engineering, procurement, fabrication, installation and commissioning of the MOPU, as well as providing the necessary project financing and guarantees required under the operating lease. In addition to the provision of the MOPU, the principal contractor will provide personnel to ensure smooth transition into the project's production phase, and will be responsible for the long-term operations of the production facilities including logistics.

Project Summary:
EnCana's Deep Panuke project involves the installation of the facilities required to produce natural gas from the Deep Panuke field. It is anticipated that the produced gas will be transported by subsea pipeline to Goldboro, Nova Scotia, where it will be transported via the Maritimes & Northeast Pipeline (M&NP) System to markets in Canada and the northeastern United States.

EnCana Corporation
With an enterprise value of approximately US$50 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.

Interested parties can contact MODEC or SBM Inc. directly as noted below:

MODEC International LLC
14741 Yorktown Place Drive
Houston TX 77040
Attn: Boyd Howell, Area Sales Manager
Phone: (281) 529-8100
e-mail: boyd.howell@modec.com

Single Buoy Moorings (SBM) Inc.
5, route de Fribourg - PO Box 152
CH - 1723 Marly - Switzerland
Attn: Hans Peereboom
Phone: (41) 26 439 99 20
e-mail: hans.peereboom@singlebuoy.com

Please note - Interested suppliers 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 success of the Deep Panuke project; the timing of regulatory approvals; anticipated pipeline projects and transportation strategies associated with the Deep Panuke project; anticipated costs; anticipated production of natural gas from the Deep Panuke project; anticipated markets; anticipated infrastructure projects; anticipated capital expenditures; anticipated drilling; and potential risks associated with drilling and references to potential exploration. 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:

Media contacts:
Jill Laing
East Coast Office
902-492-5425 or 902-430-0348

Alan Boras
Manager, Media Relations


Investor contact:
EnCana Corporate Finance
Sheila McIntosh
Vice-President, Investor Relations

Paul Gagne
Manager, Investor Relations

Ryder McRitchie
Manager, Investor Relations

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