EnCana subsidiary completes US$1 billion debt offering

CALGARY, Alberta (May 13, 2004) - EnCana Holdings Finance Corp., an indirect wholly owned subsidiary of EnCana Corporation (TSX & NYSE: ECA), has completed a public offering in the United States of US$1 billion of 5.80% Notes due May 1, 2014. The Notes are fully and unconditionally guaranteed by EnCana Corporation. The net proceeds of the offering are expected to be used to pay a portion of the acquisition cost for EnCana's proposed acquisition of Tom Brown, Inc.

These debt securities are rated A- CreditWatch with negative implications by Standard and Poor's Rating Services, Baa1 under review for downgrade by Moody's Investor Service and A (low) with a negative trend by Dominion Bond Rating Service.

The offering was made in the United States under a previously filed shelf registration statement for up to US$2 billion of debt securities. Deutsche Bank Securities and Morgan Stanley acted as joint book-running managers for the offering.

EnCana Corporation is one of the world's leading independent oil and gas companies. It has an enterprise value of approximately US$25 billion. EnCana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.

Investor contact:
EnCana Corporate Development
Susan Grey
Analyst, Investor Relations

Media contact:
Alan Boras
Manager, Media Relations

ECA stock price

TSX $5.93 Can 0.23

NYSE $4.55 USD 0.19

As of 2019-07-19T16:00:00. Minimum 15 minute delay