EnCana completes US$1 billion debt offering

Calgary, Alberta (August 4, 2004) - EnCana Corporation (TSX, NYSE: ECA) has completed a public offering in the United States of US$250 million of 4.60% Notes due August 15, 2009 and US$750 million of 6.50% Notes due August 15, 2034. The net proceeds of the offering will be used to repay a portion of EnCana's existing bank and commercial paper indebtedness.

These debt securities are rated A- by Standard & Poor's Ratings Services (S&P), Baa2 by Moody's Investors Service and A(low) by Dominion Bond Rating Service (DBRS). The rating by S&P is under a "CreditWatch with negative implications" and the rating by DBRS is with a negative trend.

The offering was made in the United States under EnCana's previously filed shelf registration statement for offers and sales of up to US$2 billion of debt securities. ABN AMRO Incorporated and Lehman Brothers acted as joint book-running managers for the offering.

EnCana Corporation
With an enterprise value of about US$30 billion, EnCana is one of the world's leading independent oil and gas companies and is driven to be the industry's high performance benchmark in production cost, per-share growth and value creation.

Further information on EnCana Corporation is available on the company's Web site, www.encana.com, or by contacting:

For further information:
Investor contact:
EnCana Corporate Development
Susan Grey
Analyst, Investor Relations
(403) 645-4751

ECA stock price

TSX $6.21 Can -0.31

NYSE $4.75 USD -0.26

As of 2019-07-15T15:50:00. Minimum 15 minute delay