EnCana Announces Normal Course Issuer Bid

CALGARY, Alberta (October 17, 2002) - EnCana Corporation ("EnCana" or the "Company") (ECA: TSX, NYSE) has filed with the Toronto Stock Exchange ("TSX") a Notice of Intention to make a Normal Course Issuer Bid. Under an approved bid, EnCana may purchase for cancellation up to 23,843,565 of its Common Shares, representing 5 percent of the approximately 476,871,300 Common Shares outstanding as at October 4, 2002.

Subject to the receipt of the approval from the TSX, the purchases may commence on October 22, 2002 and will terminate on October 21, 2003, or on such earlier date as EnCana may complete its purchases pursuant to the Notice of Intention filed with the TSX. Purchases will be made on the open market through the facilities of the TSX in accordance with its policies. The price to be paid will be the market price at the time of acquisition. In the past 12 months, EnCana has purchased 172,900 Common Shares at an average price of $41.69 per Common Share under its previous normal course issuer bid which expired on October 2, 2002.

EnCana believes that the market price of its Common Shares may be such that their purchase would be an attractive and appropriate use for corporate funds in light of potential benefits to shareholders.

EnCana is one of the world's leading independent oil and gas companies with an enterprise value of approximately C$30 billion. EnCana is North America's largest independent natural gas producer and gas storage operator. Ninety percent of the Company's assets are in four key North American growth platforms. EnCana is the largest producer and landholder in Western Canada and is a key player in Canada's emerging offshore East Coast basins. In the U.S., EnCana is one of the largest gas explorers and producers in the Rocky Mountain states and has a strong position in the deepwater Gulf of Mexico. The Company has two key high potential international growth platforms: EnCana is the largest private sector oil producer in Ecuador and is the operator of a very large oil discovery in the U.K. Central North Sea. The Company also conducts high upside potential New Ventures exploration in other parts of the world. EnCana is driven to be the industry's best-in-class benchmark in production cost, per-share growth and value creation for shareholders. EnCana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.

ADVISORY - In the interests of providing EnCana shareholders and potential investors with information regarding EnCana, including management's assessment of EnCana's future plans and operations, certain statements contained in this news release are forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this news release include, but are not limited to: EnCana's execution of share purchases under its Normal Course Issuer Bid, the market price of EnCana Common Shares and appropriate uses for corporate funds during the Normal Course Issuer Bid, and potential benefits to shareholders.

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 oil and gas prices; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in the Company's marketing operations; imprecision of reserve estimates; the Company's ability to replace and expand oil and gas reserves; its ability to generate sufficient cash flow from operations to meet its current and future obligations; its ability to access external sources of debt and equity capital; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by EnCana and its indirect wholly-owned subsidiary, AEC. 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 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 Web site, www.encana.com, or by contacting:

Investor Contact:

Sheila McIntosh
Senior Vice-President, Investor Relations
(403) 645-2194

Greg Kist
Manager, Investor Relations
(403) 645-4737

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

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