August 21, 2014 10:50 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Encana Oil & Gas (USA) Inc.

Company Overview

Encana Oil & Gas (USA) Inc. provides oil and gas exploration and production services. The company explores and produces oil in its four key natural gas resource plays located at Jonah and Piceance in the United States Rockies and in the Fort Worth and East Texas basins in the state of Texas. It also produces natural gas. The company has operations in Anchorage, Alaska and Pinedale, Wyoming. Encana Oil & Gas (USA) Inc. was formerly known as AEC Oil & Gas (USA) Inc. and changed its name to Encana Oil & Gas (USA) Inc. in April 2002. Encana Oil & Gas (USA) Inc. was incorporated in 1987 and is based in Denver, Colorado. The company operates as a subsidiary of Encana Corporation.

370 - 17 Street

Suite 1700

Denver, CO 80202

United States

Founded in 1987

Phone:

303-623-2300

Fax:

303-623-2400

Key Executives for Encana Oil & Gas (USA) Inc.

President
Vice President of government
Compensation as of Fiscal Year 2014.

Encana Oil & Gas (USA) Inc. Key Developments

Encana Corporation Announces Agreement with Freeport-McMoRan to Acquire Approximately 45,500 Net Acres

Encana significantly accelerate its plan to transition its portfolio and grow shareholder value through an agreement reached with Freeport-McMoRan for Encana's wholly owned subsidiary, Encana Oil & Gas (USA) Inc., to acquire approximately 45,500 net acres in Karnes, Wilson and Atascosa counties of south Texas for about USD 3.1 billion. The acreage produced approximately 53,000 barrels of oil equivalent per day (boe/d) in the first quarter of 2014 and has an estimated drilling inventory of more than 400 locations. The area is widely known as being in the heart of the oil-rich Eagle Ford resource play. The deal, which Encana anticipates will be accretive to 2014 cash flow, will approximately double the Company's current oil production and significantly enhance its continuing efforts to reposition to a more balanced commodity portfolio. This transaction directly aligns with Encana's strategy by adding a sixth core growth asset in an established oil production basin that provides immediate impact on company-wide returns. The Eagle Ford is recognized as being among the most prolific and profitable resource plays in North America. In the first quarter of 2014 production from the acreage to be acquired by Encana included approximately 46,000 barrels per day (bbls/d) of total liquids production and 44 million cubic feet per day (MMcf/d) of natural gas, generating operating cash flow of USD 327 million, with about 75% of the total production volumes for the period being oil. The transaction is subject to satisfaction of normal closing conditions, as well as regulatory approvals, and is expected to close by the end of the second quarter 2014 with an effective date of April 1, 2014. Scotia Waterous advised Encana on this transaction.

Encana Oil & Gas (USA) Inc., Freeport-McMoRan - M&A Call

To discuss Encana's wholly owned subsidiary, Encana Oil & Gas (USA) Inc., acquistion of approximately 45,500 net acres in Karnes, Wilson and Atascosa counties of south Texas

Michigan Authorities Files Criminal Charges against Chesapeake Energy and Encana Oil and Gas USA in Michigan over Alleged Lease Auction Scheme

Michigan authorities filed criminal antitrust charges against Chesapeake Energy Corp. and Encana Oil and Gas USA for allegedly collaborating in 2010 to avoid bidding against each other for oil and gas leases. Prosecutors claim Chesapeake and Encana executives conspired through a series of emails to divide up oil and gas leases in Michigan, and that the corporations crafted a draft agreement, according to the charges.

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