NEWS BULLETIN

December 10, 2004 --- Vol. 10, No. 115December 2004

EnCana putting its Alaska oil and gas properties up for sale

The manager and head geologist for EnCana’s Alaska operations told Petroleum News late this afternoon that the Calgary-based independent is pulling out of Alaska and putting its Alaska acreage up for sale.

Referring to EnCana’s previously announced intention to sharpen its strategic focus to onshore North America gas resource play and in-situ oil sands, “specifically those projects that provide short cycle time and long life reserves,” Tom Homza said, “As a result of this strategic focusing EnCana has sold its UK assets and announced similar intentions for Ecuador and the Gulf of Mexico.

“As part of our strategic focus EnCana also plans to market all of its interests in Alaska and will be initiating a divesture process,” he said.

Homza said EnCana believes Alaska has huge conventional oil and gas resource potential. “We appreciate all that the state and MMS and other companies have done for us while we have been here.”


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