Encana Reaches Agreement to Sell Its Haynesville Natural Gas Assets
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Encana (ECA) Unit to Sell Haynesville Nat Gas Assets in $850M Deal
August 25, 2015 6:02 AM EDTEncana (NYSE: ECA) announced that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has reached an agreement to sell its Haynesville natural gas assets, located in northern Louisiana, to GEP Haynesville, LLC (GeoSouthern), a joint venture formed by GeoSouthern Haynesville, LP and funds managed by GSO Capital Partners LP.
Total cash consideration to Encana under the transaction is US$850 million. In addition, through the transfer of current and future obligations, Encana will reduce its gathering and midstream commitments, which will be substantially complete through 2020, by approximately US$480 million on an undiscounted... More
