Posted on Monday, June 30th, 2014 at 9:06 pm
An online report by Energy Global on Monday, June 23, revealed a multi-billion dollar acquisition has been concluded by Encana Oil & Gas (USA) Inc., a wholly owned subsidiary of North American energy producer Encana.
Encana Oil & Gas (USA) Inc. recently sealed a $3.1 billion buyout of 45,000 net acres of the Eagle Ford Shale from mineral producer Freeport-McMoRan. The property, which is situated in the southern counties of Wilson, Karnes, and Atascosa in Texas, produced approximately 53,000 barrels of oil equivalent per day (boe/d) during the first quarter of this year.
Encana CEO Doug Suttles stated that with the property’s current production and drilling inventory, the company is positive in generating bigger cash flows and creating a wider portfolio of oil resources.
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