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The Wall Street Journal reported the deal was not finalised and could still fall through.
This is the latest in the string of natural gas deal announced by Apollo in the past few weeks, including a $700 million partnership deal with Zenergy.
WSJ reported Encana was selling off a number of its natural gas assets after a year of weak prices, while adding more oil assets to boost its earnings.
Encana was not immediately available for comment when approached by the news source.
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