• Wednesday, 16 May, 2012

Encana closes on Cutbank sale

Sold: Encana and Mitsubishi finalise $2.9 billion Cutbank Ridge deal

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Luke Johnson , Luke Johnson , Luke Johnson , Luke Johnson

 24 February 2012 23:35 GMT

Canadian gas giant Encana and Japan’s Mitsubishi have completed a C$2.9 billion farm-in deal in the Cutbank Ridge resource play in northeast British Columbia.



The deal, announced last week, will see Mitsubishi take a 40% stake in Cutbank Ridge partnership, which holds about 409,000 net acres of undeveloped gas prospects in the Montney shale play.

Half of Mitsubishi’s payment, about C$1.45 billion, will go toward tying up the 40% stake in the project with the other half set aside for future capital investment over a commitment period of about five years.

Encana owns 60% of the Cutbank Ridge partnership and is the managing partner and operator.

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