EnCana natural gas news
Company reports its gas inventory sufficient to support doubling company’s production in the next 5 years
March 16, 2010
EnCana Corporation (TSX & NYSE: ECA) released a report on Tuesday stating its North American natural gas resource has the potential to double the company’s production in five years. The company holds an estimated 23,000 net drilling locations across 12.7 million net acres in North America.
"Technology breakthroughs have unlocked vast new supplies of affordable, clean-burning natural gas – a century of North American supply that will very likely continue to grow as technologies further develop. This makes natural gas the clear energy choice for our future. Encana has the land, resources, people, technology, culture and financial strength to thrive in the new natural gas era," said Randy Eresman, Encana’s President & Chief Executive Officer.
"In this new energy paradigm, we expect natural gas supply to outpace demand and prices to be lower than recent historical averages. The natural gas game in North America has changed beyond what many imagined just a few years ago. Being a low-cost producer and holding large land positions in the most prolific unconventional natural gas basins, combined with a strong financial position, is more important than ever. That is how we have built our company and now we have confirmed, through external independent evaluation, the enormous resource potential that will underpin a new strategy," Eresman said.
Encna has one of the largest natural gas portfolios in North America involving gas plays from northeast British Columbia to Texas and Louisiana. EnCana is one of the companies drilling in the natural gas fields south of Pinedale.
Click here for the full report: Encana’s enormous inventory of natural gas resources more than sufficient to double production in five years (EnCana Corporation, www.encana.com, 3/16/10)
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