Encana selling some natural gas assets to TPG for $1.8B
The deal involves 1,500 wells in the Jonah field in Wyoming's Sublette County.
CALGARY — Encana Corp. has agreed to sell certain natural gas properties in Wyoming for about US$1.8 billion to an affiliate of TPG Capital, a private equity firm with investments in several countries.
The deal involves about 1,500 active wells in the Jonah field in Wyoming’s Sublette County.
The lands cover about 9,700 hectares (24,000 acres) and had proved reserves equivalent to about 1.5 billion cubic feet of natural gas.
Encana says TPG Capital expects to retain the employees working on the field and continue investments in the area.
The proposed deal requires regulatory approvals and is expected to close in the second quarter.
Calgary-based Encana has said previously it planned to divest some of its producing assets.
© 2014 The Canadian Press