Direct Energy Acquires Encana’s Carrot Creek Natural Gas Assets for $58 Million

Direct Energy reported that it will acquire Encana Corporation’s (NYSE:ECA) natural gas producing weighted assets in the Carrot Creek region of West Alberta for $58 million.

As quoted in the press release:

This deal provides Direct Energy with an additional 6.2 million cubic feet equivalent per day (MMcfe/d) production, incremental 25.6 billion cubic feet equivalent (Bcfe) of proven plus probable reserves, split 42% gas and 58% liquids, and a 40 MMcf/d capacity gas plant with related infrastructure.

Direct Energy Upstream’s President, Badar Khan said:

In today’s competitive and stable natural gas price environment, well-capitalized companies like Direct Energy are in a strong position to acquire value-producing assets consistent with our strategy for integration and growth.

Click here to read the Direct Energy press release.