Brookfield's Ember Resources to buy Encana's gas assets for $605 mln
Encana Corp (TSX, NYSE: ECA) has agreed to sell most of its Clearwater natural gas assets in Alberta to Ember Resources Inc for around $605 million. The transaction, which involves 1.2 million net acres of land and over 6,800 producing wells, is expected to be completed in the first quarter of next year. For Ember, a coalbed methane producer, the deal follows a series of acquisitions, including its purchase last year of oil and gas-producing properties owned by Apache Corp. Based in Calgary, Ember was taken private in 2011 by an investor group that included Brookfield Asset Management, ARC Financial Corp and KERN Partners. Since the Apache deal, Brookfield has been its sole shareholder.
8 October 2014•6 mins read
