EnCana Redirects $290M to Haynesville Shale

At EnCana’s annual meeting just over a week ago, CEO Randy Eresman, announced that new technology was enabling their company to have new opportunities in the Haynesville Shale play. The company reported that it would redirect $290 Million to the Haynesville Shale play. EnCana holds about 176,000 net acres, including 25,495 net acres of mineral rights, in the Haynesville shale play. EnCana in their press release on April 22, 2009, stated they were encouraged with the resource potential in the Haynesville Shale Play. The newly allocated $290 Million will go into their Haynesville Shale program for this year. EnCana is moving to 50% natural gas production from the U.S. EnCana also reported their first-quarter earnings of $962M US, which beat earlier estimates. The reported earnings are up from $93 million US a year prior.

Read more about EnCana – the Canadian natural gas giant.

By: Caroline Keddy

Short URL: http://naturalgasforamerica.com/?p=249

Posted by admin on May 1st, 2009. Filed under Haynesville Shale, Shale Basins. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry