OTTAWA (dpa-AFX) - Encana Corp. (ECA, ECA.TO) announced Monday that its wholly owned subsidiary, Newfield Exploration Mid-Continent Inc., signed an agreement to sell its natural gas assets in Oklahoma's Arkoma Basin to an undisclosed buyer for $165 million in cash.
The Arkoma assets include about 140,000 net acres of leasehold and current production of about 77 million cubic feet equivalent per day (98% natural gas).
The agreement is subject to ordinary closing conditions, regulatory approvals and other adjustments and is expected to close in the third quarter of 2019. The proceeds from the sale will be directed to the company's balance sheet.
Encana also recently exited China as part of its commitment to realize value from non-core assets.
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