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Advisory:  In the interests of providing EnCana Corporation (“EnCana” or the “company”) shareholders and potential investors with information regarding EnCana and the proposed Transaction, including management’s assessment of future plans and operations relating to GasCo and Integrated Oilco (“IOCo”), this document contains certain statements and information that are forward-looking statements or information within the meaning of applicable securities legislation, and which are collectively referred to herein as “forward-looking statements". Forward-looking statements in this document include, but are not limited to, statements and tables (collectively “statements”) with respect to: estimates of cash flow for 2008; estimates of production volumes for 2008; estimates of operating costs and administrative expense for 2008; projected 2008 capital expenditures and allocations thereof; projected 2008 net acquisitions and divestitures; estimates of US$/C$ 2008 exchange rates, depreciation, depletion and amortization (DD&A), effective book tax rate as a percentage of operating earnings from continuing operations; anticipated 3-2-1 crack spread; and projected 2008 sensitivities and their impact on operating cash flow.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.  By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that circumstances, events or outcomes anticipated or implied by forward-looking statements will not occur, which may cause the actual performance and financial results in future periods to differ materially from the performance or results anticipated or implied by any such forward-looking statements. These risks and uncertainties include, among other things: risks associated with the ability to obtain any necessary approvals, waivers, consents, court orders and other requirements necessary or desirable to permit or facilitate the proposed Transaction (including regulatory and shareholder approvals); the risk that any applicable conditions of the proposed Transaction may not be satisfied;  volatility of and assumptions regarding oil and gas prices;  assumptions contained in or relevant to the company’s current corporate guidance;  fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in marketing operations (including credit risks); imprecision of reserves estimates and estimates of recoverable quantities of oil, bitumen, natural gas and liquids from resource plays and other sources not currently classified as proved reserves; the ability to successfully manage and operate the integrated North American oilsands business with ConocoPhillips; refining and marketing margins; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; potential failure of new products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying manufacturing, refining or processing facilities; unexpected difficulties in manufacturing, transporting, refining or processing crude oil or natural gas; risks associated with technology and the application thereof to the business of GasCo and IOCo; the ability to replace and expand oil and gas reserves; the ability to generate sufficient cash flow from operations to meet current and future obligations; the ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the ability to secure adequate product transportation; changes in royalty, tax, environmental and other laws or regulations or the interpretations of such laws or regulations; applicable political and economic conditions; the risk of war, hostilities, civil insurrection, political instability and terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by EnCana. Although EnCana believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive.

Forward-looking information respecting anticipated 2008 cash flow, operating cash flow and pre-tax cash flow for EnCana, and for GasCo and IOCo pro forma the proposed  Transaction, is based upon achieving average production of oil and gas for 2008 as set out above, average commodity prices for 2008 based on actual results for the first quarter of 2008, and for the balance of 2008, a WTI price of $100/bbl for oil, a NYMEX price of $10.25/Mcf for natural gas, an average U.S./Canadian dollar foreign exchange rate of $0.97, an average Chicago crack spread for 2008 of $12.00/bbl for refining margins, and an average number of outstanding shares for EnCana of approximately 750 million.  Assumptions relating to forward looking statements generally include EnCana’s current expectations and projections made by the company in light of, and generally consistent with, its historical experience and its perception of historical trends, as well as expectations regarding rates of advancement and innovation, generally consistent with and informed by its past experience, all of which are subject to the risk factors identified elsewhere in this document.

Furthermore, the forward-looking statements contained in this document are made as of the date of this document, and, except as required by law, EnCana does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

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