EnCana now reporting in U.S. dollars and with U.S. protocols

Calgary, Alberta (February 10, 2004) - EnCana Corporation (TSX & NYSE: ECA) advises that it is now reporting its financial results in U.S. dollars and its operating results according to U.S. protocols, which means that production volumes and reserve amounts are reported on an after-royalties basis. EnCana is reporting in this manner in order to facilitate a more direct comparison to other North American upstream oil and natural gas exploration and development companies. EnCana will today issue a news release detailing its 2003 reserves, sales and production results, which are reported in U.S. dollars and with U.S. protocols.

With reserves and production reported on an after-royalties basis there is no change to the physical volumes produced and sold, or to the actual reserves as a result of adopting U.S. protocols. However, readers should note that the change results in a general lowering of reported numbers for EnCana's sales volumes and impacts the percentage changes year over year. For example, under previous Canadian protocols, if EnCana produced and sold 100 barrels of oil at the wellhead, it reported sales of 100 barrels. Under the new U.S. protocol, royalties paid to the Crown, state or mineral rights owners are deducted before sales volumes are reported. For example, under U.S. protocols, if EnCana produced and sold 100 barrels and the oil was subject to a 20 percent royalty, EnCana would report sales of 80 barrels of oil.

EnCana 2003 financial results scheduled for February 26
EnCana is scheduled to report its fourth quarter and 2003 financial and operating results on February 26, 2004. A conference call is scheduled for 9:00 a.m. Mountain Time, (11 a.m. Eastern Time) February 26, 2004. Details of the conference call will be published prior to the call.

EnCana Corporation
With an enterprise value of approximately US$23 billion, EnCana is one of the world's leading independent oil and gas companies and North America's largest independent natural gas producer and gas storage operator. Ninety percent of the company's assets are in four key North American growth platforms. EnCana is the largest producer and landholder in Western Canada and is a key player in Canada's emerging offshore East Coast basins. Through its U.S. subsidiaries, EnCana is one of the largest gas explorers and producers in the Rocky Mountain states and has a strong position in the deepwater Gulf of Mexico. International subsidiaries operate two key high potential international growth platforms: Ecuador, where it is the largest private sector oil producer, and the U.K. central North Sea, where it is the operator of a large oil discovery. EnCana and its subsidiaries also conduct high upside potential new ventures exploration in other parts of the world. EnCana is driven to be the industry's high performance benchmark in production cost, per-share growth and value creation for shareholders. EnCana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.

Investor contact:
EnCana Corporate Development
Sheila McIntosh
Vice-President, Investor Relations
(403) 645-2194

Greg Kist
Manager, Investor Relations
(403) 645-4737

Tracy Weeks
Manager, Investor Relations
(403) 645-2007

Media contact:
Alan Boras
Manager, Media Relations
(403) 645-4747

ECA stock price

TSX $15.12 Can 0.200

NYSE $11.85 USD 0.160

As of 2017-11-17 16:02. Minimum 15 minute delay