Encana’s new strategy focuses on profitable growth from five high return liquids rich and oil assets.
The Canadian Division includes the exploration for, development of, and production of natural gas, oil and NGLs and other related activities throughout Canada, primarily in the West.
In 2012, Encana split its Cutbank Ridge resource play into two plays, Cutbank Ridge in British Columbia and Peace River Arch in Alberta, with comparative information restated. This reflects the Company’s future development plans for Cutbank Ridge as a result of the Company’s partnership with Mitsubishi. In addition, the Coalbed Methane resource play was renamed Clearwater.
In 2012, the Canadian Division had total capital investment of approximately US$1,567 million and drilled approximately 372 net wells. Production after royalties averaged approximately 1,359 MMcf/d of natural gas and approximately 19.4 Mbbls/d of oil and NGLs. At December 31, 2012, the Canadian Division had an established land position in Canada of approximately 10.1 million gross acres (8.0 million net acres), including approximately 5.1 million gross undeveloped acres (4.0 million net acres).
The Deep Panuke natural gas project offshore of Nova Scotia is also included in the Division.
An emerging Canadian Resource play located in west central Alberta.