Located in northeast Alberta about 120 kilometers south of Fort McMurray, Christina Lake has the potential to be EnCana's largest oilsands project. Pilot project work over the past five years has taken steam-assisted gravity drainage production, from six well pairs drilled into the McMurray formation, to a level that averaged over 5,000 barrels of bitumen per day on a gross basis in 2007. A current expansion is expected to take production to about 18,000 barrels per day in 2008 on a gross basis and the project is targeted to grow to approximately 190,000 barrels per day on a gross basis over the next decade.

In October of 2006, we announced that EnCana entered into an agreement with ConocoPhillips to create an integrated North American heavy oil business. The venture will be comprised of two 50/50 operating partnerships, one Canadian upstream partnership and one U.S. downstream partnership, with both companies contributing equally valued assets and equity for future capital requirements. Christina Lake and Foster Creek combined are expected to produce approximately 34,000 bbls/d in 2008.

The upstream partnership consists of EnCana's Foster Creek and Christina Lake projects while the downstream partnership consists of ConocoPhillips' Wood River and Borger refineries in the United States. Over the next decade, the partnership plans to grow production at Christina Lake to approximately 190,000 bbls/d on a gross basis.

Read the January 3, 2007 News Release.

Please read about our Restructuring announced May 11, 2008.
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