Statement on Settlement with the State of Michigan

(May 5, 2014) Encana today reached a settlement with the Michigan Attorney General regarding allegations relating to land leasing activities in the State in 2010.

The settlement includes a financial contribution to the State of Michigan of $5 million, a substantial portion of which will be paid by Encana to the Department of Natural Resources State Park Endowment Fund in exchange for a release of the state's civil claims. The State of Michigan agreed to dismiss the charge against Encana of violating the Michigan anti-trust laws and further agreed to dismiss the remaining charge of attempt to violate the Michigan anti-trust laws, in 11 months if Encana complies with the terms of its agreement with the State.

The resolution of these state claims follows the recent confirmation by the U.S. Department of Justice Antitrust Division that it has closed its grand jury investigation into Encana’s oil and gas leasing activities in the Western District of Michigan. Together, these effectively conclude the inquiries of both the federal and state government into these allegations, averting the need for costly and protracted litigation.

Encana values its relationships in the State of Michigan, including with the Department of Natural Resources. Since our initial entry into Michigan in 2009, Encana has invested more than $230 million in the State, and created hundreds of jobs and opportunity to the benefit of people and families across Michigan. Through this arrangement, Encana will continue to help fund initiatives which benefit Michigan residents.

ECA stock price

TSX $9.34 Can 0.14

NYSE $7.05 USD 0.13

As of 2019-01-18T16:00:00. Minimum 15 minute delay