EnCana Corporation launches operations

CALGARY, Alberta (April 8, 2002) - EnCana Corporation President & Chief Executive Officer Gwyn Morgan this morning made the symbolic inaugural purchase of EnCana common shares on The Toronto Stock Exchange, marking the birth of one of the world’s largest independent oil and gas companies.

In New York City, EnCana Chairman David O’Brien was joined on the floor of the New York Stock Exchange by Canadian Olympic Gold Medallists Jamie Salé and David Pelletier as he also purchased the symbolic first 100 EnCana shares traded on the NYSE.

“EnCana represents the bringing together of a pair of great Canadian companies to create a world class performer. So it’s fitting to be here with two Canadians who together created a world championship pair,” O’Brien said.

EnCana – created by the merger of Alberta Energy Company Ltd. and PanCanadian Energy Corporation – began operations today across North America and in numerous locations around the world. With an enterprise value exceeding C$30 billion and daily production of more than 700,000 barrels of oil equivalent, EnCana is a one of the world’s largest independent oil and gas companies.

“This is truly an historic day for our industry and our home country, Canada, but it’s also historic for employees and communities wherever we operate in the world – from Denver to Casper to Quito and London,” Morgan told more than 2,000 employees gathered Monday in Calgary and at other EnCana locations for the launch.

“Our mission is to build a global, world class company, yet retain the agility of a small company, where high performance teams are free to create and act upon opportunities, and be rewarded for success,” Morgan said.

EnCana unveiled its logo today. EnCana is a combination of the words Energy, Canada and Alberta.

“We will create our own unique and vibrant EnCana brand. We will be accountable, empowered employees propelled by a relentless desire to be best in class,” Morgan said.

The typeface of the EnCana wordmark is strong and elegant, reflecting a company that is established and sophisticated. The arc beneath the wordmark represents the horizon symbolizing that EnCana is a global company. The arc also highlights the future potential of the company. The glint reflects the energy and enthusiasm of EnCana employees.

The corporate colours of blue and green honour the history as AEC and PanCanadian. The blue represents water and sky. The green represents Earth, suggesting growth and reinforcing EnCana’s commitment to the environment. EnCana’s operations are both onshore and offshore.

The Company also launched its Web site Monday:

www.encana.com

The EnCana Web site is a storehouse of information on the Company’s operations, projects, financial performance, employment, news and community participation. It is a prime source for learning more about one of the world’s largest independent oil and gas companies.

EnCana is one of the world's largest independent oil and gas companies with an enterprise value of approximately C$30 billion. EnCana is 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. In the U.S., 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. The Company has two key high potential international growth platforms: EnCana is the largest private sector oil producer in Ecuador and is the operator of a very large oil discovery in the U.K. Central North Sea. The Company also conducts high upside potential New Ventures exploration in other parts of the world. EnCana is driven to be the industry’s best-in-class 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.

Advisory

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the initial trading date for EnCana common shares on the Toronto and New York stock exchanges; potential exploration; and the ability of EnCana to compete globally.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they 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 the predictions, forecasts, projections and other forward-looking statements will not occur. Although AEC and EnCana believe that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this news release include, but are not limited to: general economic, business and market conditions; volatility of oil, natural gas and liquids prices; fluctuations in currency and interest rates, product supply and demand; competition; risks inherent in foreign operations, including political and economic risk; the ability to replace or expand reserves; the ability to either generate sufficient cash flow to meet current and future obligations or to obtain external debt or equity financing; the ability to enter into or renew leases; the timing and costs of pipeline construction; the ability to make capital investments and the amounts thereof; the results of exploration, development and drilling; the ability to secure adequate product transportation; changes in regulations; uncertainty in amounts and timing of royalty payments; and such other risks and uncertainties described from time to time in EnCana’s, AEC’s and PanCanadian’s reports and filings with securities regulatory authorities. Readers are cautioned that the foregoing list of important factors is not exhaustive. Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and 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 news release are expressly qualified by this cautionary statement.

FOR FURTHER INFORMATION:

Media contact:
Alan Boras
(403) 266-8300
Scott Ranson
(403) 290-2710

ECA stock price

TSX $14.27 Can 0

NYSE $11.11 USD 0

As of 2017-12-15 16:03. Minimum 15 minute delay