Encana subsidiary selling assets in Oklahoma's Arkoma Basin for $165M
Assets produce equivalent of 77M cubic feet of gas per day
Encana Corp. says its wholly owned subsidiary, Newfield Exploration Mid-Continent Inc., has signed a deal to sell its natural gas assets in Oklahoma's Arkoma Basin for $165 million.
The buyer was not disclosed.
The assets produce the equivalent of approximately 77 million cubic feet of gas per day.
Encana chief executive Doug Suttles says the deal shows the company's commitment to value from its non-core assets.
The agreement is subject to closing conditions, regulatory approvals and other adjustments.
It is expected to close in the third quarter.