Encana To Sell Colorado Oil And Gas Holdings For $900 Million

October 8, 2015
Photo: Fracking operation near Mead (AP Photo)
In this March 25, 2014 photo, workers keep an eye on well heads during a hydraulic fracturing operation at an Encana Corp. oil well, near Mead, Colo. 

The Canadian company announced Thursday that its U.S. subsidiary has reached a deal to sell its assets in the oil-rich Denver Julesburg Basin to a partnership headed by the Canada Pension Plan Investment Board. It says the sale, which is subject to regulatory approval, is worth about $900 million.

The deal includes 51,000 acres of land in the basin, which stretches from Denver to the Wyoming border.

Encana has been selling off assets because of low oil and gas prices and focusing on four producing areas — two in Western Canada and two in Texas.

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