Encana considering sale of Haynesville gas assets - Bloomberg

Mon Apr 20, 2015 12:21pm EDT
 
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April 20 (Reuters) - Encana Corp , Canada's largest natural gas producer, is considering selling its natural gas properties in its Haynesville Shale basin acreage in Louisiana, Bloomberg reported, citing sources.

The company has been focusing on boosting oil and natural gas liquids production in Texas and Canada under Chief Executive Doug Suttles.

Citigroup Inc has begun reaching out to private-equity firms, energy explorers and other buyers for the Haynesville Shale basin acreage, which is valued at as much as $1 billion, Bloomberg reported on Monday. (bloom.bg/1bl614N)

Encana bought the first Haynesville lease in 2005. It currently holds more than 350,000 acres of land in the area, according to the company's website.

U.S.-listed shares of Encana rose 4.2 pct to $13.60 Monday afternoon. Up to Friday's close, they have fallen 44 pct in the past twelve months. Encana's Toronto-listed shares were up 3.51 pct at C$16.51.

Encana and Citigroup were not immediately available for comment. (Reporting By Tanvi Mehta in Bengaluru; Editing by Saumyadeb Chakrabarty)