22 Jun 2016
Encana Announces Sale of Gordondale Assets for C$625 mm
ECA is selling Gordondale, including future commitments, to Birchcliff for C$625 mm. While the deal is dilutive to CFPS and RENAV, Gordondale was at the bottom of ECA’s priority list in terms of future Montney drilling, and the deal strengthens the balance sheet. No change to our Underperform ranking and US$6.50/share target price.