Canadian oil and gas company Encana Corp. has finally completed its sale of 51,000 Colorado acres — its entire operation in the Denver-Julesburg Basin north of Denver — to a newly formed Denver oil and gas company called Crestone Peak Resources.
The deal marks the end of Encana’s oil-focused drilling and production operations in Colorado, although it continues to produce natural gas on the Western Slope.
Encana (NYSE: ECA), based in Calgary, Alberta, Canada, has its U.S. headquarters in Denver. In October it announced a $900 million deal to sell its assets in northeastern Colorado.
The deal closed last Friday. The sale mostly involves assets in Weld County.
About 100 Encana employees who worked on the company’s DJ Basin operations will move to the new company, Encana spokesman Doug Hock said Monday.
Read more at the Denver Business Journal: http://bit.ly/2aq0pF4
