EnCana Closes Transaction to Split into Two Distinct and Independent Companies - Cenovus Energy and EnCana
EnCana Corporation today completed its transaction to split into two highly focused energy companies: Cenovus Energy Inc., an integrated oil company and EnCana Corporation, a pure play natural gas company. On November 25, 2009 shareholders voted more than 99 percent in favour of the transaction and later that day the Court of Queen's Bench of Alberta approved the transaction.
Under the terms of the arrangement, common shareholders of EnCana will own one new EnCana common share (which will continue to be represented by existing EnCana common share certificates) and will receive one common share of Cenovus for each EnCana common share held on December 7, 2009, the anticipated distribution record date.
The last day of 'when issued' trading on the Toronto Stock Exchange (TSX) will be December 2, 2009 and December 8, 2009 on the New York Stock Exchange. Cenovus and post-split EnCana shares will begin regular trading on the Toronto Stock Exchange on December 3, 2009 and on the New York Stock Exchange on December 9, 2009 under the symbols CVE and ECA, respectively.
Cenovus Energy Inc
is a leading integrated oil company that is focused on its growing enhanced oil projects and its established natural gas and crude oil production in Alberta and Saskatchewan. The company has ownership in two quality refineries, located in Illinois and Texas. Cenovus is respectful of the environment and communities where it operates and is committed to applying fresh, progressive thinking to the development of energy resources the world needs.
is a natural gas producer with headquarters in Calgary, Alberta, Canada. With more than 3,800 employees and contractors, the company is focused on growing its strong portfolio of prolific shale and other unconventional natural gas developments, called resource plays, in key basins from northeast British Columbia to east Texas and Louisiana. EnCana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.
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