Direct Energy Closes Acqusition of Encana's Carrot Creek Natural Gas Assets
Deal Further Solidifies Company's Upstream Operations in North America
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 01/10/12 -- Direct Energy, one of North America's largest competitive energy and energy-related services providers, has finalized its acquisition of Encana Corporation's natural gas producing weighted assets in the Carrot Creek region of West Alberta, Canada for $58 million in cash, plus additional resource and infrastructure assets.
This deal provides Direct Energy with an additional 6.2 million cubic feet equivalent per day (MMcfe/d) production, incremental 25.6 billion cubic feet equivalent (Bcfe) of proven plus probable reserves, split 42% gas and 58% liquids, and a 40 MMcf/d capacity gas plant with related infrastructure.
"In today's competitive and stable natural gas price environment, well-capitalized companies like Direct Energy are in a strong position to acquire value-producing assets consistent with our strategy for integration and growth," said Badar Khan, President of Direct Energy Upstream. "Growing our upstream assets is important to ensuring we are a stable, long-term partner for our residential and commercials customers across North America."
Direct Energy has been active in the Western Canadian Sedimentary Basin since 2000, and increased its natural gas reserves by approximately 60 per cent with the 2010 acquisition of Suncor Energy's assets in the Wildcat Hills region of Alberta and related interests from Shell Canada Energy in 2011. It owns more than 4,600 producing wells in the region with current daily production of 163 MMcfe/d. With the addition of the Carrot Creek assets, the company will be able to meet approximately 30% of the daily gas requirements of its growing competitive customer base across North America.
About Direct Energy
Direct Energy is one of North America's largest energy and energy-related services provider with over 6 million residential and commercial customer relationships. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies. Direct Energy operates in 46 states plus DC and 10 provinces in Canada. To learn more about Direct Energy, please visit .
Contacts:
Direct Energy
Lisa Frizzell
713-877-3733
Direct Energy
Shabina Zakaria
713-877-3611
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Datum: 10.01.2012 - 13:38 Uhr
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