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EnCana's shareholders vote for corporate reorganisation to split into Cenovus Energy and EnCana

Posted on: Thu, 26 Nov 2009 04:01:00 EST

Symbols: ECA, CVEw

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Nov 26, 2009 (M2 EQUITYBITES via COMTEX) --
ECA | Quote | Chart | News | PowerRating -- EnCana Corporation (TSX:ECA) (NYSE:ECA), an unconventional natural gas
and integrated oil company, announced on Wednesday that 99% of its
shareholders voted in favour of the proposed corporate reorganisation
to split EnCana into an integrated oil company Cenovus Energy Inc and
pure play natural gas company EnCana Corporation.

The plan of arrangement, approved by the Court of Queen's Bench of
Alberta as well and subject to the satisfaction or waiver of
conditions, will be effective as on 30 November 2009 and Cenovus and
post-split EnCana shares will begin regular trading on 3 and 9 December
2009 at the Toronto and New York Stock Exchange under the symbols CVE
and ECA, respectively.

EnCana shareholders will own one new EnCana common share, represented
by existing EnCana common share certificates and receive one Cenovus
common share for each EnCana common share held on 7 December 2009, the
expected distribution record dateA as per the arrangement.

Cenovus Energy Inc will develop EnCana's Canada oil assets and US
refinery interests from its established base in Alberta and
Saskatchewan. These Cenovus assets represent one-third of EnCana's
current production and proved reserves at year-end 2008.

EnCana as a pure-play natural gas company with major operating
divisions in the Canadian Foothills and USA will grow existing
potential resource plays in Canada and the US. This natural gas company
represent about two-thirds of its current production and proved
reserves at year-end 2008.

Financial details were not disclosed.

Comments on this story may be sent to admin@m2.com

For full details on Encana Corporation (ECA) ECA. Encana Corporation (ECA) has Short Term PowerRatings at TradingMarkets. Details on Encana Corporation (ECA) Short Term PowerRatings is available at This Link.

For full details on (CVEW) CVEW. (CVEW) has Short Term PowerRatings at TradingMarkets. Details on (CVEW) Short Term PowerRatings is available at This Link.

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