Encana has completed the sale of certain Clearwater assets in Alberta to Ember Resources for approximately C$605m ($581.9m).
Ember Resources has acquired about 1.2 million net acres of land and over 6,800 producing wells with second quarter average production of approximately 180 million cubic feet equivalent per day (mmcfe/d) of natural gas.
Approximately 1.1 million net acres in Clearwater will be retained by Encana including around 480,000 net acres along the eastern edge of the Horseshoe Canyon Fairway.
Encana chief financial officer Sherri Brillon said: "We enter 2015 focused on furthering our strategy and protecting our balance sheet with plans to not add any incremental debt through the year.
"With the closure of this sale, along with expected proceeds from our recently-announced Montney midstream agreement, we continue to competitively position ourselves to thrive throughout the commodity price cycle."
Approximately 1.1 million net acres in Clearwater will be retained by Encana, including approximately 480,000 net acres along the eastern edge of the Horseshoe Canyon Fairway.
Encana focuses on developing its portfolio of resource plays, held directly and indirectly through its subsidiaries, producing natural gas, oil and natural gas liquids (NGLs).