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27

Canadian Firm Sells Assets To Aquit A Debt

Canadian oil corporation EnCana Corp. is continuing to lose its minor assets, announcing Monday

Canadian oil corporation EnCana Corp. is continuing to lose its minor assets, announcing Monday its plans to sell or spin off its natural gas storage business in Canada and the United States.

Though the company wouldn't say how much it expects to gain from the sale, one expert estimated the midstream assets would fetch between $800 million and $1.2 billion.

Since the start of 2004 Calgary-based firm has sold about $6 billion worth of assets, including a large number of older producing oil and gas properties in Canada as well as key international prospects. EnCana spent the money on lowering its debt, buying back shares and increasing its dividend to investors.