ENCANA BECOMES OVINTIV AND ESTABLISHES HEADQUARTERS IN DENVER
Encana Corporation announced they have completed a previously announced series of reorganization transactions resulting in the company:
• establishing its corporate domicile in the U.S.
• rebranding under the name Ovintiv Inc.
• completing a consolidation and share exchange for effectively one share of common stock of Ovintiv for every five common shares of Encana
The Company received very strong securityholder support with more than 90% of votes cast in favor of the Reorganization.
Encana was a Canadian Company headquartered in Calgary. The company has a land position in Canada with assets in the Montney Formation, the Duvernay Formation, Wheatland County, Alberta, the Horn River Formation, and at Deep Panuke offshore Nova Scotia, which ceased production in 2018. The company also operates in the Eagle Ford Group, Permian Basin, Anadarko Basin, Arkoma Basin, Uinta Basin, and Williston Basin.
Encana today renamed Ovintiv, is one of North America’s oldest oil and natural gas producers. Encana’s roots go back to the late 1800s when workers for the Canadian Pacific Railway (CPR) drilling a water well discovered natural gas. In 1884, CPR drilled the first producing gas well in Alberta, Canada, to supply railway buildings with natural gas. That well was in use for about 50 years.
Since the early 2000s, the company has focused on North American resource plays, a term it coined for unconventional resources locked deep in tight sands and shales.
(Source and image: Ovintiv)