Pancanadian

North America’s leading independent producer EnCana Corp. is on track to also become the largest independent gas storage owner and operator on the continent, after announcing plans Thursday to develop a new 40 Bcf natural gas storage facility in southeastern Alberta. The Countess development, once completed, is expected to increase EnCana’s Western Canadian gas storage by almost 40%, totaling approximately 135 Bcf. Once Countess is complete, EnCana will own and operate about 180 Bcf of gas storage capacity across North America, with facilities in Alberta, California and Oklahoma.

Less than two weeks after being formed by a merger of AEC and PanCanadian, EnCana Corp. has embarked on a major expansion of its Rocky Mountain region producing assets by purchasing 500 Bcf of long-life natural gas and associated natural gas liquids reserves and about 338,000 net acres of land in northwestern Colorado from El Paso Corp. (see Daily GPI, April 5)

PanCanadian Energy Corp. and Alberta Energy Co. reported that their merger has received a green light from the Competition Bureau of Canada. The receipt of a “no action” letter satisfies one of the key approvals required to complete the proposed merger to form EnCana Corp. “Momentum continues to build towards the shareholder meetings on April 4,” said AEC President Gwyn Morgan. The proposed merger is still subject to approvals by shareholders, the Court of Queen’s Bench of Alberta and the expiry of the waiting period under the Hart Scott Rodino Act in the United States.