WorldWide Drilling Resource

13 WorldWide Drilling Resource ® NOVEMBER 2014 Send Your Breaking News to: promotions@ wwdr-usa.com Breaking News Encana Establishes Position in Permian Basin Encana Corporation has acquired Texas-based Athlon Energy, Inc., including 140,000 net acres in the heart of the oil-rich Midland Basin, which is part of the booming Permian Basin of southwest Texas. "This transforma- tive acquisition further accelerates our strategy and provides us with a prime position in what is widely acknowledged as one of North America's top oil plays," said Doug Suttles, Encana president & CEO. "The Athlon Team has built an exceptional asset with massive running room that includes greater than 10 years of drilling inventory with up to 11 potential productive horizons of high-margin liquids." Encana anticipates approximately 5000 horizontal well locations with potential recoverable resources of approximately three billion barrels of oil equivalent. In 2015, the company plans to invest at least $1 billion of capital in the play, and ramp up from three to at least seven horizontal rigs by year-end. "During our strategic review last year, we carefully studied North America's premier basins and identified the massive horizontal, multi-zone, development potential in the Permian," added Suttles. "It is early days in the horizontal development of the Permian play and we see tremendous opportunity to enhance and accelerate value by applying our proven resource play model. Our portfolio now aligns with our vision of being a leading North American resource play company. Our growth areas now include the top two resource plays in Canada, the Montney and Duvernay, and the top two resource plays in the United States, the Eagle Ford and the Permian.