Encana Corporation introduced they’ve accomplished a beforehand introduced sequence of reorganization transactions ensuing within the firm:
• establishing its company domicile within the U.S.
• rebranding below the identify Ovintiv Inc.
• finishing a consolidation and share trade for successfully one share of widespread inventory of Ovintiv for each 5 widespread shares of Encana
The Company acquired very robust securityholder assist with greater than 90% of votes forged in favor of the Reorganization.
Encana was a Canadian Company headquartered in Calgary. The firm has a land place in Canada with property within the Montney Formation, the Duvernay Formation, Wheatland County, Alberta, the Horn River Formation, and at Deep Panuke offshore Nova Scotia, which ceased manufacturing in 2018. The firm additionally operates within the Eagle Ford Group, Permian Basin, Anadarko Basin, Arkoma Basin, Uinta Basin, and Williston Basin.
Encana immediately renamed Ovintiv, is one in every of North America’s oldest oil and pure fuel producers. Encana’s roots return to the late 1800s when employees for the Canadian Pacific Railway (CPR) drilling a water nicely found pure fuel. In 1884, CPR drilled the primary producing fuel nicely in Alberta, Canada, to produce railway buildings with pure fuel. That nicely was in use for about 50 years.
Since the early 2000s, the corporate has targeted on North American useful resource performs, a time period it coined for unconventional sources locked deep in tight sands and shales.
(Source and picture: Ovintiv)
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