Encana sells stake in PrairieSky
Encana Corp. (NYSE: ECA) (TSX: ECA) said Friday it completed a secondary offering of 70.2 million common shares of PrairieSky Royalty Ltd. (TSX: PSK). The $2.6 billion in offering proceeds were used to buy out Encana’s 54 percent stake in the royalty company.
PrairieSky shares were sold for $36.50 per share.
“The creation of PrairieSky has unlocked significant value from Encana’s royalty business and the successful closing of the secondary offering marks a major milestone of the strategy we announced last November,” Encana CEO Doug Suttles said. “The proceeds significantly increase the strength of our already healthy balance sheet, leaving us well positioned as we continue to aggressively pursue our strategy.”
Based in Calgary, Alberta, Encana drills oil and natural-gas wells in Weld County.
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Encana Corp. (NYSE: ECA) (TSX: ECA) said Friday it completed a secondary offering of 70.2 million common shares of PrairieSky Royalty Ltd. (TSX: PSK). The $2.6 billion in offering proceeds were used to buy out Encana’s 54 percent stake in the royalty company.
PrairieSky shares were sold for $36.50 per share.
“The creation of PrairieSky has unlocked significant value from Encana’s royalty business and the successful closing of the secondary offering marks a major milestone of the strategy we announced last November,” Encana CEO Doug Suttles said. “The proceeds significantly increase the strength of our already healthy balance sheet, leaving us well…
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