Canada's Encana Corp. had good 2013 despite flood losses, CEO says

Feb. 14, 2014 at 6:03 AM
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CALGARY, Alberta, Feb. 14 (UPI) -- Encana Corp. boss Doug Suttles said the Canadian company ended 2013 on a high note despite problems caused by Colorado flooding.

"We finished 2013 strong and we're well positioned to deliver on our priorities and objectives in 2014," the company's president and chief executive officer said in a statement Thursday.

The company said it averaged 53,900 barrels per day of production last year, a 74 percent increase from the previous year. In terms of natural gas, it said last year's average output of 2.7 billion cubic feet per day was in line with its target but expected gas production to decline in 2014.

Encana temporarily closed more than 30 percent of its wells in Colorado after more than a foot of rain fell on the state in September, causing floods.

The company said it now has six rigs in place in Colorado's Denver-Julesburg basin, up from two reported last year.

Encana said drilling of six wells in the Duvernay shale reserve in Canada should be completed by March. The Alberta Geological Survey estimates the area holds more than 440 trillion cubic feet of natural gas and nearly 62 billion barrels of oil.

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