EnCana completes transaction, splits into separate oil, gas companies

By Lisa Kerner

Charlotte, N.C., Nov. 30 - EnCana Corp. announced it has completed its split into two energy companies: Cenovus Energy Inc., an integrated oil company, and EnCana Corp., a pure-play natural gas company.

Shareholders approved the split last week.

Under EnCana's plan of arrangement, EnCana common shareholders will own one new EnCana common share and will receive one common share of Cenovus for each EnCana common share held on Dec. 7.

EnCana said Cenovus and post-split EnCana shares will begin regular trading on the Toronto Stock Exchange on Dec. 3 and on the New York Stock Exchange on Dec. 9 under the symbols "CVE" and "ECA," respectively.

The last day of "when issued" trading will be Dec. 2 for the Toronto Stock Exchange and Dec. 8 for the New York Stock Exchange, according to an EnCana news release.

As previously reported, EnCana first proposed the reorganization in May 2008 and revised the plan in October 2008 due to turmoil in the financial markets.

EnCana is a Calgary, Alta., oil and natural gas company.

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