Tuesday, January 18, 2011

Western Gas to buy Encana Colorado assets for $303M

Denver Business Journal
Date: Tuesday, January 18, 2011, 6:01am MST

Western Gas Partners LP has agreed to acquire gas gathering and processing assets in Weld County from Encana Corp. for $303.3 million, Dow Jones Newswires reports.

Western Gas (NYSE: WES) is a natural gas gathering, processing and transporting company formed by Anadarko Petroleum Corp. and based in The Woodlands, Texas. Encana (NYSE: ECA) is based in Calgary, Alberta, Canada; its U.S. division, Encana Oil & Gas (USA) Inc., is headquartered in Denver.

Under the deal, Western will buy Encana's Fort Lupton processing plant next to one it already owns as well as five gathering systems. "As part of the acquisition, Western Gas will enter into long-term, fee-based agreements with Encana to gather and process existing gas production, as well as to expand the existing gathering systems and processing capacity to meet future needs in the basin," a Western statement issued today says.
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