Right place right time...that is where CAZ is now!
Encana says the Athlon transaction will add the equivalent of about 30,000 barrels of oil per day of production focused in the Midland Basin, part of the Permian formation.
The company now expects to generate 75 per cent of its operating cash flow from liquids production by next year, two years sooner than its its initial target of 2017.
Encana says there's potential to recover the equivalent of about three billion barrels over time. The company intends to invest at least US$1 billion in the play and ramp up production to at least seven horizontal rigs by the end of 2015.
"Our portfolio now aligns with our vision of being a leading North American resource play company. Our growth areas now include the top two resource plays in Canada, the Montney and Duvernay, and the top two resource plays in the United States, the Eagle Ford and the Permian," Suttles said.
Read more: https://www.ctvnews.ca/business/encana-to-buy-athlon-energy-in-us-7-1b-deal-1.2029094#ixzz3EhcvygnZ