EnCana creates Cenovus

Cenovus Energy Inc. has been selected as the new name for the integrated oil company that EnCana Corp. is creating as part of its split into two independent energy companies focused on unconventional resources – an integrated oil company and a pure-play natural gas company. Under the proposed split, Cenovus will be a fully integrated North American oil company that has industry-leading in-situ oilsands properties and refineries, as well as an underlying foundation of reliable oil and gas resource plays. The natural gas company will continue as EnCana Corp. The proposed corporate reorganization, which is expected to close in early 2009, would be implemented through a Plan of Arrangement and is subject to shareholder and court approval.
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