On May 12, 2006, EnCana Corporation and certain affiliates completed the sale of a portion of their natural gas storage business interests to the Carlyle/Riverstone Global Energy and Power Funds, a series of energy private equity funds managed by the Riverstone Holdings LLC and The Carlyle Group (the purchasers) for approximately US$1.2 billion.
EnCana is one of North America's leading natural gas producers, is among the largest holders of gas and oil resource lands onshore North America and is a technical and cost leader in the in-situ recovery of oil sands bitumen. Riverstone Holdings and The Carlyle Group are the co-general partners of Carlyle/Riverstone Global Energy and Power Funds. Riverstone is a New York-based energy and power focused private equity firm founded in 2000. The Carlyle Group is a global private equity firm.
The natural gas storage business is located in key gas producing and consuming regions and is linked to major North American gas transmission pipelines, with approximately 174 billion cubic feet of working gas capacity at five facilities in Alberta (including the AECO Hub), California and Oklahoma. The sale of the California gas storage business will not close until consent has been obtained from the California Public Utilities Commission.
EnCana was represented by Patricia Smith-Grayton, associate general counsel, and Leanne Campbell, associate general counsel, corporate legal, and Burnet, Duckworth & Palmer LLP with a team that included John Cuthbertson, Alicia Quesnel, Bill Winters, John Lowe, David Grout and Stuart Money.
The purchasers were represented by Vinson & Elkins LLP with a team that included Stephen Coats, Michael McKay and Ramey Layne; and by Bennett Jones LLP with a team that included Pat Maguire, Don Greenfield, Phil Backman, Will Osler, Michael Callihoo, Bruce Hibbard, Shaheen Amirali, Michelle Waritsky and Karen Beattie.
EnCana is one of North America's leading natural gas producers, is among the largest holders of gas and oil resource lands onshore North America and is a technical and cost leader in the in-situ recovery of oil sands bitumen. Riverstone Holdings and The Carlyle Group are the co-general partners of Carlyle/Riverstone Global Energy and Power Funds. Riverstone is a New York-based energy and power focused private equity firm founded in 2000. The Carlyle Group is a global private equity firm.
The natural gas storage business is located in key gas producing and consuming regions and is linked to major North American gas transmission pipelines, with approximately 174 billion cubic feet of working gas capacity at five facilities in Alberta (including the AECO Hub), California and Oklahoma. The sale of the California gas storage business will not close until consent has been obtained from the California Public Utilities Commission.
EnCana was represented by Patricia Smith-Grayton, associate general counsel, and Leanne Campbell, associate general counsel, corporate legal, and Burnet, Duckworth & Palmer LLP with a team that included John Cuthbertson, Alicia Quesnel, Bill Winters, John Lowe, David Grout and Stuart Money.
The purchasers were represented by Vinson & Elkins LLP with a team that included Stephen Coats, Michael McKay and Ramey Layne; and by Bennett Jones LLP with a team that included Pat Maguire, Don Greenfield, Phil Backman, Will Osler, Michael Callihoo, Bruce Hibbard, Shaheen Amirali, Michelle Waritsky and Karen Beattie.
