Reuters: Mergers News: UPDATE 1-Encana looks for partner for a number of regions

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UPDATE 1-Encana looks for partner for a number of regions Mar 29th 2012, 14:01 Thu Mar 29, 2012 10:01am EDT SINGAPORE, March 29 (Reuters) - Encana Corp is launching a search for a partner to help develop a number of properties in the United States and Canada with potential for lucrative oil and liquids-rich natural gas, as the company struggles with chronically depressed prices for dry gas, its chief executive said on Thursday. The Canadian company -- the country's largest natural gas producer and one of the biggest in North America -- is looking for a single partner for a package of assets that could include Encana's position in the Collingwood shale, the Tuscaloosa Marine shale, the Mississippi Lime and the Eaglebine shale in the United States, CEO Randy Eresman said, speaking on the sidelines of a conference in Singapore. The package of assets could also include the company's position in Canada's Duvernay shale, he said. "One of the things we have been trying to do is to get more liquids, particularly oil, in our portfolio," Eresman said. "But because of the high initial cost on that, we think it might be best to reduce our risk so to accelerate that point of commercialization by bringing in another party." Eresman compared the possible partnership with Devon Energy Corp's recent deal with China's Sinopec, in which the U.S. energy company gave up a third of its interest in five developing fields for $2.2 billion.

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