EnCana Renews Normal Course Issuer Bid

    CALGARY, Nov. 9 /CNW/ - EnCana Corporation (TSX & NYSE:   ECA) has received
approval for renewal of the company's Normal Course Issuer Bid from the
Toronto Stock Exchange (TSX). Under the renewed bid, EnCana may purchase for
cancellation up to 75,118,732 of its common shares, representing 10 percent of
the public float of approximately 751,187,320 common shares outstanding as at
October 31, 2007. EnCana plans to fund its share purchases under the renewed
bid with cash flow and the proceeds from potential dispositions. EnCana
expects to generate substantial free cash flow in 2008 that could be used for
share purchases, debt reduction or increased dividends over the coming year.
    Since November 6, 2006 under its previous Normal Course Issuer Bid,
EnCana purchased 63,447,700 common shares, representing approximately
7.9 percent of the company's outstanding shares on November 1, 2006, at an
average price of approximately US$51.54 per common share. Purchases under the
renewed bid may commence on November 13, 2007 and may be made until
November 12, 2008. Daily purchases will not exceed 25 percent of the average
daily trading volume for the six calendar months prior to the date of approval
of the bid by the TSX, subject to EnCana's ability to make block purchases
through the facilities of the TSX in accordance with the TSX rules. EnCana's
average daily trading volume during the last six calendar months was
2,362,409 common shares. Purchases will be made on the open market through the
facilities of the TSX in accordance with its policies, and may also be made
through the facilities of the New York Stock Exchange (NYSE) in accordance
with its rules. Approval of the bid is not required from the NYSE. The price
to be paid will be the market price at the time of acquisition. EnCana
believes that the purchase of its common shares will help create value for the
company's shareholders.

    EnCana Corporation

    With an enterprise value of approximately US$60 billion, EnCana is a
leading North American unconventional natural gas and integrated oilsands
company. By partnering with employees, community organizations and other
businesses, EnCana contributes to the strength and sustainability of the
communities where it operates. EnCana common shares trade on the Toronto and
New York stock exchanges under the symbol ECA.

providing EnCana shareholders and potential investors with information
regarding the company and its subsidiaries, including management's assessment
of EnCana's and its subsidiaries' future plans and operations, certain
statements contained in this news release constitute forward-looking
statements or information (collectively referred to herein as "forward-looking
statements") within the meaning of the "safe harbour" provisions of applicable
securities legislation. Forward-looking statements are typically identified by
words such as "anticipate", "believe", "expect", "plan", "intend", "forecast",
"target", "project" or similar words suggesting future outcomes or statements
regarding an outlook. Forward-looking statements in this news release include,
but are not limited to, statements with respect to potential common share
purchases under the company's Normal Course Issuer Bid and the projected
source of funds therefor, including free cash flow which is expected to be
generated in 2008. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions, known and
unknown risks and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause the company's
actual performance and financial results in future periods to differ
materially from any estimates or projections of future performance or results
expressed or implied by such forward-looking statements. These risks and
uncertainties include, among other things: volatility of and assumptions
regarding oil and gas prices; assumptions based upon EnCana's current
guidance; fluctuations in currency and interest rates; product supply and
demand; market competition; risks inherent in the company's and its
subsidiaries' marketing operations, including credit risks; imprecision of
reserve estimates and estimates of recoverable quantities of oil, bitumen,
natural gas and liquids from resource plays and other sources not currently
classified as proved; the company's and its subsidiaries' ability to replace
and expand oil and gas reserves; the ability of the company and ConocoPhillips
to successfully manage and operate the North American integrated heavy oil
business and the ability of the parties to obtain necessary regulatory
approvals; refining and marketing margins; potential disruption or unexpected
technical difficulties in developing new products and manufacturing processes;
potential failure of new products to achieve acceptance in the market;
unexpected cost increases or technical difficulties in constructing or
modifying manufacturing or refining facilities; unexpected difficulties in
manufacturing, transporting or refining synthetic crude oil; risks associated
with technology; the company's ability to generate sufficient cash flow from
operations to meet its current and future obligations; the company's ability
to access external sources of debt and equity capital; the timing and the
costs of well and pipeline construction; the company's and its subsidiaries'
ability to secure adequate product transportation; changes in royalty tax,
environmental and other laws or regulations or the interpretations of such
laws or regulations; political and economic conditions in the countries in
which the company and its subsidiaries operate; the risk of international war,
hostilities, civil insurrection and instability affecting countries in which
the company and its subsidiaries operate and terrorist threats; risks
associated with existing and potential future lawsuits and regulatory actions
made against the company and its subsidiaries; and other risks and
uncertainties described from time to time in the reports and filings made with
securities regulatory authorities by EnCana. Statements relating to "reserves"
or "resources" or "resource potential" are deemed to be forward-looking
statements, as they involve the implied assessment, based on certain estimates
and assumptions that the resources and reserves described exist in the
quantities predicted or estimated, and can be profitably produced in the
future. Although EnCana believes that the expectations represented by such
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. Readers are cautioned that the
foregoing list of important factors is not exhaustive. Furthermore, the
forward-looking statements contained in this news release are made as of the
date of this news release, and except as required by law EnCana does not
undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise. The forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.

    NOTE REGARDING NON-GAAP MEASURES - "Cash Flow" is a non-Generally
Accepted Accounting Principles ("GAAP") measure defined as Cash from Operating
Activities excluding net change in other assets and liabilities, net change in
non-cash working capital from continuing operations and net change in non-cash
working capital from discontinued operations, all of which are defined on the
company's Consolidated Statement of Cash Flows in its most recent unaudited
quarterly financial statements. "Free Cash Flow" is a non-GAAP measure that
EnCana defines as Cash Flow in excess of total capital investment and is used
to determine the funds available for other investing and/or financing
activities. While Cash Flow measures are considered non-GAAP, they are
commonly used in the oil and gas industry and are used by EnCana to assist
management and investors in measuring the company's ability to finance capital
programs and meet financial obligations.

For further information:

For further information: on EnCana Corporation is available on the
company's website, www.encana.com, or by contacting: Investor contact: EnCana
Corporate Communications, Paul Gagne, Vice-President, Investor Relations,
(403) 645-4737; Ryder McRitchie, Manager, Investor Relations, (403) 645-2007;
Susan Grey, Manager, Investor Relations, (403) 645-4751; Media contact: Alan
Boras, Manager, Media Relations, (403) 645-4747

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Encana Corporation

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