TMX group

CALGARY, Nov. 17 /CNW/ - EnCana Corporation (TSX, NYSE: ECA) and its
affiliate have closed the second and final phase of the previously announced
sale of their natural gas storage business interests to the Carlyle/Riverstone
Global Energy and Power Fund, an energy private equity fund managed by
Riverstone Holdings LLC and The Carlyle Group. The second phase of the
transaction involved closing of the sale of the Wild Goose storage facility
interests in California for proceeds of approximately US$200 million. The
California Public Utilities Commission has approved the sale of the Wild Goose
storage facility. The initial phase of the sale, which closed in May of this
year, included EnCana's Alberta, Oklahoma and Louisiana storage assets, which
generated proceeds of approximately $1.3 billion.

EnCana Corporation
With an enterprise value of approximately US$45 billion, EnCana is a
leading North American natural gas producer and a technical and cost leader in
the in-situ recovery of oilsands bitumen. 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.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - In the interests of
providing EnCana shareholders and potential investors with information
regarding EnCana, including management's assessment of EnCana's and its
subsidiaries' future plans and operations, certain statements contained in
this news release are forward-looking statements or information within the
meaning of applicable securities legislation, collectively referred to herein
as "forward-looking statements". Forward-looking statements in this news
release include, but are not limited to: anticipated proceeds. 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 the company's current guidance; fluctuations in currency and interest
rates; product supply and demand; market competition; risks inherent in the
company's 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 ability to replace and expand oil and gas reserves; the
ability of the company and ConocoPhillips to successfully negotiate and
execute final definitive agreements relating to the integrated North American
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 ability to secure
adequate product transportation; changes in environmental and other
regulations or the interpretations of such regulations; political and economic
conditions in the countries in which the company operates; the risk of
international war, hostilities, civil insurrection and instability affecting
countries in which the company operates and terrorist threats; risks
associated with existing and potential future lawsuits and regulatory actions
made against the company; and other risks and uncertainties described from
time to time in the reports and filings made with securities regulatory
authorities by EnCana. 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.