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Friday, June 27, 2014

Encana to sell Bighorn gas assets for C$2 bln, (NYSE: APO)

Encana Corp said it would sell its Bighorn gas properties in Alberta to Apollo Global Management LLC for about C$2 billion ($1.9 billion) as it focuses on more-lucrative oil and natural-gas liquids (NGLs).The sale to Apollo-controlled Jupiter Resources includes about 360,000 net acres comprising Encana's working interests in all pipelines and production facilities as well as service arrangements.The Bighorn properties produced 319 million cubic feet equivalent of liquids-rich natural gas per day (after royalties) in the first quarter, Jupiter said.Total net proved reserves of the properties at the end of 2013 were about 1,100 billion cubic feet equivalent (Bcfe), with about three quarters natural gas.

Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO remained unchanged at $26.95. In the past year, the shares have traded as low as $22.61 and as high as $36.51. On average, 1434860 shares of APO exchange hands on a given day and today's volume is recorded at 538041.