DJR Energy completes acquisition of Encana assets

The Daily Times staff
Oil rig

FARMINGTON — Denver-based DJR Energy is now the owner of what were previously Encana Corporation assets in the San Juan Basin.

Encana announced last week that it had completed the sale of the assets. Encana announced plans to sell the assets to DJR Energy in October. The 182,000 net acres of assets were sold for $480 million. It includes about 90 wells.

“This transaction continues our track record of unlocking value from non-core assets,” said Doug Suttles, Encana President and CEO, in a press release issued Thursday. “The proceeds from this sale add to our financial strength and strongly support our commitment to our $1.25 billion share buyback and 25 percent increase to the dividend in 2019.”

With the sale, DJR Energy now owns more than 350,000 net acres in the San Juan Basin. In a press release in October, DJR Energy announced the acquisition would allow it to extract 6,000 barrels of oil equivalent per day from the San Juan Basin.