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ENCANA CORPORATION

MONTNEY INVESTOR DAY


NEW YORK CITY
MAY 17, 2016

Doug Suttles
President & Chief Executive Officer

ENCANA IN 2016
Well Positioned for Success

TOP TIER RESOURCE MARKET


95% of 2016F capital allocated FUNDAMENTALS
to core four Maximizing realized prices
2016 program focused on core Informs capital allocation
acreage in each asset Actively managing volatility

BALANCE SHEET STRENGTH


OPERATIONAL CAPITAL
EXCELLENCE ALLOCATION
Significant D&C cost efficiencies Driven from the top
Rapid application of innovations Significant flexibility to scale
across portfolio capital based on commodity
RPH* model unlocks value prices

*Resource Play Hub: Encanas development model using repeatable, transferable operations techniques to reduce costs and improve safety and environmental performance. 2
ENCANA
Montney
Multi-Basin Portfolio Advantage 10,000 well locations
Duvernay
1,000 well locations

Core of the core positions in four of North


Americas top basins
Over 16,000 high quality locations
Operational excellence
Rapid application of innovations across the portfolio
Significant D&C cost efficiencies
22 - 44% improvement in Q1 2016

Focused portfolio with significant financial


flexibility
95% of 2016 capex invested into core four assets Permian
5,000 well locations
Eagle Ford
600 well locations

Montney inventory based on 440 - 880 ft spacing 3

ENCANA CORPORATION

EXECUTION EXCELLENCE

Michael McAllister
EVP & COO
ENCANAS EXECUTION EXCELLENCE
Basin Leading Operator

INNOVATION

CONTINUOUS IMPROVEMENT
BASIN
LEADING
OPERATOR
PORTFOLIO ADVANTAGE

DISCIPLINED BENCHMARKING
TO COMPETITORS
5

INNOVATION AT A GLANCE
Driving Efficiency Across the Portfolio

6
ENCANA MONTNEY
Development History
2009 - 2011
MMcf/d
HZ development of 2013 - 2016
1,000 BC Montney Focus on condensate rich areas
Completions design
2006 2012 optimization
Cutbank Ridge Veresen KKR infrastructure deal
First HZ well drilled
Partnership (CRP) joint
750 2007 - 2008 venture with Mitsubishi
Land capture in Pipestone
HZ development in
Gordondale
Prior to 2003 2003 - 2005
500 Conventional
Unconventional Montney
resource evaluation
vertical
Land capture in Montney BC
development

250

0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
7

ENCANA IS THE MONTNEY LEADER


Combined Scale and Efficiency
Largest producer in the Montney
Drilling cost leader
Over a decade of operations in the play
Longest laterals with highest completion intensity
Massive wells
Wells up to 2.5 MMBoe, IP >2,500 BOE/d
Condensate rich wells flowing >400 bbls/d

Largest Producer Cost Leader Massive Wells


1,200
0.40 3,000
Drilling Cost (MM$/1000)
Gross Operated Production

1,000
2,500
800
Rate (BOE/d)

2,000
(MMcf/d)

600 0.20 1,500 0 50


400 1,000
mi
200 500

0 0.00 0
0 60 120 180 240 300 360

Producing Days

Peer acreage sourced from RS Energy Group, Inc. & Company Presentations 8
ENCANA CORPORATION

FUNDAMENTALS

Renee Zemljak
EVP Midstream, Marketing & Fundamentals
David Thorn
Vice President, Marketing Northern Operations

NORTH AMERICAN NATURAL GAS FUNDAMENTALS


Demand Expected to Grow by 14 Bcf/d by 2020
Bcf/d
16
North American Demand Growth

12

-4
2016F 2017F 2018F 2019F 2020F

Power Other Residental/Commercial Industrial Export to Mexico Gulf Coast LNG Total Supply

Source: Encana Fundamentals, EIA, Ventyx, IHS 10


NORTH AMERICAN NATURAL GAS FUNDAMENTALS
Future Demand Growth will be Concentrated in the Gulf Coast
Canada
2.0
1.0 1.3 1.5
0.0
2010-2015 2015-2020

West Midwest
1.6 2.0 Northeast
3.0
0.8 1.2 1.0 1.7
1.1 1.5 2.6
0.0 0.5
0.0 1.0
2010-2015 2015-2020 2010-2015 2015-2020 0.0
2010-2015 2015-2020

Gulf Coast Southeast


12.0 3.0

6.0 9.5 2.2


1.5
3.8 0.4
0.0
2010-2015 2015-2020 0.0
2010-2015 2015-2020

Source: Encana Fundamentals 11

NORTH AMERICAN NATURAL GAS FUNDAMENTALS


Low-Cost Supply Basins Continue to Grow
Montney expected to grow to ~7% of North American natural gas production by 2020

Bcf/d
10 10%

8 8%

6 6%

4 4%

2 2%

0 0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Montney Montney % of NA
Source: Encana Fundamentals, IHS 12
NORTH AMERICAN NATURAL GAS FUNDAMENTALS
Montney - Highly Competitive Break-even Cost
Break-even
($/MMBtu)
$6.50
$6.00
$5.50
$5.00
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
Arkoma Fayetteville Piceance Utica Haynesville Marcellus Deep Basin Montney
Woodford
2012 2013 2014 2015 Current

Source: RS Energy Group, Inc. Hardcore Canada May 2016 13

NORTH AMERICAN NATURAL GAS FUNDAMENTALS


Activity Maintained in Lowest Cost Basins
Montney represents ~21% 2016F North American gas rig count, while Northeast represents ~24 %
Rigs
900
800
700
600
500 Rig activity declining
in high cost plays
400
300 Activity remains strong
200 in low-cost basins
100
0
2011 2012 2013 2014 2015 2016
Other North America Montney US Northeast

Source: Encana Fundamentals, Baker Hughes (U.S. rigs), IHS (Canadian rigs) 14
WESTERN CANADIAN MARKET FUNDAMENTALS
Natural Gas Export Basin Premium Condensate Market

Western Canadian Sedimentary Basin


(WCSB)
15 Bcf/d gas production
West Coast LNG Nova Gas
Potential Transmission 5 Bcf/d regional demand
System 500 Bcf working storage
Montney (NGTL)
11.7 Bcf gas export capacity
Condensate 220 Mbbls/d condensate production
Imports 400 Mbbls/d condensate demand
255 Mbbl/d

To Pacific To Eastern Canada


Northwest 4.2 Bcf
4.1 Bcf Natural Gas Export Pipeline
To U.S. Midwest Condensate Import Pipeline
*3.4 Bcf

Source: Encana Fundamentals *Net Effective Capacity (Bakken Access) 15

WESTERN CANADIAN NATURAL GAS FUNDAMENTALS


Montney is the Growth Engine for WCSB

Bcf/d
20 45%
Historical peak production Forecast
18 40% Montney expected
16 35% to grow to 7 Bcf/d in
14
30% 2020, representing
12
25%
38% of WCSB
10 production
20%
8
15%
Montney expected
6
to lead WCSB
4 10%
growth back toward
2 5%
2006 historical peak
0 0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Other WCSB Montney Montney % of WCSB

Source: Encana Fundamentals, IHS 16


WESTERN CANADIAN NATURAL GAS FUNDAMENTALS
Local Demand Growth Driven by Oil Sands

Bcf/d
8
Forecast
7
>1 Bcf/d of growth from oil
6 sands & power sector expected
through 2020
5
Strong historical local demand
4 growth has reduced reliance on
total takeaway capacity
3
Demand growth plus base
2 declines add ~1.8 Bcf of
incremental market
1

0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Local Distribution Companies/Other Industrial Power Oil Sands


Source: Encana Fundamentals, Statistics Canada 17

WESTERN CANADIAN NATURAL GAS FUNDAMENTALS


Required Exports and Currently Available Capacity
Bcf/d
12

11 Substantial existing physical


10
export capacity
Exceeds required exports
9
by >1.5 Bcf/d
8
Montney does not require
7 any new transport capacity
6
to grow
2015 2016F 2017F 2018F 2019F 2020F

WCSB Required Exports* Current Physical WCSB Export Capacity

Source: Encana Fundamentals *Required Exports = Expected Supply Minus Expected Demand 18
WESTERN CANADIAN NATURAL GAS FUNDAMENTALS
What is AECO?

AECO is benchmark price for volumes


traded on Nova Gas Transmission
system (NGTL)
West Coast LNG Nova Gas
Potential Transmission Equivalent to NYMEX at Henry Hub
System
Montney (AECO Price)
Largest and most liquid gas trading
hub in North America
AECO Basis is price difference versus
NYMEX
Basis set by marginal cost of
To Pacific transportation to neighboring markets
To Eastern Canada
Northwest 4.2 Bcf Financial derivative market as liquid as
4.1 Bcf
any in North America
To U.S. Midwest
*3.4 Bcf

Source: Encana Fundamentals *Net Effective Capacity (Bakken Access) 19

AECO BASIS
Price-Setting Mechanism
Bcf/d WCSB Required Exports & Contracted Capacity
8.0

7.0

6.0

5.0

4.0
Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

Required WCSB Exports* Contracted Capacity


Concurrent widening in Oversupply resulting in
AECO basis when required incremental required exports
$/MMBtu AECO Nominal Basis
exports exceed contracts and widening AECO Basis
1.0
0.5
0.0
(0.5)
(1.0)
(1.5)
(2.0)
Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16
*Required Exports = Expected Supply Minus Expected Demand 20
AECO BASIS
Forward Market Trends Toward Historical Levels

$US/MMbtu
$0.50
AECO basis has historically
averaged $(0.50)
$0.00
Basis has recovered rapidly
when it has widened before
($0.50)
The market sees a
directional return toward
($1.00)
historical levels

($1.50)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Forward Market Historical Market

Source: Encana Fundamentals, NGX, CME Group 21

MONTNEY ACCESS TO NORTH AMERICAN MARKETS


Efficient Access to Market
NGTL: ~11 Bcf/d of supply,
>15,000 miles of pipeline, and
thousands of receipt & delivery
points
Required expansions are
Oil Sands/ inexpensive, timely, and provide
Montney WCSB Demand
system-wide access
Approach is efficient and
different than single system
NGTL connection seen in US
production areas
West Gate East Gate Export Minimal regulatory impediments
Export Empress/McNeill
A/BC Border Border Alliance and Westcoast offer
additional flexibility
Source: Encana Fundamentals 22
MONTNEY ACCESS TO NORTH AMERICAN MARKETS
Existing WCSB Export Infrastructure Allows for Growth
Bcf/d
12

11

10

6
2015 2016F 2017F 2018F 2019F 2020F

WCSB Required Exports* Current Physical WCSB Export Capacity

Source: Encana Fundamentals *Required Exports = Expected Supply minus Expected Demand 23

MONTNEY ACCESS TO NORTH AMERICAN MARKETS


WCSB Transportation Cost Advantage to Northeast Market
Existing capacity will out-
compete new-build economics
to Eastern Canadian markets by
~$0.15-$0.30/MMBtu

Montney continues to
compete in Western
markets, capturing
demand growth and
offsetting declines in the Northeast U.S. production
region will continue to capture
South and Southeastern
demand via existing
Existing Infrastructure pipelines and shorter
Greenfield Infrastructure greenfield connectivity

Source: Encana Fundamentals, Various Pipeline Websites 24


FUNDAMENTALS
The Montney Competes on a Delivered Cost Basis

Montney growth is required to balance increasing North American demand


Highly competitive supply cost
Advantaged into Western and Eastern (Dawn) markets
Existing export pipeline capacity allows for competitive access to markets
Minimal regulatory risk
WCSB production should naturally meet western demand growth
With a declining rate base and increased contracting, TCPL tolls will be
competitive in Eastern markets

25

ENCANA CORPORATION

RESOURCE IN CONTEXT

David Hill
EVP Exploration & Business Development
Blair Porter
Advisor, Engineering Exploration & Business Development
MONTNEY MOST ACTIVE GAS PLAY
Q1 2016 Average Rig Activity
Montney

Rig activity concentrated in


lowest cost basins
Marcellus/Utica

1Q16 Rig
Play
Activity Rockies
Montney 54
Marcellus/Utica 46
Rockies 33 Haynesville
Haynesville 17
Gas Wells
Oil Wells
Oil and Gas Wells
Sources: IHS, DrillingInfo, Nickles, EIA
Active Rigs data as of March 2016
Active Rigs
27

MONTNEY GEOLOGY OVERVIEW


Depositional Environment

Tower
British Columbia
Dawson
Alberta

Pipestone
Siltstone reservoir
South
Not a shale
High quality condensate & gas
980 Hydrocarbon Bearing Reservoir

AA A B C D
E
regions
F
Robust performance across all
fluid windows
G
Multiple stacked zones
H
Gas
Deposited in thick, stacked layers
SEXSMITH
Condensate Rich
Super Condensate Basal

28
MONTNEY REGIONAL SCALE
Areal Extent Same as Marcellus
Montney Marcellus

Alberta
Size and scale of Montney
same as Marcellus
Montney condensate
window larger and richer

British Columbia

Peak 30d Rate (BOE/d)


0 - 100
100 - 150
0 40 80 (375 x 130 miles)
150 - 200
Miles
200 +
Source: IHS 29

ENCANAS MONTNEY ACREAGE


Massive Contiguous Land Position
Encana Montney Acreage
810,000 gross acres (525,000 net)

Alberta

0 Miles 20

Peer Acreage
Encana Acreage

Peer acreage sourced from RS Energy Group, Inc. & Company Presentations 30
MONTNEY RESOURCE POTENTIAL
Stacked Zones Comparable to the Permian
Montney (350 miles) Permian Midland Basin (100 miles)
Upper Montney to Base Sexsmith Middle Spraberry to Base Wolfcamp C
SE
NW
NW
SE
1,000
2,000

50 to 200 Bcf/section
Up to 6 stacked laterals

>150 MMbbls/section
>8 stacked laterals

Marcellus (350 miles) Eagle Ford (200 miles)


SW NE W
E
250 250
50 to 60 Bcf/section 30 to 40 MMbbls/section
Hydrocarbon Filled Porosity Single lateral Up to two stacked laterals 31

MONTNEY PLAY
Three Distinct Regions
Northwest Northwest
940 Hz wells drilled; 265 in 2015
Alberta

Narrow region of high performance


Central
Central 2,100 Hz wells drilled; 260 in 2015
Highest quality pay
Prolific condensate window
Thickest stacked reservoirs
Southeast Southeast
Conventional 450 Hz wells drilled; 130 in 2015
Peak 30d Rate (BOE/d)
Super Condensate Rich 0 - 100
(>100 bbls/MMcf) 100 - 150 High quality condensate
Condensate Rich 150 - 200
(10-100 bbls/MMcf)
200 + Minimal activity in gas window
Gas
(<10 bbls/MMcf)

Source: IHS 32
MONTNEY REGIONAL SCALE
Encanas Acreage is in the Core of the Basin

Northwest Encana Acreage


Alberta

Alberta
Central

Peak 30d Rate (BOE/d)


0 - 100
100 - 150
150 - 200
Southeast
200 +
Conventional
Super Condensate Rich
Condensate Rich
Gas

Source: IHS Core Acreage 33

NW

Northwest
CROSS-SECTION OF THE MONTNEY
Stacking Adds Scale Central

Montney Regional Section: Hydrocarbon Filled Porosity

Southeast
SE
1,000

NW

SE

Northwest Central Southeast


(Structural Complexity) (Stacked, High Quality) (Stacked, Condensate Rich)
Hydrocarbon filled porosity
34
WORLD CLASS GAS PLAY
Best Rocks Drive Performance

Northwest Average Gas Well Performance by Region


(Wells Since 2014)
Alberta

Central 6

(Normalized to 8,200)
Gas Rate (MMcf/d)
4

Northwest Core Central Core


2 Central Non-Core
Conventional Northwest Non-Core
Super Condensate Rich
Condensate Rich 0
Gas 0 0.5 1 1.5 2 2.5 3 3.5
Cumulative Gas Production (Bcf)
(Normalized to 8,200)

Source: IHS, Encana data 35

CORE POSITION IN A WORLD CLASS GAS PLAY


Operational Excellence Driving Basin Leading Performance
Northwest Average Gas Well Performance by Region
(Wells Since 2014)
Alberta

12

10
Central
(Normalized to 8,200)
Gas Rate (MMcf/d)

6
Encana 2015 Montney
4 (25 Wells)

Northwest Core Central Core


2 Central Non-Core
Conventional
Super Condensate Rich Northwest Non-Core
Condensate Rich 0
Gas 0 0.5 1 1.5 2 2.5 3 3.5 4
Cumulative Gas Production (Bcf)
(Normalized to 8,200)

Source: IHS, Encana data 36


MONTNEY COMPETES WITH CORE MARCELLUS
Encana Innovation Driving Productivity

Average Well Performance


Marcellus vs. Encana Montney
16
(Normalized to 8,200)
Gas Rate (MMcf/d)

12

8
Marcellus NE Core
Encana 2015 Montney
4 Marcellus SW Core

0
0 1 2 3 4 5 6 7
Cumulative Gas Production (Bcf)
(Normalized to 8,200)
Source: IHS, Encana data 37

SIGNIFICANT CONDENSATE OPPORTUNITY


Encana Delivering Strong Condensate Wells

Montney 30 Day Peak Condensate Rates by Region Encana Recent Condensate Well Results

800 7,000 Pipestone (Super-Condensate area >100 bbls/MMcf)


Condensate Rate (bbls/d)


(Normalized to 8,200)

700 6,000 1,650 bbls/d of condensate & 2.6 MMcf/d


(Normalized to 8,200)

(~2,080 BOE/d)
Gas Rate (Mcf/d)

600
5,000
Tower (Condensate area 10 - 100 bbls/MMcf)
500
4,000
400
370 bbls/d of condensate & 5.5 MMcf/d
3,000 (~1,320 BOE/d)
300
2,000
Dawson South (Condensate area 10 100 bbls/MMcf)
200
500 bbls/d of condensate & 8.4 MMcf/d
100 1,000
(~1,900 BOE/d)
0 0
SE Central Central Central
Super Condensate Area Condensate Area Gas Area
>100 bbls/MMcf 10-100 bbls/MMcf 0-10 bbls/MMcf

Condensate Natural Gas

Source: IHS (data limited to wells with substantial liquids volumes reported in condensate areas) 38
STACKED RESOURCE POTENTIAL
10,000 Inventory Locations
Stacking Development Layers (#)

Gross Acres Spacing Inventory


Super Rich Condensate 82,000 440 3,000
Condensate 125,000 660 3,600
Gas 185,000 880 3,400
Conventional
Super Condensate Rich Total Inventory 10,000
Condensate Rich 8,200' Well Length
Gas

39

ENCANA CORPORATION

Development Plans

Jim Roberts
Vice-President & General Manager, Northern Operations
ENCANA IN THE MONTNEY
A Premier North American Play
Large resource poised for significant growth Tower

525,000 net acres in 3 contiguous core blocks Saturn Gordondale

Over 1,000 of pay, up to 6 stacked horizons Dawson


South
Up to 220 Bcf/section with up to 450 bbls/MMcf condensate
10,000 gross well inventory

Basin leading operator


Most efficient operator with track record of innovation Pipestone

Cost reductions of 22% 2016 Q1 vs. 2015 Encana Core Montney


Encana Non-core Montney
Longest laterals with highest completion intensity
Generates superior economic performance
10,000 Well Inventory
Flexible infrastructure plan 30% Gas
34% (0 - 10 bbls/MMcf)
Innovative midstream arrangement
Condensate
800 MMcf/d of expansion under construction (10 - 100 bbls/MMcf)

Growing net production to over 75,000 bbls/d and 1.8 Bcf/d by 2026 36% Super-Condensate
(>100 bbls/MMcf)

Estimated inventory based on 440 - 880 ft spacing 41

ENCANA IN THE MONTNEY


History of Well Design Innovation

2006 2007 - 2012 2013 - 2015 Present Day Design


4,200 ft lateral 4,200 - 7,800 ft lateral 7,200 - 9,000 ft lateral 8,200 - 9,000 ft lateral
300 lb/ft proppant 300 - 1,000 lb/ft proppant 650 - 1,800 lb/ft proppant 1,000 - 1,200 lb/ft proppant
3.5 bbls/ft fluid 6 bbls/ft fluid 12 - 23 bbls/ft fluid 15 - 18 bbls/ft fluid
900 ft cluster spacing 165 ft cluster spacing 80 ft cluster spacing 65 - 80 ft cluster spacing
900 ft stage spacing 660 ft stage spacing 410 ft stage spacing 330 - 410 ft stage spacing

42
ENCANA IN THE MONTNEY
Drilling & Completions
10,000 2006 2016
Lateral length (ft)

8,000
6,000
4,000
Lateral Length
2,000 Increased ~2X
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F
2,000
Proppant (lb/ft)

1,500
Proppant Loading
1,000
Increased ~4X
500

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F
1.25
Completions
Drilling and Completion Cost*
D&C Cost ($/1,000)

1.00
Drilling
0.75
Decreased 50%
0.50
0.25
0.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2016F

*All data normalized to $0.75 FX 43

ENCANA IN THE MONTNEY


Well Performance and F&D
2006 2016
1600

1200
IP30
IP30 (BOE/d)

800

400
Increased ~5X
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F
2,000

1,500 EUR
EUR (MBOE)

1,000
Increased ~8X
500

-
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F
$8
22
$7
$6 F&D
F&D ($/BOE)

$5
$4 Reduced ~6X
$3
$2
$1
$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F

*All data normalized to $0.75 FX 44


ENCANA IN THE MONTNEY
Resource Play Hub at Work

Water Resource Hub: Centralized Water Handling Facility


Capacity of 50,000 bbls/d, recycling and saline, non-potable source wells
Made possible by concentrated, continuous activity and growth plan
Environmentally sustainable: reduces demand on domestic water supplies
Offers certainty for completions execution
Reduces impact on stakeholders: traffic, dust, noise

>$32 MM in savings to date


~40,000 less truck loads
~$5.85/bbl operating cost savings
~$300K/well capital cost savings
Project ROR ~30%

45

Tower
CONDENSATE (10-100 bbls/MMcf)
Tower
2016 Drill 2-12 Pad
3,000 Type Curve 5-1 Pad
IP180 Condensate = 370 bbls/d
IP180 Gas = 5.4 MMcf/d
EUR = 1.2 MMBOE
2,500 D&C = $4.4 MM
Lateral Length = 8,000 ft 50 to >100 bbls/MMcf

2,000 After 5 months 36% higher than type curve


Rate (BOE/d)

1,500
5mi / 8km

1,000
Type Well Metrics ECA Net
Leveraged Unleveraged
500 Btax IRR (%) >200 80
Type Curve
Btax Payout (Months) 10 16
Actuals
Operating Margin ($/BOE) 14 14
0
0 30 60 90 120 150 180 2 Year Free Cash Flow ($MM) 2.5 1.0

Producing Days

All metrics based on $3.0/MMBtu NYMEX, $50/bbl WTI, and $0.75 FX 46


CONDENSATE (10-100 bbls/MMcf) Saturn

Saturn
3,000 Type Curve
IP180 Condensate = 350 bbls/d
IP180 Gas = 7.5 MMcf/d
EUR = 1.3 MMBOE
2,500 D&C = $4.3 MM 4-2, 6-2, 8-2 Pads
Lateral Length = 8,200 ft 2016 Drill
16-28
2,000 After 8 months 70% higher than type curve
Rate (BOE/d)

1,500 10-100 bbls/MMcf


5mi / 8km

1,000 Rate restricted due to facility limitations


Type Well Metrics ECA Net
Leveraged Unleveraged
500 Btax IRR (%) >200 100
Type Curve
Btax Payout (Months) 10 15
Actuals
Operating Margin ($/BOE) 11 11
0
0 30 60 90 120 150 180 210 240 270 2 Year Free Cash Flow ($MM) 3.1 1.6

Producing Days
All metrics based on $3.0/MMBtu NYMEX, $50/bbl WTI, and $0.75 FX 47

CONDENSATE (10-100 bbls/MMcf) Dawson South

Dawson South
New E4-17 Lower Montney IP Lower Montney Type Curve
3,000 9-35 Pad
23% condensate IP180 Condensate = 350 bbls/d
67% above type curve IP180 Gas = 7.1 MMcf/d
2016 Drills
EUR = 2.1 MMBOE 10-100 bbls/MMcf 14-19 Pad
2,500 D&C = $5.2 MM 12-23 Pad
Lateral Length = 9,800 ft 2016 Drills
4-17 Pad

2,000 New B11-17 Lower Montney IP 12-5 Pad


9% condensate 2016 Drills
46% above type curve 11-17 Pad
Rate (BOE/d)

1,500 <10 bbls/MMcf


5mi / 8km

1,000
Lower Montney Type Well Metrics ECA Net
Leveraged Unleveraged
500 Lower Montney Type Curve Btax IRR (%) >200 105
Lower Montney Actuals Btax Payout (Months) 10 14
Upper Montney Actuals
Operating Margin ($/BOE) 12 12
0
0 60 120 180 240 300 360 2 Year Free Cash Flow ($MM) 3.8 2.1
Producing Days

All metrics based on $3.0/MMBtu NYMEX, $50/bbl WTI, and $0.75 FX 48


SUPER-CONDENSATE (>100 bbls/MMcf)
Pipestone 2016 Drills
14-28 Pad Pipestone

3,000
2-15

Type Curve 2016 Drills


2,500 IP180 Condensate = 610 bbls/d 14-1 Pad

New 14-1 Pad well IP IP180 Gas = 2.6 MMcf/d


56% condensate EUR = 1.2 MMBoe
D&C = $5.4 MM
12-25
2,000
Lateral Length = 9,800 ft

>100 bbls/MMcf
Rate (BOE/d)

1,500

5mi / 8km
1,000

Type Well Metrics ECA Net


500 Type Curve
Btax IRR (%) 139
12-25 Actuals
Btax Payout (Months) 10
2-15 Actuals
0 Operating Margin ($/BOE) 25
0 90 180 270 360 450 540
2 Year Free Cash Flow ($MM) 8.6
Producing Days

All metrics based on $3.0/MMBtu NYMEX, $50/bbl WTI, and $0.75 FX 49

ENCANA MONTNEY TYPE CURVES


Total Gross Inventory

BRITISH COLUMBIA ALBERTA

Super - Super -
Region Gas Condensate Condensate
Condensate Condensate
IP30 (BOE/d) 1,500 - 2,000 1,400 - 1,800 900 - 1,100 1,850 - 2,050 600 - 800
IP180 (BOE/d) 1,400 - 1,700 1,300 - 1,700 800 - 1,000 1,450 - 1,650 900 - 1,100
EUR/Well (Bcfe) 9 - 11 7-9 5.5 - 6.5 12 - 14 5.5 - 7.5
EUR/Well (MBOE) 1,600 - 1,800 1,250 1,500 900 - 1,100 2,000 - 2,300 900 - 1,200
Condensate Yield (bbls/MMcf) <10 10 - 100 >100 10 - 100 >100*
D&C Cost/well ($MM) 4.9 4.9 4.9 4.9 4.9
Average Lateral Length (ft)** 8,200 8,200 8,200 8,200 8,200
Total Gross Inventory 3,400 2,400 1,100 1,200 1,900

Estimated inventory based on 440 - 880 ft spacing. *Alberta Super-Condensate averages >300 bbls/MMcf **Actuals vary between 7,800-9,900 50
MONTNEY PRODUCERS AT A GLANCE
Encana is the Largest Producer
1,200
Gross Operated Production (MMcf/d)

1,000

800

600

400

200

Peer acreage sourced from RS Energy Group, Inc. & Company Presentations

Rig Count AAV APA ARC BIR CNRL COP Encana MUR NVA Other PPY Progress 7Gen RDS TOU Total
2015Q4 1 1 1 1 0 1 1 1 2 17 1 13 9 3 2 54
2016Q1 1 2 1 2 2 1 3 1 2 15 3 10 7 3 1 54
Source : Industry data. Rig counts displayed for the most active and key peers. 51

ENCANA MONTNEY VS. COMPETITORS


Drilling Performance Lateral Length: ECA vs Industry
10,000
Average Lateral Length (ft)

Encana leading with longer laterals 8,000

6,000
~35 % greater than industry average
4,000
Continuous improvement and innovation 2,000

to reduce costs 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Bit design & optimization
Encana Industry Average
High performance motors
2014-15 Drilling Cost Comparison
Vendor sourcing for volume discounts
0.8 0.8
Fluid system evolution Southeast Central
Drilling Cost (MM$/1000)
Drilling Cost (MM$/1000)

0.6 0.6
Load leveling
Competitor benchmarking 0.4 0.4

Customized drilling parameters unique to reservoir 0.2 0.2

0.0 0.0

Source : Industry Data: The Well Completions and Frac Database (Canadian Discovery) and Industry Report 52
Tower

ENCANA MONTNEY VS. COMPETITORS


Tower Performance and Economics
2014-15 Completion Cost/1,000 in Tower Completion Comparison
0.80 Encana Peer*
Completion Cost ($MM/1,000)

Proppant Density (lb/ft) 1,200 1,200


0.60
Fluid (gal/ft) 670 980

0.40 Stage Spacing (ft) 330 175

Cluster density 5 2
0.20 Completion Type Cased Cased
ECA Tower wells
*Tower specific average
0.00 outperform IRR by 35%
Tower Peer ECA Tower 2016 Pacesetter and payout 10% faster

Production Production & Economic Comparison


1,600 Encana Peer*
Daily Rate (BOE/d)

EUR/1000 (BOE) 160 125


1,200
IP180/1000 (BOE/d) 160 205
800 ECA 5-1 Pad Type Curve
Btax IRR% 150 110
400 Disc Payout (years) 1.0 1.1
Tower Peer Type Curve
0 2 Year Netback ($/BOE) 15 16
0 12 24 36 48
Months
All metrics based on $3.00/MMBtu NYMEX, $50/bbl WTI, and $0.75 FX *Source : Industry Data, The Well Completions and Frac Database (Canadian Discovery), and Company Presentations 53

Saturn
ENCANA MONTNEY VS. COMPETITORS
Saturn Performance and Economics
2014-15 Completion Cost/1,000 in Saturn Completion Comparison
0.80 Encana Peer*
Completion Cost ($MM/1,000)

Proppant Density (lb/ft) 1,200 675


0.60
Fluid (gal/ft) 670 475

0.40 Stage Spacing (ft) 330 190

Cluster density 5 -
0.20 Completion Type Cased Open Hole
*Saturn specific average ECA Saturn wells
0.00 outperform IRR by 70%
Saturn Peer ECA Saturn 2016 Pacesetter and payout 20% faster

Production Production & Economic Comparison


2,000 Encana Peer*

1,600 EUR/1000 (BOE) 200 110


Daily Rate (BOE/d)

1,200 IP180/1000 (BOE/d) 205 125


ECA 8-2 Pad Type Curve
800 Btax IRR% 85 50

400 Disc Payout (years) 1.4 1.7

Saturn Peer Type Curve 2 Year Netback ($/BOE) 11 14


0
0 12 24 36 48
Months
All metrics based on $3.00/MMBtu NYMEX, $50/bbl WTI, and $0.75 FX *Source : Industry Data, The Well Completions and Frac Database (Canadian Discovery), and Company Presentations 54
ENCANA MONTNEY
10 Year Growth Plan
10 Year Production Forecast
> 50,000 bbls/d & 1 Bcf/d by 2018
2,000 125,000
Gas Rate
Decades of inventory remaining
1,800 Liquid Rate
Utilizes 3rd party capital to fund infrastructure 1,600 100,000
growth
1,400
Unique fee-for-service arrangement

Liquids (bbls/d)
Gas (MMcf/d)
1,200 75,000
Capital focused on higher return D&C activities vs.
1,000
facilities
800 50,000
Enables double the production growth
600
Generates superior financial returns
400 25,000
Free cash flow positive 2017+
200
$700 MM free cash flow per year within a decade
0 0
Resilient to commodity prices 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

55

INFRASTRUCTURE PLAN
Building Flexibility for Growth
Encana utilizing ~1.0 Bcf/d of processing capacity Fort St. John

3rd party midstream facilities Spectra


McMahon

ECA owned facilities Spectra


West Doe

Unique fee for service agreement with Veresen Tower 3-7

Spectra
Midstream Limited Partnership (VMLP) BC Station 2
Saturn 15-27
Dawson Dawson
Creek AltaGas
Phase 2
Processing capacity expansions underway
Gordondale

Sunrise 4-26 AECO


ECA
Bundled infrastructure model Sexsmith

Inlet and field compression, liquids handling, and gas


processing in one location Veresen COP
Veresen Hythe Wembley
Steeprock
~800 MMcf/d of additional gas processing by 2018
To North American
New Processing Tower Sunrise Saturn Market Grande
Prairie
Gas Capacity (MMcf/d) 200 400 200 Existing
Condensate Production (bbls/d) 10,000 1,600 4,000 Future To North American
Market
NGL (C2-C4) Production (bbls/d) 8,300 4,200 13,200

On-stream Date Late 2017 Late 2017 Mid-2018


56
INFRASTRUCTURE PLAN
Bundled Infrastructure Growth
Unbundled infrastructure model Encana bundled infrastructure model
Model typically used by industry Larger and more efficient production growth
Field compression, liquids handling, and gathering away Smaller environmental footprint with less risk of
from main processing facility regulatory delays
Benchmark processing facility cost ~$1MM per MMcf/d Lower construction cost
of capacity Lower operating costs

Bundled infrastructure cost: $1.6MM/MMcf/d Plant Cost: ~$1MM/MMcf/d

Sunrise 400 MMcf/d Plant Example

Gathering $1 MM/MMcf/d
gas processing $400
Gathering, compression,
and liquids handling + $240
Total Cost (MM$ USD) $640
Gas
Well Head Liquids Handling Compression Processing Sales Meter

57

LANDMARK AGREEMENT WITH VERESEN MIDSTREAM (VMLP)


Innovative Fee-for-Service Structure
Maximizing flexibility while managing execution
In 2015, Encana and CRP sold infrastructure to VMLP and entered into gathering and processing arrangement for
Montney acreage
Encana controls the pace and construction of facilities needed within ten years with VMLP funding

Increased financial flexibility


VMLP is guaranteed a simple payout of incurred cost eight years after facilities are on-stream
Production in the current development plan exceeds production required for simple payout of facilities cost
Production from all sources* contribute to the simple payout calculation

Fee-for-service with a top-up


Tolls are based upon a pre-agreed fee structure
No exposure to unutilized demand charges beyond the simple payout of incurred cost
No escalation in capital component of fees
Encana manages the operating component of fees while operating facilities

*Sources include any Encana or third party production routed through VMLP funded facilities 58
INFRASTRUCTURE STRATEGY
Capital Efficiency Driving Higher Production Growth
Midstream strategy allows Encana to focus capital on higher return D&C activities vs. facilities
Delivers 2x growth

Encana Liquids Production Outlook Encana Natural Gas Production Outlook


100 2,000
10-Year CAGR ECA Self Build 10-Year CAGR ECA Self Build
Liquids Production (Mbbls/d)

Gas Production (MMcf/d)


80 Liquids 9% 5% Gas 10% 6%
1,500

60
1,000
40

500
20

0 0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

ECA Self Build ECA Self Build

Self Build = Theoretical Encana self build scenario where Encana incurs all facility construction costs 59

INFRASTRUCTURE STRATEGY
Growth Driving Incremental Value ECA vs Self Build: Income Margin and Cum. Op. Cash Flow
$20 Notes
$8,000
Material improvements to cash flow and I.
II.
Plot includes existing production
Income Margin is Operating Margin less F&D

Cum. BT Operating Cash Flow ($MM)


30%
returns $15 $6,000

~30% higher operating cash flow over 10 years


Income Margin ($/BOE)

50% higher IRR $10 $4,000

F&D improvement outweighs margin impact


$5 $2,000
~30% better F&D with third party infrastructure
build
$0 $0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
20172026 Development Scenario ECA Income Margin Self Build Income Margin
$50 Oil & $3.0 Gas ECA Self Build ECA Cum BT Op. Cash Flow Self Build Cum BT Op. Cash Flow
$4
F&D ($/BOE)

Capital ($MM) ~$4,200


$3
BTax IRR 125% 75% $2
Positive Cash Flow 1 year 1.5 years $1
$0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
ECA F&D Self Build F&D

Self Build = Theoretical Encana self build scenario where Encana incurs all facility construction costs 60
MONTNEY DEVELOPMENT PLAN
Free Cash Flow Generator Capital vs. Cash Flow at $50 WTI and $3.00 NYMEX
$MM
$1,600

Self funding $1,200

Montney generates free cash flow after $800


development capital spending
$400
Sustainable value generation at lower $-
commodity prices 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Development Capital Operating Cash Flow
Free cash flow generation continues in a
lower price environment Capital vs. Cash Flow at $40 WTI and $2.50 NYMEX
$MM
Self Build scenario requires 4.5 years to
$1,600
achieve positive cash flow
$1,200

$800

$400

$-
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Self Build = Theoretical Encana self build scenario where Encana incurs all facility construction costs Development Capital Operating Cash Flow 61

ENCANA MONTNEY
Positioned for Growth Development Plan & Upside* Growth Forecast

4,000 150,000

Massive resource poised for significant growth 3,500


125,000
Encana holds a commanding position in the core of
3,000
Gas Production (MMcf/d)

Liquids Production (bbls/d)

the Montney
100,000
10,000 wells to drill 2,500

Unique infrastructure model enables 2,000 75,000


sustainable growth
1,500
Capital focused on higher return D&C activities vs. 50,000
facilities
1,000
Exceptionally strong financial results 25,000
500
Free cash flow generator
Resilient to low prices 0 0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Gas Gas (Upside) Liquids Liquids (Upside)

Estimated inventory based on 440 - 880 ft spacing *Upside scenario includes an incremental ~1,200 locations. 62
DELIVERING QUALITY RETURNS FROM A PREMIER ASSET

Montney among the lowest supply cost basins


Advantaged into Western and Dawn gas markets on a delivered cost
basis
Encana is positioned in the core of the play
Massive inventory poised for significant gas and condensate growth
Basin leading operator
Innovative, flexible infrastructure plan to support future growth
Self funding development generates significant free cash flow

FUTURE ORIENTED INFORMATION


This presentation contains certain forward-looking statements or information (collectively, FLS) within the meaning of applicable securities legislation. FLS include:
Encanas 2016 capital program, including the amount allocated to its core four assets number of wells and locations, decline rates, focus of drilling program and operating performance compared
anticipated capital and cost efficiencies, including drilling and completion, operating and corporate costs, and to type curves and drilling and completions costs
future savings to be realized anticipated reserves and resources, including product types and stacked resource potential
ability to scale or redirect capital program expected rig count and rig release metrics
well performance, completions intensity, location of acreage and costs relative to peers and within plays increases to average IP30, EUR, proppant intensity and lateral length
competitiveness of Montney within North America and commodity composition innovation and asset quality to drive capital productivity
anticipated natural gas demand growth and sources of growth anticipated third-party incremental and joint venture carry capital
anticipated production, growth profile completions intensity, free cash flow, capital coverage, payout, net anticipated hedging and outcomes of risk management program, including amount of hedged production
present value, rates of return and operating margins, including expected timeframes anticipated proceeds from divestitures, use of proceeds therefrom, satisfaction of closing conditions and
expected net exports, available capacity, expansion in infrastructure and anticipated savings timing of closing
commodity price outlook
Readers are cautioned against unduly relying on FLS which, by their nature, involve numerous assumptions, risks and uncertainties that may cause such statements not to occur, or for results to differ materially from those expressed
or implied. These assumptions include:
assumptions contained in Encanas 2016 corporate guidance and in this presentation access to transportation and processing facilities where Encana operates
data contained in key modeling statistics effectiveness of Encanas resource play hub model to drive productivity and efficiencies
availability of attractive hedges and enforceability of risk management program expectations and projections made in light of, and generally consistent with, Encanas historical experience
results from innovations and its perception of historical trends, including with respect to the pace of technological development, the
expectation that counterparties will fulfill their obligations under gathering, midstream and marketing benefits achieved and general industry expectations
agreements
Risks and uncertainties that may affect these business outcomes include: risks inherent to closing announced divestitures on a timely basis or at all and adjustments that may reduce the expected proceeds and value to Encana;
commodity price volatility; timing and costs of well, facilities and pipeline construction; ability to secure adequate product transportation and potential pipeline curtailments; business interruption and casualty losses or unexpected
technical difficulties; counterparty and credit risk; fluctuations in currency and interest rates; risk and effect of a downgrade in credit rating, including below an investment-grade credit rating, and its impact on access to capital markets
and other sources of liquidity; variability and discretion of Encanas Board to declare and pay dividends, if any; the ability to generate sufficient cash flow to meet Encanas obligations; failure to achieve anticipated results from cost
and efficiency initiatives; risks inherent in marketing operations; risks associated with technology; Encanas ability to acquire or find additional reserves; imprecision of reserves estimates and estimates of recoverable quantities of
natural gas and liquids from resource plays and other sources not currently classified as proved, probable or possible reserves or economic contingent resources, including future net revenue estimates; changes in or interpretation of
royalty, tax, environmental, accounting and other laws; risks associated with past and future divestitures of certain assets or other transactions or receive amounts contemplated under the transaction agreements (such transactions
may include third-party capital investments, farm-outs or partnerships, which Encana may refer to from time to time as "partnerships" or "joint ventures" and the funds received in respect thereof which Encana may refer to from time to
time as "proceeds", "deferred purchase price" and/or "carry capital", regardless of the legal form) as a result of various conditions not being met; and other risks and uncertainties impacting Encana's business, as described in its most
recent MD&A, financial statements, Annual Information Form and Form 40-F, as filed on SEDAR and EDGAR.

Although Encana believes the expectations represented by such FLS are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions, risks and uncertainties
referenced above are not exhaustive. FLS are made as of the date of this presentation and, except as required by law, Encana undertakes no obligation to update publicly or revise any FLS. The FLS contained in this presentation
are expressly qualified by these cautionary statements.

Certain future oriented financial information or financial outlook information is included in this presentation to communicate current expectations as to Encanas performance. Readers are cautioned that it may not be appropriate for
other purposes. This presentation may contain references to non-GAAP measures, which do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies.
These measures are presented to provide shareholders and potential investors with additional information regarding Encanas liquidity and its ability to generate funds to finance its operations. Rates of return for a particular play or
well are on a before-tax basis and are based on specified commodity prices with local pricing offsets, capital costs associated with drilling, completing and equipping a well, field operating expenses and certain type curve
assumptions. Pacesetter well costs for a particular play are a composite of the best drilling performance and best completions performance wells in the current quarter in such play and are presented for comparison purposes relative
to other companies.

For convenience, references in this presentation to Encana, the Company, we, us and our may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships
(Subsidiaries) of Encana Corporation, and the assets, activities and initiatives of such Subsidiaries.
64
ADVISORY REGARDING RESERVES DATA & OTHER OIL & GAS INFORMATION
National Instrument (NI) 51-101 of the Canadian Securities Administrators imposes oil and gas disclosure standards for Canadian public companies engaged in oil and gas activities. Encana complies with NI 51-101 disclosure
requirements in its most recently filed annual information form (AIF). Detailed Canadian protocol disclosure is contained in Appendix A and under Narrative Description of the Business of the AIF. Certain disclosure is also
prepared in accordance with U.S. disclosure requirements as set forth in Appendix D of the AIF. A description of the primary differences between the disclosure requirements under Canadian standards and under U.S. standards is
set forth under the heading Reserves and Other Oil and Gas Information in the AIF. Additional detail regarding Encanas economic contingent resources disclosure is available in the Supplemental Disclosure Document filed
concurrently with the AIF.

All estimates are effective as of December 31, 2015, are derived from reports prepared by independent qualified reserves evaluators engaged by Encana and are prepared in accordance with procedures and standards contained in
the Canadian Oil and Gas Evaluation Handbook (COGEH), NI 51-101 and SEC regulations, as applicable. Information on the forecast prices and costs used in preparing the estimates are contained in the AIF. For additional
information relating to risks associated with the estimates of reserves and resources, see Risk Factors in the AIF.

Reserves are the estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on: analysis of drilling, geological,
geophysical and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Proved reserves are those reserves which can be estimated with a high
degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than
proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less
certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. Contingent resources do not constitute,
and should not be confused with, reserves. Contingent resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. There is uncertainty that it will be commercially viable to produce any portion of the
resources. All of the resources classified as contingent are considered to be discovered, and as such have been assigned a 100% chance of discovery, but have however been risked for the chance of development. The chance of
development is defined as the likelihood of a project being commercially viable and development proceeding in a timely fashion. Determining the chance of development requires taking into consideration each contingency and
quantifying the risks into an overall development risk factor at a project level. Contingent resources are categorized as economic if those contingent resources have a positive net present value under currently forecasted prices and
costs. In examining economic viability, the same fiscal conditions have been applied as in the estimation of Encanas reserves. Contingencies include factors such as required corporate or third party (such as joint venture partners)
approvals, legal, environmental, political and regulatory matters or a lack of infrastructure or markets.

Encana uses the terms play, resource play, total petroleum initially-in-place (PIIP), natural gas-in-place (NGIP), and crude oil-in-place (COIP). Play encompasses resource plays, geological formations and conventional plays.
Resource play describes an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section, which when compared to a conventional play, typically has a lower geological and/or commercial
development risk and lower average decline rate. PIIP is defined by the Society of Petroleum Engineers - Petroleum Resources Management System (SPE-PRMS) as that quantity of petroleum that is estimated to exist originally in
naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus those estimated quantities in accumulations yet to be
discovered (equivalent to total resources). NGIP and COIP are defined in the same manner, with the substitution of natural gas and crude oil where appropriate for the word petroleum. As used by Encana, estimated ultimate
recovery (EUR) has the meaning set out jointly by the Society of Petroleum Engineers and World Petroleum Congress in the year 2000, being those quantities of petroleum which are estimated, on a given date, to be potentially
recoverable from an accumulation, plus those quantities already produced therefrom.

In this presentation, Encana has provided information with respect to certain of its plays and emerging opportunities which is analogous information as defined in NI 51-101. This analogous information includes estimates of PIIP,
NGIP, COIP or EUR, all as defined in the COGEH or by the SPE-PRMS, and production type curves. This analogous information is presented on a basin, sub-basin or area basis utilizing data derived from Encana's internal sources,
as well as from a variety of publicly available information sources which are predominantly independent in nature. Production type curves are based on a methodology of analog, empirical and theoretical assessments and workflow
with consideration of the specific asset, and as depicted in this presentation, is representative of Encanas current program, including relative to current performance. Some of this data may not have been prepared by qualified
reserves evaluators or auditors, may have been prepared based on internal estimates, and the preparation of any estimates may not be in strict accordance with COGEH. Estimates by engineering and geo-technical practitioners
may vary and the differences may be significant. Encana believes that the provision of this analogous information is relevant to Encana's oil and gas activities, given its acreage position and operations (either ongoing or planned) in
the areas in question, and such information has been updated as of the date hereof unless otherwise specified. Due to the early life nature of the various emerging plays discussed in this presentation, PIIP is the most relevant
specific assignable category of estimated resources. There is no certainty that any portion of the resources will be discovered. There is no certainty that it will be commercially viable to produce any portion of the estimated PIIP,
NGIP, COIP or EUR. Disclosure regarding drilling locations is based on internal estimates, may include proved, probable and unbooked locations, and assume a number of wells that can be drilled per section based on industry
practice and/or internal review. The drilling locations which Encana will actually drill will ultimately depend upon the availability of capital, regulatory and partner approvals, seasonal restrictions, oil and natural gas prices, costs,
actual drilling results, additional reservoir information that is obtained and other factors.

30-day IP and other short-term rates are not necessarily indicative of long-term performance or of ultimate recovery. The conversion of natural gas volumes to barrels of oil equivalent (BOE) is on the basis of six thousand cubic feet
to one barrel. BOE is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that BOE may be
misleading, particularly if used in isolation.
65