Wednesday, January 10, 2007

EnCana intends to buy Trident Resources - report

nCana, the listed Canadian energy giant, is reportedly interested in buying Trident Resources, the unlisted Canadian energy player, said the Globe and Mail.
The report cited an unidentified source in Calgary, Alberta as saying that EnCana has already inked a letter of intent to purchase the natural gas player. Moreover, another unidentified source, who said in the report that a deal could materialize within a "few days," added that EnCana could be willing to spend in excess of USD 1bn to buy Trident. Trident, which the report said has debt worth over USD 700m, has a gas-from-coal focus, an area of interest of EnCana. The deal, if it proceeds, would represent EnCana's biggest buy in close to 36 months.


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