Encana and Crestone Peak Resources Announce the Sale of Encana's DJ Basin Assets to Crestone Peak Resources Is Expected to Close by the End of July 2016

CALGARY, AB--(Marketwired - June 30, 2016) - Encana Corporation (Encana) (TSX: ECA) (NYSE: ECA) and Crestone Peak Resources (Crestone), which is 95 percent owned by Canada Pension Plan Investment Board and five percent by The Broe Group, announced today that Encana's wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., expects the previously announced sale of its Denver Julesburg (DJ) Basin assets in Colorado to Crestone will close by the end of July 2016.

"We are pleased to have finalized the details of the transaction and both Encana and Crestone are committed to closing the deal by the end of July 2016," said Doug Suttles, Encana President & CEO. "We are now focused on handover and transition items and are confident that we will conclude the transaction within the next four weeks."

The sale has an effective date of April 1, 2015 and includes all of Encana's DJ Basin acreage, comprising 51,000 net acres.

"Crestone remains committed to closing the acquisition of Encana's DJ assets in the coming weeks and we are excited to welcome Encana's DJ team into Crestone," said Avik Dey, Managing Director and Head of Natural Resources at Canada Pension Plan Investment Board.

Encana Corporation

Encana is a leading North American energy producer that is focused on developing its strong portfolio of resource plays, held directly and indirectly through its subsidiaries, producing natural gas, oil and natural gas liquids (NGLs). 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.

About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 19 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2016, the CPP Fund totalled C$278.9 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn or Twitter.