EnCana Corporation and its affiliate have closed the second and final phase of the previously announced sale of their natural gas storage business interests to the Carlyle/Riverstone Global Energy and Power Fund, an energy private equity fund managed by Riverstone Holdings LLC and The Carlyle Group.

The second phase of the transaction involved closing of the sale of the Wild Goose storage facility interests in California for proceeds of approximately US$200 million. The California Public Utilities Commission has approved the sale of the Wild Goose storage facility.

The initial phase of the sale, which closed in May of this year, included EnCana's Alberta, Oklahoma and Louisiana storage assets, which generated proceeds of approximately $1.3 billion.

With an enterprise value of approximately US$45 billion, EnCana is a leading North American natural gas producer and a technical and cost leader in the in-situ recovery of oilsands bitumen.