The assets to be sold currently produce approximately 125 million cubic feet equivalent per day of natural gas and include the associated gathering pipelines on about 50,000 net acres of land in the Fort Worth basin.
The transaction is expected to close prior to the year-end, subject to closing conditions as well as regulatory approvals.
The sale of these North Texas assets is part of an asset-disposal drive in which the company has planned to sell between $1bn and $2bn of non-core assets by the end of 2011.
Encana said the proceeds from these transactions will supplement cash flow generation, strengthen its balance sheet and provide financial flexibility going into 2012.
