Under the terms of the agreement, Ember Resources will acquire about 1.2 million net acres of land and over 6,800 producing wells with second quarter average production of approximately 180 million cubic feet equivalent per day (mmcfe/d) of natural gas.
Encana president and CEO Doug Suttles said: "We are unlocking additional value from non-core dry gas assets as we focus on liquids rich growth areas.
"Our growth portfolio now includes the top two resource plays in Canada, the Montney and the Duvernay, and the top two resource plays in the United States, the Eagle Ford and, by year-end, the Permian Basin.
"Through this transaction, Ember is acquiring a high-quality asset along with a tremendously talented team."
Approximately 1.1 million net acres in Clearwater will be retained by Encana including around 480,000 net acres along the eastern edge of the Horseshoe Canyon Fairway.
The transaction, which is subject to the satisfaction of normal closing conditions, is scheduled to be closed in the first quarter of 2015.
Following completion of acquisition, Ember will hold stakes in 2.2 million net acres of lands, with combined gross production of 290 mmcfe/d of natural gas.
