Cenovus Energy Inc. has received approval from the Alberta Energy Resources Conservation Board (ERCB) to move forward with a major expansion at its Christina Lake oil sands operation in Alberta, Canada.
EnCana Corporation today completed its transaction to split into two energy companies: Cenovus Energy Inc., an integrated oil company and EnCana Corporation, a pure play natural gas company. On November 25, 2009 shareholders voted more than 99 percent in favour of the transaction and later that day the Court of Queen’s Bench of Alberta approved the transaction. Under the terms of the arrangement, common shareholders of EnCana will own one new EnCana common share (which will continue to be represented by existing EnCana common share certificates) and will receive one common share of Cenovus for each EnCana common share held on December 7, 2009, the anticipated distribution record date.
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