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Direct Energy Acquires Further Natural Gas Assets

December 9, 2011

Direct Energy Acquires Further Natural Gas Assets

BCSE member Direct Energy announced today that it has reached an agreement with Encana Corporation to acquire producing natural gas weighted assets in the Carrot Creek region of west central Alberta, Canada.   The acquisition continues Direct Energy’s growth of upstream operations in North America.

The addition of the Carrot Creek assets is the latest step in Direct Energy's plan to build a diversified, vertically integrated energy business in North America.  Over the past 19 months, the company has added nearly 500,000 commercial and residential customers and completed approximately C$1 billion in acquisitions.  Direct Energy became the largest home energy services company in North America in 2010, when it acquired Clockwork Home Services, Inc.

The transaction with Encana will provide Direct Energy with an additional 6.2 million cubic feet equivalent per day (MMcfe/d) production, incremental 25.6 billion cubic feet equivalent (Bcfe) of proven plus probable reserves, split 42% gas and 58% liquids, and a 40 MMcf/d capacity gas plant with related infrastructure.

For additional information, see Direct Energy’s press release.