Exhibit 99.1
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news release |
Encana to adopt U.S. GAAP financial reporting in 2012
U.S. GAAP reporting increases financial comparability with peer companies
Calgary, Alberta (December 8, 2011) The Board of Directors of Encana Corporation (TSX, NYSE:
ECA) has approved a plan to adopt U.S. Generally Accepted Accounting Principles (U.S. GAAP)
starting in 2012.
Adopting U.S. GAAP will make it easier for investors to compare Encanas financial performance with
its peer companies, most of which are based in the United States. Consistent with current practice,
Encana will report its 2011 year-end financial results in February 2012 in accordance with
International Financial Reporting Standards (IFRS). Starting in April 2012, Encana will report its
first quarter results using U.S. GAAP.
Historically, Encana has provided reconciliations to U.S. GAAP in its annual audited consolidated
financial statements. Since July 2011, Encana has published quarterly U.S. GAAP supplemental
information outlining its performance and key financial metrics in comparison to IFRS for 2011 and
2010. Encanas U.S. GAAP supplemental information for the period ended September 30, 2011 is
available on the companys website. Encana reports in U.S. dollars unless otherwise noted.
Encana Corporation
Encana is a leading North American natural gas producer that is focused on growing its strong
portfolio of resource plays producing natural gas and natural gas liquids in key basins from
northeast British Columbia to east Texas and Louisiana. By partnering with employees, community
organizations and other businesses, Encana contributes to the strength and sustainability of the
communities where it operates. Encana common shares trade on the Toronto and New York stock
exchanges under the symbol ECA.
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS In the interests of providing Encana shareholders
and potential investors with information regarding Encana, Encana has included in this news release
certain statements and information that are forward-looking statements or information within the
meaning of applicable securities legislation, and which are collectively referred to herein as
forward-looking statements. The forward-looking statements in this news release include, but are
not limited to, statements with respect to: the anticipated adoption of U.S. GAAP for financial
reporting purposes by April 2012.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions, known and unknown risks and
uncertainties, both general and specific, that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will not occur, which may cause the
companys actual performance and financial results in future periods to differ materially from any
estimates or projections of future performance or results expressed or implied by such
forward-looking statements. These assumptions, risks and uncertainties include, among other things:
the risk that the company may decide not to proceed with the adoption of U.S. GAAP in April 2012;
risks associated with existing and potential future lawsuits and regulatory actions made against
the company; and other risks and uncertainties described from time to time in the reports and
filings made with securities regulatory authorities by Encana. Although Encana believes that the
expectations represented by such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing
list of important factors is not exhaustive.
Furthermore, the forward-looking statements contained in this news release are made as of the date
of this news release, and, except as required by law, Encana does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements, whether as a result of
new information, future events or otherwise. The forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.
Further information on Encana Corporation is available on the companys website, www.encana.com or
by contacting:
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Investor contact:
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Media contact: |
Ryder McRitchie
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Alan Boras |
Vice-President, Investor Relations
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Vice-President, Media Relations |
(403) 645-2007
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(403) 645-4747 |
Lorna Klose
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Carol Howes |
Manager, Investor Relations
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Manager, Media Relations |
(403) 645-6977
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(403) 645-4799 |
Source: Encana Corporation