EnCana Corporation First Quarter Profits

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Following a fourth letter last week, referencing it’s activity in the Dawson Creek area, Calgary based Encana Corporation….which remains the target of the so-called, “Oil patch bomber”…has some good news to report this week.
Canada’s largest natural gas producer has reported first-quarter profits soared to nearly one and half billion dollars U-S….three times higher than a year earlier.
The company says the increase was mainly due to 912 million dollars in gains from its hedging program, which more than offset lower market prices for natural gas.
They’re still hovering around 4 dollars per million BTU, about half of where they need to be to encourage producers to up their drilling programs.
Today we’ll get the latest on current producer drilling rights interest in this region, as the government conducts it’s April natural gas and oil rights sale.
Earlier the Ministry of Energy, Mines and Petroleum Resources said only 30 parcels would be offered this month, but they cover more than 27 thousand hectares.
Calendar year sales for the first quarter of 2010 have resulted in more than 43 million dollars in bonus bids, as compared to about 40 million last year for the same three month period.

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