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EDF Trading announces acquisition of US upstream gas assets


EDF Trading announced today that it has acquired producing and undeveloped gas assets in the East Texas basin from Encana Corporation.

The gas assets have approximately three billion cubic metres of net reserves and represent EDF Trading’s first transaction to develop its US upstream gas business since it established EDF Trading Resources last year.

“Our resources team, led by Brad Watson, targeted the East Texas Basin because of its prolific nature, long-life characteristics and proximity to pipeline networks”, said John Rittenhouse, Chief Executive of EDF Trading. “This is a great step towards developing our North American upstream gas positions”, he said.

Financial details of the transaction are not being disclosed. The acquisition comprises more than 400 producing gas wells, over 30,000 net acres in mineral leases, and approximately 20 million cubic feet per day of net production.

EDF Trading is the fifth largest marketer of Gas in North America. It has transportation contracts with 77 pipelines throughout the region with significant activity in key production areas and market centres. Within these agreements, on average it transports in excess of 7.5 Bcf per day and supports over 600 customers.

For further information, please contact:
EDF Trading
John Anderson, PR Consultant
Tel: +44 (0) 78 99 065 352
Email: john.anderson@edftrading.com

About EDF Trading
EDF Trading is a leader in the international wholesale energy markets. It has its own portfolio of assets which give it the ability to source, supply, transport, store, blend and convert physical commodities around the world. These capabilities enable EDF Trading to deliver essential asset optimisation services, risk management and wholesale market access to the EDF Group and its third party customers, helping them to realise the value inherent in their asset portfolios.

EDF Trading is one of the largest participants in the global power, gas, coal, freight and environmental products markets. It is one of the top buyers of carbon credits from global CDM projects and has one of the most mature portfolios in the market. It is the largest importer of coal into Europe, a pioneer in the biomass market, a recognised leader in weather derivatives, one of the largest providers of market services to the wholesale gas and power sectors in North America with 23,000 MW of generation under management and the leading electricity trader in Europe.

EDF Trading is a 100% owned subsidiary of EDF, Europe’s leading electricity producer, a major player in renewable energies, a significant participant in the worldwide revival of nuclear energy with a growing presence in the natural gas industry.

For more information on EDF Trading, please visit www.edftrading.com.