All or a portion of the net proceeds of the offering will be used to fund Cenovus's acquisition of certain assets from EnCana Corporation (EnCana), comprising approximately one-third of EnCana's current production and year-end 2008 proved reserves, in connection with the proposed Plan of Arrangement previously announced on September 10, 2009.The net proceeds of the offering will be placed into an escrow account pending the completion of the Arrangement.

As previously announced Cenovus has arranged a commitment for revolving and bridge credit facilities in the amounts ofC$2 billion and US$3 billion, respectively,in connection with the proposed Arrangement. The proceeds of the private offering are intended to reduce the need for bridge financing and other indebtedness.

It is anticipated that the offeringwill close on or aboutSeptember 18, 2009 and is subject to customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

EnCana Corporation

With an enterprise value of approximately $55 billion, EnCana is a leading North American unconventional natural gas and integrated oil company. By partnering with employees, community organizations and other businesses, EnCana contributes to the strength and sustainability of the communities where it operates.