OREANDA-NEWS. Encana Corporation ("Encana") (TSX: ECA) (NYSE: ECA) announced today the completion of its offering of 85,616,500 common shares of Encana (the "Shares") at a price of C\$14.60 per Share (the "Offering Price"), for aggregate gross proceeds of approximately C\$1.25 billion (the "Offering"). Encana has also granted the underwriters an over-allotment option to purchase up to an additional 12,842,475 Shares at the Offering Price, exercisable for a period of 30 days after closing of the Offering. The Offering was made on a bought deal basis through a syndicate of underwriters led by RBC Capital Markets, Credit Suisse and Scotiabank.

Encana will use the net proceeds of the Offering to redeem its US\$700 million of long-term debt maturing in 2017 and C\$750 million of long-term debt maturing in 2018 on April 6, 2015. Pursuant to the terms of their respective indentures, the redemption of this debt requires an estimated one-time early interest payment of approximately US\$165 million, which is expected to save Encana a gross amount of approximately US\$205 million in future interest expense, based on current foreign exchange and treasury rates.

Encana has filed a prospectus supplement dated March 4, 2015 to its base shelf prospectus dated June 27, 2014 (collectively, the "Prospectus"), filed with the securities regulatory authorities in each of the provinces and territories of Canada and included in its registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission ("SEC"). This Offering is made only by the Prospectus. The Prospectus contains important detailed information about the securities being offered. Investors should read the Prospectus before making an investment decision.

Encana has filed a registration statement (including a base shelf prospectus) with the SEC for the Offering to which this communication relates. Before you invest, you should read the registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this Offering.