ConocoPhillips And EnCana Complete Transaction

Houston - ConocoPhillips and EnCana Corporation recently announced that they have closed their previously announced transaction to create an integrated North American oil business consisting of two 50/50 operating partnerships — one Canadian upstream partnership and one U.S. downstream partnership.

The upstream partnership will consist of EnCana's Foster Creek and Christina Lake projects located in the prolific eastern flank of the Athabasca oil sands in northeast Alberta. The downstream partnership will consist of ConocoPhillips' Wood River and Borger refineries located in Roxana, Illinois, and Borger, Texas, respectively.

Previously released background information on this transaction is available at: www.conocophillips.com/newsroom/news_releases/2006+News+Releases/100506.htm. For information, go to www.ConocoPhillips.com.

SOURCE: ConocoPhillips and EnCana Corporation