Newspaper article The Canadian Press

Encana Spinoff PrairieSky Royalty Ltd. Surges in Toronto Stock Exchange Debut

Newspaper article The Canadian Press

Encana Spinoff PrairieSky Royalty Ltd. Surges in Toronto Stock Exchange Debut

Article excerpt

Encana spinoff PrairieSky surges in TSX debut

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CALGARY - Encana Corp. spinoff PrairieSky Royalty Ltd. (TSX:PSK) made an impressive debut Thursday on the Toronto Stock Exchange, with its shares surging about 32 per cent over their initial public offering price.

PrairieSky's stock closed at $37 on Thursday and was the most actively traded issue on the exchange. The IPO of 52 million shares was priced at $28, itself an increase from an earlier expected range of between $23 and $26.50.

As part of a sweeping new strategy unveiled last fall, Calgary-based energy producer Encana (TSX:ECA) decided to separate a big chunk of its royalty lands into a new publicly traded company. It aims to bring in revenues by allowing other energy companies to develop oil and gas on its land, which spans 5.2 million acres in southern and central Alberta.

"This is an exciting day for our company, marking the creation of PrairieSky, owner of one of the largest and most concentrated independently owned, fee simple mineral title positions in Canada," said Andrew Phillips, PrairieSky's president and CEO. …

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