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Natural Gas Vehicles:
 Solutions from the Factory


                            David Hill
Vice-President, Natural Gas Economy
                          Operations

               Broomfield, CO | April 9, 2010
Future Oriented Information



In the interest of providing Encana Corporation (“Encana” or the “Company”) shareholders and potential investors with information regarding the Company, its subsidiaries,
including management’s assessment of the Company’s future plans and operations, certain statements and graphs throughout this presentation contain “forward-looking
statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning of applicable Canadian
securities legislation. Forward-looking statements in this presentation include, but are not limited to, statements and tables with respect to: possible opportunities for use of
natural gas for transportation in North America; estimated number of jobs that could be generated with the expanded use of natural gas; expected benefits of
using natural gas; and Encana’s estimated proved reserves and production for 2010.

Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are
based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance
and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking
statements. These assumptions, risks and uncertainties include, among other things: volatility of and assumptions regarding commodity prices; assumptions based upon the
Company’s current guidance; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in the Company’s marketing operations,
including credit risks; imprecision of reserves estimates and estimates of recoverable quantities of natural gas and liquids from resource plays and other sources not currently
classified as proved, probable or possible reserves or economic contingent resources; marketing margins; unexpected cost increases or technical difficulties in constructing or
modifying processing facilities; risks associated with technology; land expiration risks; the Company’s ability to replace and expand gas reserves; its ability to generate sufficient
cash flow from operations to meet its current and future obligations; its ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline
construction; the Company’s ability to secure adequate product transportation; changes in royalty, tax, environmental, greenhouse gas, carbon, accounting and other laws or
regulations or the interpretations of such laws or regulations; political and economic conditions in the countries in which the Company operates; terrorist threats; risks associated
with existing and potential future lawsuits and regulatory actions made against the Company; and other risks and uncertainties described from time to time in the reports and filings
made with securities regulatory authorities by Encana. Although Encana believes that the expectations represented by such forward-looking statements are reasonable, there can
be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive.

In addition, assumptions relating to such forward-looking statements generally include Encana’s current expectations and projections made in light of, and generally consistent
with, its historical experience and its perception of historical trends, including the conversion of resources into proved reserves and production as well as expectations regarding
rates of advancement and innovation, are generally consistent with and informed by its past experience, all of which are subject to the risk factors identified elsewhere in this
presentation.

Furthermore, the forward-looking statements contained in this presentation are made as of the date of this presentation, and, except as required by law, Encana does not
undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The
forward-looking statements contained in this presentation are expressly qualified by this cautionary statement.



                                                                                                                                                             www.encana.com
                                                                                                                                                                          1
Disclosure Protocols


Encana's disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to Encana by Canadian securities regulatory authorities
which permits it to provide certain of such disclosure in accordance with the relevant legal requirements of the U.S. Securities and Exchange Commission (the "SEC"). Some of
the information provided by Encana may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-
101 (NI 51-101). Information about the differences between the U.S. requirements and the NI 51- 101 requirements is set forth under the heading "Note Regarding Reserves
Data and Other Oil and Gas Information" in Encana's Annual Information Form dated February 18, 2010.
In this presentation, certain crude oil and NGLs volumes have been converted to cubic feet equivalent (cfe) on the basis of one barrel (bbl) to six thousand cubic feet (Mcf). Cfe
may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent value equivalency at the well head.
Encana uses the terms resource play and estimated ultimate recovery, total petroleum initially-in-place, original gas-in-place, natural gas-in-place, and crude oil-in-place.
Resource play is a term used by Encana to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section, which when
compared to a conventional play, typically has a lower geological and/or commercial development risk and lower average decline rate. Total petroleum initially-in-place (“PIIP”)
is defined by the Society of Petroleum Engineers - Petroleum Resources Management System (“SPE-PRMS”) as that quantity of petroleum that is estimated to exist originally
in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus
those estimated quantities in accumulations yet to be discovered (equivalent to “total resources”). Original gas-in-place (“OGIP”), natural gas-in-place (“NGIP”) and crude oil-in-
place (“COIP”) are defined in the same manner, with the substitution of “original”, “natural gas” and “crude oil” where appropriate for the word “petroleum”. As used by Encana,
estimated ultimate recovery (“EUR”) has the meaning set out jointly by the Society of Petroleum Engineers and World Petroleum Congress in the year 2000, being those
quantities of petroleum which are estimated, on a given date, to be potentially recoverable from an accumulation, plus those quantities already produced therefrom.
In this presentation, Encana has provided information with respect to certain of its Key Resource Plays and emerging opportunities which is “analogous information” as defined
in NI 51-101. This analogous information includes estimates of PIIP, OGIP, NGIP or COIP and/or EUR, all as defined in the Canadian Oil & Gas Evaluation Handbook
(“COGEH”) or by the SPE-PRMS, and/or production type curves. This analogous information is presented on a basin, sub-basin or area basis utilizing data derived from
Encana's internal sources, as well as from a variety of publicly available information sources which are predominantly independent in nature. Some of this data may not have
been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with COGEH. Regardless, estimates by
engineering and geo-technical practitioners may vary and the differences may be significant. Encana believes that the provision of this analogous information is relevant to
Encana's oil and gas activities, given its acreage position and operations (either ongoing or planned) in the areas in question.
Finding, development and acquisition cost is calculated by dividing total capital invested in finding, development and acquisition activities by additions to proved reserves,
before divestitures, which is the sum of revisions, extensions, discoveries and acquisitions. Proved reserves added in 2009 included both developed and undeveloped
quantities. Encana’s finding and development costs per Mcfe for (i) its most recent financial year (ended December 31, 2009) was $1.62; (ii) its second most recent financial
year (ended December 31, 2008) was $2.50; and (iii) the average of its three most recent financial years was $1.92.
For certain prospects, the Company calculates and discloses a full cycle F & D cost, which is defined to be the estimated total capital investment required over the full
economic life of the prospect divided by the estimated ultimate recovery (EUR) of the prospect.
For convenience, references in this presentation to “Encana”, the “Company”, “we”, “us” and “our” may, where applicable, refer only to or include any relevant direct and
indirect subsidiary corporations and partnerships (“Subsidiaries”) of Encana Corporation, and the assets, activities and initiatives of such Subsidiaries.
All information included in this presentation is shown on a US dollar, after royalties basis unless otherwise noted. Sales forecasts reflect the mid-point of current public
guidance on an after royalties basis.


                                                                                                                                                              www.encana.com
                                                                                                                                                                            2
Asset Base Overview
Natural Gas Supply Synergies with Ports to Plains Corridors

                                Horn River
                                                Greater Sierra

                                 Montney
                                                 Cutbank Ridge

                                     Bighorn

                                                        CBM




                                             Jonah

                                             Piceance




                                                                               Haynesville
                                                                               Shale
                                                              Fort Worth

                                Key Resource Play                East Texas
                                Emerging Play
                                                                           www.encana.com
                                                                                 3
                    Source: Ports to Plains, Encana
Natural Gas Economy Mission

Our mission is to establish natural gas as the foundation
          of North America’s energy portfolio

 – Abundant
 – Affordable
 – Clean
 – Reliable
 – Domestic Solution




                                                www.encana.com
                                                      4
                                                           4
Natural Gas for
Transportation
Why Natural Gas Vehicles?

Environmental                   Domestic Energy                Economical




•• Up to 25% Less
   Up to 25% Less                 •• 86% of consumed
                                      86% of consumed        •• Incentives and
                                                                 Incentives and
 CO2 than
  CO2 than                          natural gas
                                     natural gas               grants available
                                                                grants available
 gasoline/diesel
  gasoline/diesel                   produced
                                     produced                  for vehicles,
                                                                for vehicles,
 equivalents
  equivalents                       domestically
                                     domestically              infrastructure and
                                                                infrastructure and
                                                               fuel
                                                                fuel
•• Reduce Carbon
   Reduce Carbon                  •• 100% of LNG used
                                      100% of LNG used
 Monoxide and
  Monoxide and                      as transportation
                                     as transportation       •• Significant fuel
                                                                 Significant fuel
 emissions of
  emissions of                      fuel is produced
                                     fuel is produced          price differential
                                                                price differential
 particulates up to
  particulates up to                domestically
                                     domestically              as compared to
                                                                as compared to
 90%
  90%                                                          gasoline or diesel
                                                                gasoline or diesel
                                                                        www.encana.com
   Source: Environmental Protection Agency, Naturalgas.org                    6
Natural Gas – a Diverse and Flexible Fuel


                                                                                 Natural Gas
                                                                                  Natural Gas




             Compressed Natural Gas
              Compressed Natural Gas                                    Liquefied Natural Gas
                                                                         Liquefied Natural Gas             Renewable Natural Gas
                                                                                                            Renewable Natural Gas
                     (CNG)
                      (CNG)                                                     (LNG)
                                                                                 (LNG)                            (RNG)
                                                                                                                   (RNG)

              • Light duty vehicles                                     • Medium to heavy duty              • All vehicles -CNG/LNG
              • Intra-city                                                vehicles                          • Intra-city and interstate
                    • Transit                                           • Interstate applications             applications
                    • Buses                                                   •Long-haul transit            • Primarily produced from
                    • Refuse                                                  •Rail                           biomass (landfills, animal
                                                                              •Shipping                       waste, etc.)


              •    Source: Pipeline                                 •   Source: Liquefaction Plant
Refueling*




              •    Storage : Gas @ 3600 psi                         •   Storage : Liquid @ -240o F and 40 psi
              •    Timefill                                         •   Fastfill
              •    Fastfill                                         •   Combo-fill capability
                                                                    •   Combined CNG-LNG stations (LCNG)



                  *Additional refueling detail located in supplemental section                                          www.encana.com
                                                                                                                               7
Ports to Plains and Lower 48 Natural Gas
      Geographic Synergies




                                                                          Ports to Plains States
                                                                           Ports to Plains States
                                                                          Natural Gas Basins
                                                                           Natural Gas Basins




                                 Ports to Plains States
•   76% of Lower 48 natural gas production       •   Over 305,000 resource extraction jobs;
                                                     representing 70% of workforce
•   72% of Lower proved 48 proved reserves
•   Over 236,000 producing wells
                                                 •   Approximately 614,000 jobs (direct)
                                                     within the total industry

         Natural Gas transportation growth facilitates synergistic and economic benefits
                                                                                  www.encana.com
                                                                                                8
Source: EIA, IPAA 2008
Natural Gas for Transportation
   Economic Development Potential


• Currently 3.4 million employed across
 North America
  • For every additional 1 Bcf/d of added
    natural gas production approximately
    30,000 North Americans are put to work


• Vehicle conversion and/or manufacturing
  • Manufacturing
  • Vehicle maintenance and inspection

• Added Infrastructure equals additional
 jobs
  • Construction
  • Operation and Maintenance
                                             www.encana.com
                                                   9
Source: ANGA, IHS, Encana estimates
Natural Gas for Transportation
   Infrastructure Build-out
• Initial build-out – create natural
 gas hubs to support volume
 required for filling stations

  • Municipalities/counties
  • Natural gas industry fleets
  • Local fleets

• Connecting hubs to build natural
 gas highways

• CNG refueling stations – located
 every 60 – 100 miles


• LNG refueling stations – located
 every 150 – 250 miles
                                       www.encana.com
                                             10
Source: Encana estimates
Natural Gas Vehicles




                                                  www.encana.com
                                                        11
Source: Natural Gas Vehicles for America (NGVA)
Natural Gas – Transportation Fuel of Choice

Petroleum Fuel Displacement for Heavy
Duty Vehicles
• Freight Truck: 12,000 gallons/year
• Airport Shuttle: 5,800- 7,200 gallons/year
• School Bus: 2,200- 2,800 gallons/year
• Garbage Truck: 9,000 gallons/year
• Delivery Truck: 4,500-5,500 gallons/year




                                               www.encana.com
                                                     12
Natural Gas Engines – New OEM Models
Kenworth Expands Natural Gas Truck Line with T440 Powered by ISL G
New Model Targets Local and Regional Haul plus Vocational Applications
March 24th, 2010

• Class 7 and Class 8 options
 available
• Runs on CNG and LNG
• 320 hp @ 1,000 foot-pounds of
 torque


                                       • Fuel tanks can be configured for
                                         various applications and ranges
                                       • ISL G Model is 2010 compliant
                                         without selective catalytic
                                         reduction or diesel particulate
                                                                   www.encana.com
 Source: www.kenworth.com                filter use                      13
Natural Gas Engines – Existing Models
       Kenworth T800 LNG
• Class 8 tractor
• Diesel performance with      lower
 emissions
  •   33% less NOx emitted
  •   20% less Greenhouse Gases

• Westport ISX-G engine
  •   up to 450 HP/1,650 foot pounds of
      torque

• EPA/California Air Resource Board




                                                                                                                            www.encana.com
                                  *Savings based upon LNG equivalent price of $3.50 per gallon, diesel price of $4.50 per
Source: www.kenworth.com          gallon and vehicle fuel economy of 6 mpg
                                                                                                                                  14
Class 8 Tractor Conversion
     Two Year Payback


Illustrative Purposes Only                                                 Diesel            LNG
Original Equipment Manufacturer-Class 8 LNG Tractor1                                  -      $70,000
Federal Tax Credit2                                                                          $28,000
Colorado State Credit3                                                                                 -
Yearly Mileage (estimate)                                                     80,000           80,000
Fuel Cost per Diesel Gallon Equivalent                                          $2.90              $1.80
Gallons of Fuel/Year at 4 mpg                                                 20,000           20,000
Yearly Fuel Cost                                                             $58,000         $36,000
Yearly Fuel Savings                                                                   -      $22,000
Simple Payback (yrs)                                                                                1.91
     1 T800 with Westport HPDI GX LNG engine
     2 Federal tax credit for dedicated conversion, dual fuel, >26,000 lb Gross Vehicle Weight
     3 No State tax credit for Heavy Duty vehicles                                       www.encana.com
                                                                                              15
Federal Incentives


 Alternative Fuel                                                                                Duration
                                      Description                     Start      Expiration
    Incentive                                                                                     (yrs)


                              $2,500 - $32,000 based
       Vehicles                  on Gross Vehicle                   12/21/2005   12/31/2010          5
                                      Weight


   Infrastructure1              50% up to $50k cap/
                                                                    12/21/2005   12/31/2010          5
   /Home Refuel                       $2,000


  Fuel Excise Tax
                               $0.50 gasoline gallon
      Credit2                                                       10/1/2006    12/31/20093         3
                                    equivalent
        CNG & LNG

1Hydrogen   refueling expires 1/1/2015
2Liquefied hydrogen expires 9/30/2014
3Currently in Federal Tax Extender Bill – extension to 12/31/2010


                                                                                              www.encana.com
                                                                                                    16
     Source: Department of Energy Alternative Fuel Data Center
Ports to Plains Corridors - State Incentives
                                                                                          Assistance/   Modified
    States/Province       Tax Credits      Rebates          Grants         Mandate
                                                                                            Loans       Tax/Rate

         Alberta


        Colorado


        Montana


        Nebraska
                                                                             (NOT NG)


      New Mexico


      North Dakota


       Oklahoma


     South Dakota


         Texas


        Wyoming



 H.R. 1835 Alternative Transportation to Give Americans Solutions Act to have major www.encana.com
                                                                                    effect if passed
                                                                                                         17
*Only OEM Source: available today,Energy Alternative Fuels & Advanced Vehicles Data Center, 2010
          vehicle Department of remaining are aftermarket conversions
NGV/CNG Choice
     Challenges Create Local Opportunities

                 Pros
                 Pros                         Cons/Opportunities
                                              Cons/Opportunities

•• Cleaner burning fuel
    Cleaner burning fuel             •• Limited refueling infrastructure
                                         Limited refueling infrastructure
•• Ability for bi-fuel use or
    Ability for bi-fuel use or
                                     •• Limited Original Equipment
                                         Limited Original Equipment
     dedicated                            Manufacturer (OEM) vehicles
                                           Manufacturer (OEM) vehicles
      dedicated
••   Capability to refuel at home    ••   Limited qualified companies to
                                           Limited qualified companies to
      Capability to refuel at home        convert vehicles to CNG
                                           convert vehicles to CNG
•• Lower price than gasoline or
    Lower price than gasoline or     ••   Price of natural gas has
     diesel                                Price of natural gas has
      diesel                              historically been volatile
                                           historically been volatile
••   Fuel is abundant in North            primarily due to lack of supply
                                           primarily due to lack of supply
      Fuel is abundant in North           (changing dynamics)
     America
      America                              (changing dynamics)
•• Decreases dependence on           ••   Less distance per “tank”
                                           Less distance per “tank”
    Decreases dependence on               (technology improving)
     foreign oil                           (technology improving)
      foreign oil
                                     ••   Many federal and state tax
                                           Many federal and state tax
••   Safer than gasoline
      Safer than gasoline                 incentives end 2010
                                           incentives end 2010
                                          (other bills in progress)
                                           (other bills in progress)

                                                                  www.encana.com
                                                                        18
Supplemental Information
America’s Natural Gas Alliance Members
   Highlighting the Benefits of Natural Gas
America’s Natural Gas Alliance exists to pursue a single mission: to increase
appreciation for the environmental, economic and national security benefits
  of clean, abundant, dependable and cost efficient American natural gas.




                                                                 www.encana.com
                                                                       20
Encana Overview
       Natural Gas Supply Synergies with Ports to Plains Corridors

                                                          Horn River
Land – MM net acres*                                                      Greater Sierra
•   Developed                                 4.8          Montney
•   Undeveloped                               8.8                          Cutbank Ridge

•   Total                                    13.6
                                                               Bighorn

                                                                                  CBM
Production (2010F)
•   Gas (MMcf/d)                            3,155
•   Oil & NGLs (MMcfe/d)                      135
•   Total (MMcfe/d)                         3,300
                                                                       Jonah

Proved Reserves*                                                       Piceance
•   Gas (Bcf)                             11,062
•   Oil & NGLs (MMbbls)                     76.7
•   Total (Bcfe)                          11,774                                                          Haynesville
                                                                                                          Shale
                                                                                        Fort Worth

                                                          Key Resource Play                East Texas
                                                          Emerging Play
                                                                                                     www.encana.com
                                                                                                           21
    * Land and Proved Reserves as at December 31, 2009.
Natural Gas – a Diverse and Flexible Fuel

                           Natural Gas
                           Natural Gas




  Compressed
  Compressed                Liquefied
                            Liquefied                 Renewable
                                                       Renewable
  Natural Gas
   Natural Gas             Natural Gas
                           Natural Gas                Natural Gas
                                                      Natural Gas
     (CNG)
      (CNG)                   (LNG)
                               (LNG)                     (RNG)
                                                          (RNG)

• Light duty vehicles   • Medium to heavy duty      • All vehicles -
• Intra-city              vehicles                    CNG/LNG
     • Transit          • Interstate applications   • Intra-city and
     • Buses                 •Long-haul transit       interstate applications
     • Refuse                •Rail                  • Primarily produced
                             •Shipping                from biomass
                                                      (landfills, animal
                                                      waste, etc.)
                                                               www.encana.com
                                                                     22
CNG Refueling Station Types

•   Time-fill
       CNG is dispensed slowly directly to vehicles’ onboard storage
       tank. Lower cost station investment. Best for fleets that return to
       central lot and sit idle overnight or for extended periods.

•   Fast-fill
       Similar to liquid fueling station, same fill rates and times. A MUST
       for public access. Also good for larger fleets where fueling turn-
       around time is short.

•   Combo-fill capability
       Comprises both time-fill and fast-fill. Often good for fleets that can   Kraus CNG Dispenser
       fuel on time-fill but need occasional “top off”, also can provide
       public access during day

•   Combined CNG-LNG stations – LCNG

                                                                                  www.encana.com
     Source: NGVA, Stephen Yborra                                                       23
LNG Refueling Station Types

•   Mobile
    • Typically a tank with dispensing/metering
       system on a truck or trailer
                                                     Chart Industries ORCA
•   Portable
     • Complete station “in a box”
     • Includes storage tank, dispensing,
       metering and containment
•   Custom                                         Chart Industries IMS - 6000


     • Large LNG bulk tanks
     • Multiple traditional dispensers
     • Ability to combine LNG & CNG (LCNG)
                                                  LCNG NexGen Station in California
                                                                www.encana.com
                                                                       24
New Alternative Transportation to Give Americans
   Solutions
   H.R. 1835 NAT GAS Act of 2009

• Vehicle Purchase Income Tax Credit:     Extends Income Tax
 Credit
• Dedicated NGVs qualify for 80% tax credit
• Bi-fuel vehicles qualify for a 50% tax credit
• Incremental cost caps for NGVs increase
  • Medium and Heavy Duty limits doubled to $20K, $50K and $80K
• Provides for Transferability of Credits
• Extends Alternative Fuels Excise tax Credit



                                                         www.encana.com
                                                               25
Fuel Life Cycle Emissions
    Natural Gas Provides a Cleaner Solution

•   Increased Natural Gas creates a significant reduction in harmful emissions
•   LNG has ~15% less emissions than Ultra Low Sulfur Diesel (ULSD)
                                    Well to Wheel Analysis
                            Comparison of GHG Emissions (gCO2e/MJ)




                                                              Liquefaction   Transport/     Vehicle      Total Life
               Extraction       Processing     Distribution
                                                              /Compress      Distribution   Combustion   Cycle

 Natural            3.5            3.7            1.0           15.8           0.6           58.5         83.1
Gas (LNG)

 Natural            3.5            3.7            1.0            2.1           0.6           57.7         68.6
Gas (CNG)

    ULSD            8.8           10.3            1.1             -            0.2           74.9         95.3

 Gasoline           6.9           13.7            1.1             -            0.4           72.9         95.0

                                                                                                    www.encana.com
Source: California Air Resources Board, 2008                                                              26
Utility Truck Conversion
    Four Year Payback


Illustrative Purposes Only                                           Diesel           CNG
After Market Dedicated Conversion Cost1                                       -       $52,000
Federal Tax Credit2                                                                   $32,000
Colorado State Credit3
Yearly Mileage (estimate)                                              20,000          20,000
Fuel Cost per Diesel Gallon Equivalent                                  $2.80            $1.80
Gallons of Fuel/Year at 4 mpg                                           5,000            5,000
Yearly Fuel Cost                                                      $14,000          $9,000
Yearly Fuel Savings                                                           -        $5,000
Simple Payback (yrs)                                                                          4
    1   Freightliner M2 with Cummins Westport ISL-G
    2   Federal tax credit for dedicated conversion >26,000 lb GVW
    3   No State tax credit for HD vehicles
                                                                                  www.encana.com
                                                                                        27

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David hill clean_2010

  • 1. Natural Gas Vehicles: Solutions from the Factory David Hill Vice-President, Natural Gas Economy Operations Broomfield, CO | April 9, 2010
  • 2. Future Oriented Information In the interest of providing Encana Corporation (“Encana” or the “Company”) shareholders and potential investors with information regarding the Company, its subsidiaries, including management’s assessment of the Company’s future plans and operations, certain statements and graphs throughout this presentation contain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements in this presentation include, but are not limited to, statements and tables with respect to: possible opportunities for use of natural gas for transportation in North America; estimated number of jobs that could be generated with the expanded use of natural gas; expected benefits of using natural gas; and Encana’s estimated proved reserves and production for 2010. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: volatility of and assumptions regarding commodity prices; assumptions based upon the Company’s current guidance; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in the Company’s marketing operations, including credit risks; imprecision of reserves estimates and estimates of recoverable quantities of natural gas and liquids from resource plays and other sources not currently classified as proved, probable or possible reserves or economic contingent resources; marketing margins; unexpected cost increases or technical difficulties in constructing or modifying processing facilities; risks associated with technology; land expiration risks; the Company’s ability to replace and expand gas reserves; its ability to generate sufficient cash flow from operations to meet its current and future obligations; its ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the Company’s ability to secure adequate product transportation; changes in royalty, tax, environmental, greenhouse gas, carbon, accounting and other laws or regulations or the interpretations of such laws or regulations; political and economic conditions in the countries in which the Company operates; terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions made against the Company; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Encana. Although Encana believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive. In addition, assumptions relating to such forward-looking statements generally include Encana’s current expectations and projections made in light of, and generally consistent with, its historical experience and its perception of historical trends, including the conversion of resources into proved reserves and production as well as expectations regarding rates of advancement and innovation, are generally consistent with and informed by its past experience, all of which are subject to the risk factors identified elsewhere in this presentation. Furthermore, the forward-looking statements contained in this presentation are made as of the date of this presentation, and, except as required by law, Encana does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. www.encana.com 1
  • 3. Disclosure Protocols Encana's disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to Encana by Canadian securities regulatory authorities which permits it to provide certain of such disclosure in accordance with the relevant legal requirements of the U.S. Securities and Exchange Commission (the "SEC"). Some of the information provided by Encana may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51- 101 (NI 51-101). Information about the differences between the U.S. requirements and the NI 51- 101 requirements is set forth under the heading "Note Regarding Reserves Data and Other Oil and Gas Information" in Encana's Annual Information Form dated February 18, 2010. In this presentation, certain crude oil and NGLs volumes have been converted to cubic feet equivalent (cfe) on the basis of one barrel (bbl) to six thousand cubic feet (Mcf). Cfe may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the well head. Encana uses the terms resource play and estimated ultimate recovery, total petroleum initially-in-place, original gas-in-place, natural gas-in-place, and crude oil-in-place. Resource play is a term used by Encana to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section, which when compared to a conventional play, typically has a lower geological and/or commercial development risk and lower average decline rate. Total petroleum initially-in-place (“PIIP”) is defined by the Society of Petroleum Engineers - Petroleum Resources Management System (“SPE-PRMS”) as that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus those estimated quantities in accumulations yet to be discovered (equivalent to “total resources”). Original gas-in-place (“OGIP”), natural gas-in-place (“NGIP”) and crude oil-in- place (“COIP”) are defined in the same manner, with the substitution of “original”, “natural gas” and “crude oil” where appropriate for the word “petroleum”. As used by Encana, estimated ultimate recovery (“EUR”) has the meaning set out jointly by the Society of Petroleum Engineers and World Petroleum Congress in the year 2000, being those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from an accumulation, plus those quantities already produced therefrom. In this presentation, Encana has provided information with respect to certain of its Key Resource Plays and emerging opportunities which is “analogous information” as defined in NI 51-101. This analogous information includes estimates of PIIP, OGIP, NGIP or COIP and/or EUR, all as defined in the Canadian Oil & Gas Evaluation Handbook (“COGEH”) or by the SPE-PRMS, and/or production type curves. This analogous information is presented on a basin, sub-basin or area basis utilizing data derived from Encana's internal sources, as well as from a variety of publicly available information sources which are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with COGEH. Regardless, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. Encana believes that the provision of this analogous information is relevant to Encana's oil and gas activities, given its acreage position and operations (either ongoing or planned) in the areas in question. Finding, development and acquisition cost is calculated by dividing total capital invested in finding, development and acquisition activities by additions to proved reserves, before divestitures, which is the sum of revisions, extensions, discoveries and acquisitions. Proved reserves added in 2009 included both developed and undeveloped quantities. Encana’s finding and development costs per Mcfe for (i) its most recent financial year (ended December 31, 2009) was $1.62; (ii) its second most recent financial year (ended December 31, 2008) was $2.50; and (iii) the average of its three most recent financial years was $1.92. For certain prospects, the Company calculates and discloses a full cycle F & D cost, which is defined to be the estimated total capital investment required over the full economic life of the prospect divided by the estimated ultimate recovery (EUR) of the prospect. For convenience, references in this presentation to “Encana”, the “Company”, “we”, “us” and “our” may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships (“Subsidiaries”) of Encana Corporation, and the assets, activities and initiatives of such Subsidiaries. All information included in this presentation is shown on a US dollar, after royalties basis unless otherwise noted. Sales forecasts reflect the mid-point of current public guidance on an after royalties basis. www.encana.com 2
  • 4. Asset Base Overview Natural Gas Supply Synergies with Ports to Plains Corridors Horn River Greater Sierra Montney Cutbank Ridge Bighorn CBM Jonah Piceance Haynesville Shale Fort Worth Key Resource Play East Texas Emerging Play www.encana.com 3 Source: Ports to Plains, Encana
  • 5. Natural Gas Economy Mission Our mission is to establish natural gas as the foundation of North America’s energy portfolio – Abundant – Affordable – Clean – Reliable – Domestic Solution www.encana.com 4 4
  • 7. Why Natural Gas Vehicles? Environmental Domestic Energy Economical •• Up to 25% Less Up to 25% Less •• 86% of consumed 86% of consumed •• Incentives and Incentives and CO2 than CO2 than natural gas natural gas grants available grants available gasoline/diesel gasoline/diesel produced produced for vehicles, for vehicles, equivalents equivalents domestically domestically infrastructure and infrastructure and fuel fuel •• Reduce Carbon Reduce Carbon •• 100% of LNG used 100% of LNG used Monoxide and Monoxide and as transportation as transportation •• Significant fuel Significant fuel emissions of emissions of fuel is produced fuel is produced price differential price differential particulates up to particulates up to domestically domestically as compared to as compared to 90% 90% gasoline or diesel gasoline or diesel www.encana.com Source: Environmental Protection Agency, Naturalgas.org 6
  • 8. Natural Gas – a Diverse and Flexible Fuel Natural Gas Natural Gas Compressed Natural Gas Compressed Natural Gas Liquefied Natural Gas Liquefied Natural Gas Renewable Natural Gas Renewable Natural Gas (CNG) (CNG) (LNG) (LNG) (RNG) (RNG) • Light duty vehicles • Medium to heavy duty • All vehicles -CNG/LNG • Intra-city vehicles • Intra-city and interstate • Transit • Interstate applications applications • Buses •Long-haul transit • Primarily produced from • Refuse •Rail biomass (landfills, animal •Shipping waste, etc.) • Source: Pipeline • Source: Liquefaction Plant Refueling* • Storage : Gas @ 3600 psi • Storage : Liquid @ -240o F and 40 psi • Timefill • Fastfill • Fastfill • Combo-fill capability • Combined CNG-LNG stations (LCNG) *Additional refueling detail located in supplemental section www.encana.com 7
  • 9. Ports to Plains and Lower 48 Natural Gas Geographic Synergies Ports to Plains States Ports to Plains States Natural Gas Basins Natural Gas Basins Ports to Plains States • 76% of Lower 48 natural gas production • Over 305,000 resource extraction jobs; representing 70% of workforce • 72% of Lower proved 48 proved reserves • Over 236,000 producing wells • Approximately 614,000 jobs (direct) within the total industry Natural Gas transportation growth facilitates synergistic and economic benefits www.encana.com 8 Source: EIA, IPAA 2008
  • 10. Natural Gas for Transportation Economic Development Potential • Currently 3.4 million employed across North America • For every additional 1 Bcf/d of added natural gas production approximately 30,000 North Americans are put to work • Vehicle conversion and/or manufacturing • Manufacturing • Vehicle maintenance and inspection • Added Infrastructure equals additional jobs • Construction • Operation and Maintenance www.encana.com 9 Source: ANGA, IHS, Encana estimates
  • 11. Natural Gas for Transportation Infrastructure Build-out • Initial build-out – create natural gas hubs to support volume required for filling stations • Municipalities/counties • Natural gas industry fleets • Local fleets • Connecting hubs to build natural gas highways • CNG refueling stations – located every 60 – 100 miles • LNG refueling stations – located every 150 – 250 miles www.encana.com 10 Source: Encana estimates
  • 12. Natural Gas Vehicles www.encana.com 11 Source: Natural Gas Vehicles for America (NGVA)
  • 13. Natural Gas – Transportation Fuel of Choice Petroleum Fuel Displacement for Heavy Duty Vehicles • Freight Truck: 12,000 gallons/year • Airport Shuttle: 5,800- 7,200 gallons/year • School Bus: 2,200- 2,800 gallons/year • Garbage Truck: 9,000 gallons/year • Delivery Truck: 4,500-5,500 gallons/year www.encana.com 12
  • 14. Natural Gas Engines – New OEM Models Kenworth Expands Natural Gas Truck Line with T440 Powered by ISL G New Model Targets Local and Regional Haul plus Vocational Applications March 24th, 2010 • Class 7 and Class 8 options available • Runs on CNG and LNG • 320 hp @ 1,000 foot-pounds of torque • Fuel tanks can be configured for various applications and ranges • ISL G Model is 2010 compliant without selective catalytic reduction or diesel particulate www.encana.com Source: www.kenworth.com filter use 13
  • 15. Natural Gas Engines – Existing Models Kenworth T800 LNG • Class 8 tractor • Diesel performance with lower emissions • 33% less NOx emitted • 20% less Greenhouse Gases • Westport ISX-G engine • up to 450 HP/1,650 foot pounds of torque • EPA/California Air Resource Board www.encana.com *Savings based upon LNG equivalent price of $3.50 per gallon, diesel price of $4.50 per Source: www.kenworth.com gallon and vehicle fuel economy of 6 mpg 14
  • 16. Class 8 Tractor Conversion Two Year Payback Illustrative Purposes Only Diesel LNG Original Equipment Manufacturer-Class 8 LNG Tractor1 - $70,000 Federal Tax Credit2 $28,000 Colorado State Credit3 - Yearly Mileage (estimate) 80,000 80,000 Fuel Cost per Diesel Gallon Equivalent $2.90 $1.80 Gallons of Fuel/Year at 4 mpg 20,000 20,000 Yearly Fuel Cost $58,000 $36,000 Yearly Fuel Savings - $22,000 Simple Payback (yrs) 1.91 1 T800 with Westport HPDI GX LNG engine 2 Federal tax credit for dedicated conversion, dual fuel, >26,000 lb Gross Vehicle Weight 3 No State tax credit for Heavy Duty vehicles www.encana.com 15
  • 17. Federal Incentives Alternative Fuel Duration Description Start Expiration Incentive (yrs) $2,500 - $32,000 based Vehicles on Gross Vehicle 12/21/2005 12/31/2010 5 Weight Infrastructure1 50% up to $50k cap/ 12/21/2005 12/31/2010 5 /Home Refuel $2,000 Fuel Excise Tax $0.50 gasoline gallon Credit2 10/1/2006 12/31/20093 3 equivalent CNG & LNG 1Hydrogen refueling expires 1/1/2015 2Liquefied hydrogen expires 9/30/2014 3Currently in Federal Tax Extender Bill – extension to 12/31/2010 www.encana.com 16 Source: Department of Energy Alternative Fuel Data Center
  • 18. Ports to Plains Corridors - State Incentives Assistance/ Modified States/Province Tax Credits Rebates Grants Mandate Loans Tax/Rate Alberta Colorado Montana Nebraska (NOT NG) New Mexico North Dakota Oklahoma South Dakota Texas Wyoming H.R. 1835 Alternative Transportation to Give Americans Solutions Act to have major www.encana.com effect if passed 17 *Only OEM Source: available today,Energy Alternative Fuels & Advanced Vehicles Data Center, 2010 vehicle Department of remaining are aftermarket conversions
  • 19. NGV/CNG Choice Challenges Create Local Opportunities Pros Pros Cons/Opportunities Cons/Opportunities •• Cleaner burning fuel Cleaner burning fuel •• Limited refueling infrastructure Limited refueling infrastructure •• Ability for bi-fuel use or Ability for bi-fuel use or •• Limited Original Equipment Limited Original Equipment dedicated Manufacturer (OEM) vehicles Manufacturer (OEM) vehicles dedicated •• Capability to refuel at home •• Limited qualified companies to Limited qualified companies to Capability to refuel at home convert vehicles to CNG convert vehicles to CNG •• Lower price than gasoline or Lower price than gasoline or •• Price of natural gas has diesel Price of natural gas has diesel historically been volatile historically been volatile •• Fuel is abundant in North primarily due to lack of supply primarily due to lack of supply Fuel is abundant in North (changing dynamics) America America (changing dynamics) •• Decreases dependence on •• Less distance per “tank” Less distance per “tank” Decreases dependence on (technology improving) foreign oil (technology improving) foreign oil •• Many federal and state tax Many federal and state tax •• Safer than gasoline Safer than gasoline incentives end 2010 incentives end 2010 (other bills in progress) (other bills in progress) www.encana.com 18
  • 21. America’s Natural Gas Alliance Members Highlighting the Benefits of Natural Gas America’s Natural Gas Alliance exists to pursue a single mission: to increase appreciation for the environmental, economic and national security benefits of clean, abundant, dependable and cost efficient American natural gas. www.encana.com 20
  • 22. Encana Overview Natural Gas Supply Synergies with Ports to Plains Corridors Horn River Land – MM net acres* Greater Sierra • Developed 4.8 Montney • Undeveloped 8.8 Cutbank Ridge • Total 13.6 Bighorn CBM Production (2010F) • Gas (MMcf/d) 3,155 • Oil & NGLs (MMcfe/d) 135 • Total (MMcfe/d) 3,300 Jonah Proved Reserves* Piceance • Gas (Bcf) 11,062 • Oil & NGLs (MMbbls) 76.7 • Total (Bcfe) 11,774 Haynesville Shale Fort Worth Key Resource Play East Texas Emerging Play www.encana.com 21 * Land and Proved Reserves as at December 31, 2009.
  • 23. Natural Gas – a Diverse and Flexible Fuel Natural Gas Natural Gas Compressed Compressed Liquefied Liquefied Renewable Renewable Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas (CNG) (CNG) (LNG) (LNG) (RNG) (RNG) • Light duty vehicles • Medium to heavy duty • All vehicles - • Intra-city vehicles CNG/LNG • Transit • Interstate applications • Intra-city and • Buses •Long-haul transit interstate applications • Refuse •Rail • Primarily produced •Shipping from biomass (landfills, animal waste, etc.) www.encana.com 22
  • 24. CNG Refueling Station Types • Time-fill CNG is dispensed slowly directly to vehicles’ onboard storage tank. Lower cost station investment. Best for fleets that return to central lot and sit idle overnight or for extended periods. • Fast-fill Similar to liquid fueling station, same fill rates and times. A MUST for public access. Also good for larger fleets where fueling turn- around time is short. • Combo-fill capability Comprises both time-fill and fast-fill. Often good for fleets that can Kraus CNG Dispenser fuel on time-fill but need occasional “top off”, also can provide public access during day • Combined CNG-LNG stations – LCNG www.encana.com Source: NGVA, Stephen Yborra 23
  • 25. LNG Refueling Station Types • Mobile • Typically a tank with dispensing/metering system on a truck or trailer Chart Industries ORCA • Portable • Complete station “in a box” • Includes storage tank, dispensing, metering and containment • Custom Chart Industries IMS - 6000 • Large LNG bulk tanks • Multiple traditional dispensers • Ability to combine LNG & CNG (LCNG) LCNG NexGen Station in California www.encana.com 24
  • 26. New Alternative Transportation to Give Americans Solutions H.R. 1835 NAT GAS Act of 2009 • Vehicle Purchase Income Tax Credit: Extends Income Tax Credit • Dedicated NGVs qualify for 80% tax credit • Bi-fuel vehicles qualify for a 50% tax credit • Incremental cost caps for NGVs increase • Medium and Heavy Duty limits doubled to $20K, $50K and $80K • Provides for Transferability of Credits • Extends Alternative Fuels Excise tax Credit www.encana.com 25
  • 27. Fuel Life Cycle Emissions Natural Gas Provides a Cleaner Solution • Increased Natural Gas creates a significant reduction in harmful emissions • LNG has ~15% less emissions than Ultra Low Sulfur Diesel (ULSD) Well to Wheel Analysis Comparison of GHG Emissions (gCO2e/MJ) Liquefaction Transport/ Vehicle Total Life Extraction Processing Distribution /Compress Distribution Combustion Cycle Natural 3.5 3.7 1.0 15.8 0.6 58.5 83.1 Gas (LNG) Natural 3.5 3.7 1.0 2.1 0.6 57.7 68.6 Gas (CNG) ULSD 8.8 10.3 1.1 - 0.2 74.9 95.3 Gasoline 6.9 13.7 1.1 - 0.4 72.9 95.0 www.encana.com Source: California Air Resources Board, 2008 26
  • 28. Utility Truck Conversion Four Year Payback Illustrative Purposes Only Diesel CNG After Market Dedicated Conversion Cost1 - $52,000 Federal Tax Credit2 $32,000 Colorado State Credit3 Yearly Mileage (estimate) 20,000 20,000 Fuel Cost per Diesel Gallon Equivalent $2.80 $1.80 Gallons of Fuel/Year at 4 mpg 5,000 5,000 Yearly Fuel Cost $14,000 $9,000 Yearly Fuel Savings - $5,000 Simple Payback (yrs) 4 1 Freightliner M2 with Cummins Westport ISL-G 2 Federal tax credit for dedicated conversion >26,000 lb GVW 3 No State tax credit for HD vehicles www.encana.com 27