Further expanding Asia's foothold in the North American natural gas sector, PetroChina International Investment Co. Ltd., a subsidiary of PetroChina Co. Ltd., Beijing, (NYSE: PTR) has formed a 50/50 joint venture with Calgary-based Encana Corp. (NYSE: Toronto: ECA) for a 50% stake in the Canadian gas producer's Cutbank Ridge business assets in British Columbia and Alberta. A total deal value of C$5.4 billion and the transaction metrics are rich, according to David Tameron, senior analyst at Wells Fargo LLC. "Assuming $1 billion (gross) for the midstream assets, this equates to $18,235 per thousand cu. ft. equivalent per day, $4.65 per thousand cu. ft. equivalent proved, and $7,200 per acre," he says in an early February research note.
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