1

take a closer look

March 29, 2012

Encana Corporation

Global LNG Summit

Randy Eresman | President & CEO

Encana CorporationFocused On What We Do Best

North America’s Resource Play Specialist Huge portfolio of resource plays Recognized leader in innovation and cost reduction

Disciplined capital investment and project execution Streamlined process focused on capital efficiency Focused on lowering costs and increasing returns

Relentless portfolio high-gradingMaintaining financial strength and flexibilityDelivering on our commitments

Constantly pursuing full value recognition for our assets and the best ways to develop them

2

Leading N.A. Resource Play CompanyEncana Resource Play Execution Methodology

Resource Play Methodology

Work With Governments – Engage Stakeholders Address Infrastructure

Exploration

Assemble Land Base

Pilot

Understand Technical

CommercialDemonstration

Crack Technical Nut

CommercialDevelopment

Manufacturing Style

PlayOptimization

Lookbacks & Learnings

Encana has a defined and highly successful methodology for developing resource plays “from the ground up”

Encana CorporationNorth America’s Resource Play Specialist

Established history of developing resource plays from the

ground up:

From early stage identification

– Supported by dedicated new venture teams

To large scale commercialization

– “Resource Play Hub” development model

Ingrained culture of innovation and defineddevelopment model with a successful track record

3

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

XOM ECA CHK DVN COP APC BP RDS APA SWN

US Production Cdn Production

Source: Company data, Energy eTrack estimates

MMcf/d

Leading North American Natural Gas CompanyQ4 2011 North American Natural Gas Production

Greater Sierra Greater Sierra (inc. Horn River)(inc. Horn River)

DuvernayDuvernay

Cutbank Ridge Cutbank Ridge (inc. Montney)(inc. Montney)

BighornBighorn

Coalbed MethaneCoalbed Methane

JonahJonah

DJ NiobraraDJ NiobraraNiobrara/MancosNiobrara/Mancos

PiceancePiceance

TexasTexasHaynesvilleHaynesville

TuscaloosaTuscaloosa

Land as at December 31, 2011*Excludes potential impact of shut-in volumes

Collingwood/UticaCollingwood/Utica

Deep PanukeDeep Panuke

Encana CorporationLeading North American Resource Play Company

Kitimat LNG Kitimat LNG Export Export ProjectProject

Existing Key Resource Play

New Potential Liquids Play

Mississippi LimeMississippi LimeSan JuanSan Juan

EaglebineEaglebine

Production Volumes • 2011 Actual:

•

Natural Gas (MMcf/d)Oil & NGLs (Mbbls/d)2012 Forecast:Natural Gas (MMcf/d)Oil & NGLs (Mbbls/d)

3,33324.0

3,100*28

4

Cutbank Ridge Partnership OverviewEncana & Mitsubishi Corporation

Mitsubishi to invest C$2.9 billion for 40% interest in Cutbank Ridge Partnership

– C$1.45 billion up front

– C$1.45 billion as 50% of Encana’s share of capital over 5 years

– Closing completed February 24

AMI established including 5 areas:– 3 Montney targets (Dawson Saturn,

Dawson Swan, Cutbank Montney), Cadomin & Steeprock Doig

Encana is managing partner & operator

Production (as of YE 2011) and facilities/infrastructure are excluded

Partnership lands

Development area boundaries

1,409 1,400513

980 850

694

1,023

499

627

1,625

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

NPC 2011 MITei 2010 PGC 2011

P90 P50 P10 NEB

Resource (Tcf)

Source: ECA, NPC, PGC, NEB, MITei, EIA

4,014

3,273

2,333

Vast Energy Resources in North America Technology Continues to Unlock Shale Gas

5

Ma

rce

llus

SW

PA

(w

et g

as)

Wa

tten

berg

- A

PC

Gra

nite

Wa

sh -

hor

izo

nta

l

Ma

rce

llus

NE

PA

Ma

rce

llus

Ce

ntra

l PA

Wa

tten

berg

- o

the

rs

Pin

eda

le A

ntic

line

Na

tura

l Bu

ttes

Bar

nett

App

ala

chia

tig

ht g

as

Fa

yette

ville

Eag

le F

ord

Pow

de

r Riv

er

Gro

esb

eck

ho

rizo

nta

l

Ha

yne

svill

e

Ca

rtha

ge

ho

rizo

nta

l

Mo

ntn

ey

Ca

na

Woo

dfo

rd

Piñ

on

Ark

om

a W

ood

ford

Ho

rn R

ive

r Ba

sin

We

st T

ava

pu

ts

Pic

ea

nce

Ba

sin

Co

nv

Ap

pa

lach

ia v

erti

cal

Jam

es L

ime

Yel

low

Jac

ket

Ca

rtha

ge

ve

rtic

al

Co

nve

ntio

na

l S. T

exa

s

Gro

esb

eck

ve

rtic

al

Gra

nite

Wa

sh v

ert

ica

l

Co

nve

ntio

na

l Mid

con

tine

n

Co

nve

ntio

na

l E. T

exa

s

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

Goldman Sachs Supply Cost ComparisonRequired NYMEX Natural Gas Strip for 12% IRR

Note: Excludes land cost and midstream costs.Source: Company data, Goldman Sachs Research (December 2011)

$/MMBtu

North American Gas SupplyShale Gas Leading the Way

0

10

20

30

40

50

60

70

80

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Conventional Tight Gas Coalbed Methane Shale

Source: IHS, Encana; note: excludes Mexico.

Bcf/d

Shale gas now accounts for 26 percent of North American gas supply

6

Key Growth PlaysShale Gas Leading the Way

0

5

10

15

20

25

Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 2009 Jan 2010 Jan 2011

Barnett Fayetteville Woodford Haynesville

Marcellus Eagle Ford Montney Horn River

Source: IHS, Encana

Since December 2009 these 8 plays have increased production by 13.8 Bcf/d or 147 percent.

Bcf/d

LNG Export ProjectsNew Markets for North American Natural Gas

Source: Encana, CIBC, FERC, Ventyx Energy Velocity 21.32.8Gulf Coast LNG

9.91.3Oregon LNG

7.62.0Progress/Petronas

15.22.0Shell Kitimat

18.32.4Sabine Pass

15.22.0Lake Charles

10.71.4Apache Kitimat

10.71.4Freeport

9.21.2Jordan Cove

7.61.0Cove Point

12.91.7Cameron

MMtpaBcf/d (2020)

Terminal

7

Canadian LNG Exports Connected to Western Canada Pipeline Infrastructure

Canadian LNG will have access to all of the

western Canadian supply basin through an

extensive pipeline network

Canadian Support for LNG

National Energy Board (NEB): Kitimat Reason for Decision states - “The exported LNG will not only open new markets for Canadian gas production, but the Board believes that ongoing development of shale gas resources will ultimately further increase the availability of natural gas for Canadians.”

My government is positioning liquefied natural gas

as a cornerstone of British Columbia’s long-term economic success

… B.C. Premier, Christy Clark

“

”

8

Kitimat LNG Project – Encana 30% Interest

Project specifications

– 2 trains – 10 MMT* – ~1.4 Bcf/d export capacity

– Owners: Apache (40%, operator), Encana (30%), EOG (30%)

– NEB Export License approved

– Pending final investment decision

Advantages over other North American projects

– Transportation advantage over Gulf Coast to Asian markets

– All major regulatory approvals received

– FEED study complete in Q2 2012F

– Backstopped with WCSB production

– Strong community and government support Bish Cove, British Columbia (650 km north of Vancouver)

Artist’s rendition of proposed facility.

*MMT = million metric tonnes

Kitimat LNG Design Features

5.0 MMt/a on a compact plot size

Sales quality gas

Electric motor driven refrigerant compressors with power supplied from the grid (reduces gas shrinkage)

Environmental Impact Certificate in place

Export license granted in Q4 2011

LNG Plant

9

Pacific Trail Pipelines Overview

All major environmental permits received

Presently in Front End Engineering Design (FEED)

Capacity: 1.4 billion cubic feet per day of natural gas*

2015F in service to tie-in with LNG plant schedule

* ~10MMtpa LNG equivalent.

Kitimat LNG MarketDiversifying Markets – Building Demand

Canadian West Coast LNG exports have transportationadvantage relative to U.S. Gulf Coast

Kitimat

Japan

South Korea

China

U.S. Gulf Coast Route

10

Marketing Status

Negotiations underway with potentially up to 6 buyers

– Deals expected to be completed in 2012 in conjunction with FEED completion

Volumes being negotiated are expected to support 2 train facility

Desire to have 80% of throughput sold under long term agreements

Pricing expected to be crude oil linked through JCC pricing

Artist rendering; Source: Kitimat LNG website, www.kitimatlngfacility.com

Kitimat LNGProjected Next Steps

2012 – FEED study complete – Commercial contracts in place

– Final Investment Decision expected

2012 - Pipeline route clearing, facility construction ramps up Construction throughout 2013, 2014 and 2015 Q4 2015/Q1 2016 – first LNG exports expected

Site clearing for Kitimat LNG export facility; Source: Kitimat LNG website, www.kitimatlngfacility.com

11

Abundance of natural gas enables an energy plan that will include…

Natural gas as a preferred fuel for power generation

Expanded natural gas use in industrial applications

Accessing new markets – LNG export

Natural gas as a transportation fuel

Encana’s Vision for the FutureGrowing the Market for North American Natural Gas

Electric Power41%

Industrial20%

Residential7%

Transportation28%

Commercial4%

80 Bcfe/d

117 Bcfe/d

Electric Power31%

Industrial31%

Residential22% Transportation

1%

Commercial15%

*U.S. data is as of 2010; Canadian data is as of 2008. Source: EIA, Natural Resources Canada, Encana.

Natural gas accounts for 25% of total Bcfe/d North American energy consumption

Natural gas Consumption ~72 Bcfe/d

Total Input Energy Consumption ~288 Bcfe/d

Encana’s Vision for the Future Vast Displacement Potential for Natural gas

12

Take a Closer LookStrategically Positioned to Excel

We are The leading North American resource play

company Pursuing the greatest long-term value

creation for shareholders Committed to responsible financial

stewardship

We have High quality, low cost assets An innovative, value-driven culture A clear vision of the future

In the interests of providing Encana shareholders and potential investors with information regarding Encana, including management's assessment of Encana's and its subsidiaries' future plans and operations, certain statements contained in this presentation are forward-looking statements or information within the meaning of applicable securities legislation, collectively referred to herein as "forward-looking statements." Forward-looking statements in this presentation include, but are not limited to: projected 2012 production of natural gas, oil and NGLs, expected increase in liquids production in the next few years, future funding commitment to be received from Mitsubishi over 5 years pursuant to the Cutbank Ridge Partnership agreement, required NYMEX natural gas strip for 12% IRR for various North American plays, expected expansion in U.S. and Canadian production over the coming decade, projected advantages of Kitimat LNG project, including sources of supply, completion date of FEED study, expected date to make final investment decision, projected export capacity, facilities to be constructed, number of phases, number of potential buyers, expected pricing, and date of first exports, expected features, capacity and in service date of Pacific Trail pipelines, and expectation for long-term future for natural gas.

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 natural gas and liquids prices, including substantial or extended decline of the same; assumptions based upon the company's current guidance; fluctuations in currency and interest rates; risk that the company may not conclude divestitures of certain assets or other transactions (including third-party capital investments, farm-outs or partnerships, which Encana may refer to from time to time as "joint ventures") as a result of various conditions not being met; product supply and demand; market competition; risks inherent in the company's and its subsidiaries' 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, including future net revenue estimates; marketing margins; potential disruption or unexpected technical difficulties in developing new facilities; unexpected cost increases or technical difficulties in constructing or modifying processing facilities; risks associated with technology; the company's ability to acquire or find additional reserves; hedging activities resulting in realized and unrealized losses; business interruption and casualty losses; risk of the company not operating all of its properties and assets; counterparty risk; downgrade in credit rating and its adverse effects; liability for indemnification obligations to third parties; variability of dividends to be paid; 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 reserves and production as well as expectations regarding rates of advancement and innovation, generally consistent with and informed by its past experience, all of which are subject to the risk factors identified elsewhere in this presentation.

Assumptions with respect to forward-looking information regarding expanding Encana's oil and NGLs production and extraction volumes are based on existing expansion of natural gas processing facilities in areas where Encana operates and the continued expansion and development of oil and NGL production from existing properties within its asset portfolio.

Furthermore, the forward looking statements contained in this presentation are made as of the date hereof and, except as required by law, Encana undertakes no obligation to update publicly or revise any 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.

Future Oriented Information

13

National Instrument (NI) 51-101 of the Canadian Securities Administrators imposes oil and gas disclosure standards for Canadian public companies engaged in oil and gas activities. Prior to 2011, Encana relied upon an exemption from NI 51-101 granted by Canadian securities regulatory authorities to permit it to provide disclosure relating to reserves and other oil and gas information in accordance with U.S. disclosure requirements. Subsequent to the expiry of that exemption, Encana has provided and continues to provide disclosure which complies with the annual disclosure requirements of NI 51-101 in its annual information form dated February 23, 2012 (“AIF”). The Canadian protocol disclosure is contained in Appendix A and under “Narrative Description of the Business”. Encana has obtained an exemption dated January 4, 2011 from certain requirements of NI 51-101 to permit it to provide certain disclosure prepared in accordance with U.S. disclosure requirements, in addition to the Canadian protocol disclosure. That disclosure is primarily set forth in Appendix D. A description of the primary differences between the disclosure requirements under the Canadian standards and the disclosure requirements under the U.S. standards is set forth under the heading “Reserves and Other Oil and Gas Information” in the AIF.

The estimates of economic contingent resources contained in this presentation are based on definitions contained in the Canadian Oil and Gas Evaluation Handbook. Contingent resources do not constitute, and should not be confused with, reserves. Contingent resources are defined as those quantities of petroleum estimated, on a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Economic contingent resources are those contingent resources that are currently economically recoverable. In examining economic viability, the same fiscal conditions have been applied as in the estimation of reserves. There is a range of uncertainty of estimated recoverable volumes. A low estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate, which under probabilistic methodology reflects a 90 percent confidence level. A best estimate is considered to be a realistic estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate, which under probabilistic methodology reflects a 50 percent confidence level. A high estimate is considered to be an optimistic estimate. It is unlikely that the actual remaining quantities recovered will exceed the high estimate, which under probabilistic methodology reflects a 10 percent confidence level.

There is no certainty that it will be commercially viable to produce any portion of the volumes currently classified as economic contingent resources. The primary contingencies which currently prevent the classification of Encana's disclosed economic contingent resources as reserves include the lack of a reasonable expectation that all internal and external approvals will be forthcoming and the lack of a documented intent to develop the resources within a reasonable time frame. Other commercial considerations that may preclude the classification of contingent resources as reserves include factors such as legal, environmental, political and regulatory matters or a lack of markets. The estimates of various classes of reserves (proved, probable, possible) and of contingent resources (low, best, high) in this presentation represent arithmetic sums of multiple estimates of such classes for different properties, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of reserves and contingent resources and appreciate the differing probabilities of recovery associated with each class.

In this presentation, certain 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). Cfemay 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, total petroleum initially-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”). Natural gas-in-place (“NGIP”) and crude oil-in-place (“COIP”) are defined in the same manner, with the substitution of “natural gas” and “crude oil” where appropriate for the word “petroleum”.

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, NGIP or COIP, 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.

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.

Advisory Regarding Reserves Data & Other Oil & Gas Information Disclosure Protocols

Investor Relations Contacts

Ryder McRitchie | Vice-President, Investor Relations403.645.2007 | ryder.mcritchie@encana.com

Lorna Klose | Manager, Investor Relations403.645.6977 | lorna.klose@encana.com