Encana is to acquire 45,500 net acres in the core of the Eagle Ford for US$3.1 billion. Freeport-McMoRan Copper & Gold (FCX) is the seller. The acreage lies primarily in the Karnes Trough sub-play, at the core of this leading tight oil play. Current production is 53,000 boe/d (75% oil, 11% NGL and 14% gas), and we model a further 300 drilling locations. We value the portfolio at US$3.9 billion (NPV10, discounted to April 2014).