Document:

EX-4.8

 Exhibit 4.8 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to the Corporation (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 Unless and until it
is exchanged in whole or in part for Securities in definitive registered form, this certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee
to a successor Depositary or a nominee of such successor Depositary. 
 ENCANA CORPORATION 

6.50% Note due 2034 
  

			
	 No. 1
	  	 US$500,000,000

		  	CUSIP: 292505 AD 6

 EnCana Corporation, a corporation duly organized and existing under the laws of Canada (herein
called the “Corporation”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of US$500,000,000
(FIVE HUNDRED MILLION UNITED STATES DOLLARS) on August 15, 2034, at the office or agency of the Corporation referred to below, and to pay interest thereon on February 15, 2005 and semi-annually thereafter, on February 15 and
August 15 in each year, from August 4, 2004, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 6.50% per annum, until the principal hereof is paid or duly provided for,
and (to the extent lawful) to pay on demand interest on any overdue interest at the rate borne by the Securities from the date on which such overdue interest becomes payable to the date payment of such interest has been made or duly provided for.
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be February 1 or August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but is not
punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the Holder on the relevant Regular Record Date, and such defaulted interest, and, if applicable, interest on such defaulted interest (to the
extent lawful) at the rate specified in the Securities, may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the 

 
requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 2 

 Unless the certificate of authentication hereon has been duly executed by the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed. 

 

									
	                  Dated: August 4,
2004
	 		 		 	 ENCANA CORPORATION

					
		 		 		 	 By:
	 	 /s/ John D. Watson

		 		 		 		 	 Name: John D. Watson

		 		 		 		 	 Title: Executive Vice-President &

		 		 		 		 	           Chief Financial Officer

					
		 		 		 	 By:
	 	 /s/ Kerry D. Dyte

		 		 		 		 	 Name: Kerry D. Dyte

		 		 		 		 	 Title:  Corporate Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in, and issued under, the within-mentioned Indenture. 

 

									
	                  Dated: August 4,
2004
	 		 		 	 THE BANK OF NEW YORK,

					
		 		 		 		 	 as Trustee

					
		 		 		 	 By
	 	 /s/ Vanessa Mack

		 		 		 		 	Authorized Signatory

  
 3 

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Corporation designated as its 6.50% Notes due 2034
(herein called the “Securities”), which may be issued under an indenture (herein called the “Indenture”) dated as of October 2, 2003 among the Corporation and The Bank of New York, as trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties,
obligations and immunities thereunder of the Corporation, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is a global Security representing
US$500,000,000 aggregate principal amount of the Securities of this series. 
 The Corporation may from time to time without
notice to, or the consent of, the Holders, create and issue additional Securities under the Indenture. 
 Payment of the
principal of (and premium, if any, on) and interest, if any, on this Security will be made at the office or agency of the Corporation maintained or caused to be maintained for that purpose, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of the principal (and premium, if any) and interest may be made at the option of the Corporation (i) by check mailed to the
address of the Person entitled thereto as such address shall appear on the Security Register, payable to or upon the written order of the Person entitled thereto, or (ii) by wire transfer to an account located in the United States maintained by
the payee of a Holder of $5,000,000 or more in aggregate principal amount of the Securities; provided further, that principal paid in relation to any Security, redeemed at the option of the Corporation or upon Maturity, shall be paid to the
holder of such Security only upon presentation and surrender of such Security to such office or agency referred to above. 

The Securities will not be entitled to the benefits of any sinking fund. 

Holders of the Securities will not be entitled to the repayment of the Securities at their option pursuant to Article Thirteen
of the Indenture. 
 The Corporation will pay to the Holders such Additional Amounts as may be payable under
Section 1005 of the Indenture. 
 The Securities are subject to redemption upon not less than 30 nor more than 60
days’ notice, at any time, as a whole or in part, at the election of the Corporation at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed or (2) the sum of the present values
of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of the payments of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30 day months) at the Adjusted Treasury Rate (as defined below) plus 25 basis points, plus, in the case of (1) and (2), accrued interest thereon to the date of redemption. 

  
 4 

 “Adjusted Treasury Rate” means, with respect to any redemption date,
the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security or securities
selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if fewer than four such Reference Treasury Dealer Quotations are obtained, the average or all such
quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers, which is appointed by
the Trustee after consultation with the Corporation. 
 “Reference Treasury Dealers” means each of ABN AMRO
Incorporated and Lehman Brothers Inc. or their affiliates, plus three others which are primary U.S. Government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease
to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Corporation shall substitute for it another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Reference Treasury Dealer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted by such Reference Treasury Dealers at 3:30 p.m.
New York Time on the third business day preceding such redemption date. 
 In the case of a partial redemption of
Securities, selection of such Securities for redemption will be made pro rata, by lot or such other method as the Trustee in its sole discretion deems appropriate and just. If any Security is redeemed in part, the notice of redemption
relating to such Security shall state the portion of the principal amount thereof to be redeemed; provided that no Security in an aggregate principal amount of US$1,000 or less shall be redeemed in part. A replacement Security in principal
amount equal to the unredeemed portion thereof will be issued in the name of the Holders thereof upon cancellation of the original Security. 

The Securities are subject to redemption as a whole but not in part, at the option of the Corporation, as provided in
Section 1108 of the Indenture. 
 In the case of any redemption of Securities, interest instalments whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record 

  
 5 

 
Date referred to on the face hereof. Securities (or portions thereof) for whose redemption provision is made in accordance with the Indenture shall cease to bear interest from and after the
Redemption Date. 
 In the event of redemption of this Security in part only, a new Security or Securities for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of
Default shall occur and be continuing, the principal of all the Securities, and all accrued and unpaid interest thereon, may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Corporation on this
Security and (b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Corporation with certain conditions set forth therein, which provisions apply to this Security. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Corporation and the rights of the Holders under the Indenture at any time by the Corporation and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of all affected Securities
at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities affected thereby,
to waive compliance by the Corporation with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this
Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Corporation, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest, if any, on this Security at the times, place, and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registerable on the Security Register of the Corporation, upon surrender of this Security for registration of transfer at the office or agency of the Corporation maintained or caused to be maintained for such purpose duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities are issuable only in registered form without coupons in denominations of US$1,000 and integral multiples
thereof. As provided in the Indenture and 

  
 6 

 
subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as requested by the
Holder surrendering the same. 
 No service charge shall be made for any registration of transfer or exchange of Securities,
but the Corporation may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Except as otherwise provided in the Indenture, prior to the time of due presentment of this Security for registration of
transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Corporation, the Trustee nor any agent shall be affected by notice to the contrary. 
 Interest on this Security shall be
computed on the basis of a 360-day year of twelve 30-day months. Solely for the purposes of the Interest Act (Canada), the yearly rate of interest to which interest calculated under a Security for a period of less than one year on the basis
of a year of 360 days consisting of twelve 30 day periods is equivalent is such rate of interest multiplied by a fraction of which (i) the numerator is the product of (A) the actual number of days in the year commencing on the first day of
such period, multiplied by (B) the sum of (y) the product of 30 multiplied by the number of complete months elapsed in such period and (z) the actual number of days elapsed in any incomplete month in such period; and (ii) the
denominator is the product of (A) 360 multiplied by (B) the actual number of days in such period. 
 If at any
time, (i) the Depositary notifies the Corporation that it is unwilling or unable or no longer qualifies to continue as Depositary for these Securities or if at any time the Depositary shall no longer be registered or in good standing under the
Securities Exchange Act of 1934, as amended, or other applicable statute or regulation and a successor depositary is not appointed by the Corporation within 90 days after the Corporation receives such notice or becomes aware of such condition, as
the case may be, (ii) the Corporation determines that the Securities shall no longer be represented by a global Security or Securities, or (iii) there shall have occurred and be continuing an Event of Default under the Indenture with
respect to the Securities and the Trustee has received a written request from a participant in the Depositary in accordance with the Depositary’s customary procedures to issue Securities in definitive form to such participant or other
beneficial owner specified by such participant to the Trustee in writing, then in such event the Corporation will execute and the Trustee will authenticate and deliver Securities in definitive registered form, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of this Security in exchange for this Security. Such Securities in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York. 

  
 7 

 All terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  
 8 

 Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Corporation (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or
such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

Unless and until it is exchanged in whole or in part for Securities in definitive registered form, this certificate may not
be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

ENCANA CORPORATION 
 6.50% Note
due 2034 
  

			
	 No. 2
	  	 US$250,000,000

		  	CUSIP: 292505 AD 6

 EnCana Corporation, a corporation duly organized and existing under the laws of Canada (herein
called the “Corporation”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of US$250,000,000
(TWO HUNDRED AND FIFTY MILLION UNITED STATES DOLLARS) on August 15, 2034, at the office or agency of the Corporation referred to below, and to pay interest thereon on February 15, 2005 and semi-annually thereafter, on February 15 and
August 15 in each year, from August 4, 2004, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 6.50% per annum, until the principal hereof is paid or duly provided for,
and (to the extent lawful) to pay on demand interest on any overdue interest at the rate borne by the Securities from the date on which such overdue interest becomes payable to the date payment of such interest has been made or duly provided for.
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be February 1 or August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but is not
punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the Holder on the relevant Regular Record Date, and such defaulted interest, and, if applicable, interest on such defaulted interest (to the
extent lawful) at the rate specified in the Securities, may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not

 
inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 2 

 Unless the certificate of authentication hereon has been duly executed by the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed. 

 

									
	                  Dated: August 4,
2004
	 		 		 	 ENCANA CORPORATION

					
		 		 		 	 By:
	 	 /s/ John D. Watson

		 		 		 		 	 Name: John D. Watson

		 		 		 		 	 Title:   Executive Vice-President &

		 		 		 		 	             Chief Financial Officer

					
		 		 		 	 By:
	 	 /s/ Kerry D. Dyte

		 		 		 		 	 Name: Kerry D. Dyte

		 		 		 		 	 Title:   Corporate Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in, and issued under, the within-mentioned Indenture. 

 

									
	                  Dated: August 4,
2004
	 		 		 	 THE BANK OF NEW YORK,

					
		 		 		 		 	 as Trustee

					
		 		 		 	 By
	 	 /s/ Vanessa Mack

		 		 		 		 	Authorized Signatory

  
 3 

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Corporation designated as its 6.50% Notes due 2034
(herein called the “Securities”), which may be issued under an indenture (herein called the “Indenture”) dated as of October 2, 2003 among the Corporation and The Bank of New York, as trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties,
obligations and immunities thereunder of the Corporation, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is a global Security representing
US$250,000,000 aggregate principal amount of the Securities of this series. 
 The Corporation may from time to time without
notice to, or the consent of, the Holders, create and issue additional Securities under the Indenture. 
 Payment of the
principal of (and premium, if any, on) and interest, if any, on this Security will be made at the office or agency of the Corporation maintained or caused to be maintained for that purpose, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of the principal (and premium, if any) and interest may be made at the option of the Corporation (i) by check mailed to the
address of the Person entitled thereto as such address shall appear on the Security Register, payable to or upon the written order of the Person entitled thereto, or (ii) by wire transfer to an account located in the United States maintained by
the payee of a Holder of $5,000,000 or more in aggregate principal amount of the Securities; provided further, that principal paid in relation to any Security, redeemed at the option of the Corporation or upon Maturity, shall be paid to the
holder of such Security only upon presentation and surrender of such Security to such office or agency referred to above. 

The Securities will not be entitled to the benefits of any sinking fund. 

Holders of the Securities will not be entitled to the repayment of the Securities at their option pursuant to Article Thirteen
of the Indenture. 
 The Corporation will pay to the Holders such Additional Amounts as may be payable under
Section 1005 of the Indenture. 
 The Securities are subject to redemption upon not less than 30 nor more than 60
days’ notice, at any time, as a whole or in part, at the election of the Corporation at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed or (2) the sum of the present values
of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of the payments of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30 day months) at the Adjusted Treasury Rate (as defined below) plus 25 basis points, plus, in the case of (1) and (2), accrued interest thereon to the date of redemption. 

  
 4 

 “Adjusted Treasury Rate” means, with respect to any redemption date,
the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security or securities
selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if fewer than four such Reference Treasury Dealer Quotations are obtained, the average or all such
quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers, which is appointed by
the Trustee after consultation with the Corporation. 
 “Reference Treasury Dealers” means each of ABN AMRO
Incorporated and Lehman Brothers Inc. or their affiliates, plus three others which are primary U.S. Government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease
to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Corporation shall substitute for it another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Reference Treasury Dealer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted by such Reference Treasury Dealers at 3:30 p.m.
New York Time on the third business day preceding such redemption date. 
 In the case of a partial redemption of
Securities, selection of such Securities for redemption will be made pro rata, by lot or such other method as the Trustee in its sole discretion deems appropriate and just. If any Security is redeemed in part, the notice of redemption
relating to such Security shall state the portion of the principal amount thereof to be redeemed; provided that no Security in an aggregate principal amount of US$1,000 or less shall be redeemed in part. A replacement Security in principal
amount equal to the unredeemed portion thereof will be issued in the name of the Holders thereof upon cancellation of the original Security. 

The Securities are subject to redemption as a whole but not in part, at the option of the Corporation, as provided in
Section 1108 of the Indenture. 
 In the case of any redemption of Securities, interest instalments whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record 

  
 5 

 
Date referred to on the face hereof. Securities (or portions thereof) for whose redemption provision is made in accordance with the Indenture shall cease to bear interest from and after the
Redemption Date. 
 In the event of redemption of this Security in part only, a new Security or Securities for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of
Default shall occur and be continuing, the principal of all the Securities, and all accrued and unpaid interest thereon, may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Corporation on this
Security and (b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Corporation with certain conditions set forth therein, which provisions apply to this Security. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Corporation and the rights of the Holders under the Indenture at any time by the Corporation and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of all affected Securities
at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities affected thereby,
to waive compliance by the Corporation with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this
Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Corporation, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest, if any, on this Security at the times, place, and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registerable on the Security Register of the Corporation, upon surrender of this Security for registration of transfer at the office or agency of the Corporation maintained or caused to be maintained for such purpose duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities are issuable only in registered form without coupons in denominations of US$1,000 and integral multiples
thereof. As provided in the Indenture and 

  
 6 

 
subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as requested by the
Holder surrendering the same. 
 No service charge shall be made for any registration of transfer or exchange of Securities,
but the Corporation may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Except as otherwise provided in the Indenture, prior to the time of due presentment of this Security for registration of
transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Corporation, the Trustee nor any agent shall be affected by notice to the contrary. 
 Interest on this Security shall be
computed on the basis of a 360-day year of twelve 30-day months. Solely for the purposes of the Interest Act (Canada), the yearly rate of interest to which interest calculated under a Security for a period of less than one year on the basis
of a year of 360 days consisting of twelve 30 day periods is equivalent is such rate of interest multiplied by a fraction of which (i) the numerator is the product of (A) the actual number of days in the year commencing on the first day of
such period, multiplied by (B) the sum of (y) the product of 30 multiplied by the number of complete months elapsed in such period and (z) the actual number of days elapsed in any incomplete month in such period; and (ii) the
denominator is the product of (A) 360 multiplied by (B) the actual number of days in such period. 
 If at any
time, (i) the Depositary notifies the Corporation that it is unwilling or unable or no longer qualifies to continue as Depositary for these Securities or if at any time the Depositary shall no longer be registered or in good standing under the
Securities Exchange Act of 1934, as amended, or other applicable statute or regulation and a successor depositary is not appointed by the Corporation within 90 days after the Corporation receives such notice or becomes aware of such condition, as
the case may be, (ii) the Corporation determines that the Securities shall no longer be represented by a global Security or Securities, or (iii) there shall have occurred and be continuing an Event of Default under the Indenture with
respect to the Securities and the Trustee has received a written request from a participant in the Depositary in accordance with the Depositary’s customary procedures to issue Securities in definitive form to such participant or other
beneficial owner specified by such participant to the Trustee in writing, then in such event the Corporation will execute and the Trustee will authenticate and deliver Securities in definitive registered form, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of this Security in exchange for this Security. Such Securities in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York. 

  
 7 

 All terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  
 8EX-4.9

 Exhibit 4.9 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to the Corporation (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 Unless and until it
is exchanged in whole or in part for Securities in definitive registered form, this certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee
to a successor Depositary or a nominee of such successor Depositary. 
 ENCANA CORPORATION 

6.625% Note due 2037 
  

			
	 No. 1
	  	US$500,000,000      
		  	CUSIP: 292505AE4

 EnCana Corporation, a corporation duly organized and existing under the laws of Canada (herein
called the “Corporation”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of US$500,000,000
(FIVE HUNDRED MILLION UNITED STATES DOLLARS) on August 15, 2037, at the office or agency of the Corporation referred to below, and to pay interest thereon on February 15, 2008 and semi-annually thereafter, on February 15 and
August 15 in each year, from August 13, 2007, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 6.625% per annum, until the principal hereof is paid or duly provided for, and
(to the extent lawful) to pay on demand interest on any overdue interest at the rate borne by the Securities from the date on which such overdue interest becomes payable to the date payment of such interest has been made or duly provided for. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be February 1 or August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but is not
punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the Holder on the relevant Regular Record Date, and such defaulted interest, and, if applicable, interest on such defaulted interest (to the
extent lawful) at the rate specified in the Securities, may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the

 
requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth herein. 

  
 2 

 Unless the certificate of authentication hereon has been duly executed by the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed. 

 

									
	 Dated: August 13, 2007
	 		 	 ENCANA CORPORATION

				
		 		 	 By:
	 	 /s/ Brian C. Ferguson

		 		 		 	 Name:
	 	 Brian C. Ferguson

		 		 		 	 Title:
	 	 Executive Vice President & Chief

		 		 		 		 	 Financial Officer

				
		 		 	 By:
	 	 /s/ Thomas G. Hinton

		 		 		 	 Name:
	 	 Thomas G. Hinton

		 		 		 	 Title:
	 	 Treasurer

	  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION
  
 This is one of the
Securities referred to in, and issued under, the within-mentioned Indenture.
  

	 Dated: August 13, 2007
	 		 	 THE BANK OF NEW YORK,

				
		 		 		 	as Trustee
				
		 		 	By	 	 /s/ Lesley Daley

		 		 		 	Authorized Signatory

  
 3 

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Corporation designated as its 6.625% Notes due 2037
(herein called the “Securities”), which may be issued under an indenture (herein called the “Indenture”) dated as of August 13, 2007 among the Corporation and The Bank of New York, as trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties,
obligations and immunities thereunder of the Corporation, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is a global Security representing
US$500,000,000 aggregate principal amount of the Securities of this series. 
 The Corporation may from time to time without
notice to, or the consent of, the Holders, create and issue additional Securities under the Indenture. 
 Payment of the
principal of (and premium, if any, on) and interest, if any, on this Security will be made at the office or agency of the Corporation maintained or caused to be maintained for that purpose, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of the principal (and premium, if any) and interest may be made at the option of the Corporation (i) by check mailed to the
address of the Person entitled thereto as such address shall appear on the Security Register, payable to or upon the written order of the Person entitled thereto, or (ii) by wire transfer to an account located in the United States maintained by
the payee of a Holder of $5,000,000 or more in aggregate principal amount of the Securities; provided further, that principal paid in relation to any Security, redeemed at the option of the Corporation or upon Maturity, shall be paid to the
holder of such Security only upon presentation and surrender of such Security to such office or agency referred to above. 

The Securities will not be entitled to the benefits of any sinking fund. 

Holders of the Securities will not be entitled to the repayment of the Securities at their option pursuant to
Section 1301 of the Indenture. 
 The Corporation will pay to the Holders such Additional Amounts as may be payable
under Section 1005 of the Indenture. 
 The Securities are subject to redemption upon not less than 30 nor more than 60
days’ notice, at any time, as a whole or in part, at the election of the Corporation at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed or (2) the sum of the present values of
the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of the payments of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30 day months) at the Adjusted Treasury Rate (as defined below) plus 30 basis points, plus, in the case of (1) and (2), accrued interest thereon to the date of redemption. 

  
 4 

 “Adjusted Treasury Rate” means, with respect to any redemption date,
the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security or securities
selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if fewer than four such Reference Treasury Dealer Quotations are obtained, the average or all such
quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers, which is appointed by
the Trustee after consultation with the Corporation. 
 “Reference Treasury Dealers” means each of Banc of America
Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated or their affiliates, plus three others which are primary U.S. Government securities dealers and their respective successors; provided, however, that if any of the
foregoing or their affiliates shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Corporation shall substitute for it another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Reference Treasury Dealer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted by such Reference Treasury Dealers at 3:30 p.m.
New York Time on the third business day preceding such redemption date. 
 In the case of a partial redemption of
Securities, selection of such Securities for redemption will be made pro rata, by lot or such other method as the Trustee in its sole discretion deems appropriate and just. If any Security is redeemed in part, the notice of redemption
relating to such Security shall state the portion of the principal amount thereof to be redeemed; provided that no Security in an aggregate principal amount of US$2,000 or less shall be redeemed in part. A replacement Security in principal
amount equal to the unredeemed portion thereof will be issued in the name of the Holders thereof upon cancellation of the original Security. 

The Securities are subject to redemption as a whole but not in part, at the option of the Corporation, as provided in
Section 1108 of the Indenture. 
 In the case of any redemption of Securities, interest instalments whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record 

  
 5 

 
Date referred to on the face hereof. Securities (or portions thereof) for whose redemption provision is made in accordance with the Indenture shall cease to bear interest from and after the
Redemption Date. 
 In the event of redemption of this Security in part only, a new Security or Securities for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of
Default shall occur and be continuing, the principal of all the Securities, and all accrued and unpaid interest thereon, may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Corporation on this
Security and (b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Corporation with certain conditions set forth therein, which provisions apply to this Security. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Corporation and the rights of the Holders under the Indenture at any time by the Corporation and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of all affected Securities
at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities affected thereby,
to waive compliance by the Corporation with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this
Security. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Corporation, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest, if any, on this Security at the times, place, and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registerable on the Security Register of the Corporation, upon surrender of this Security for registration of transfer at the office or agency of the Corporation maintained or caused to be maintained for such purpose duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities are issuable only in registered form without coupons in minimum denominations of US$2,000 and integral
multiples of $1,000 in excess thereof. As provided in 

  
 6 

 
the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any registration of transfer or
exchange of Securities, but the Corporation may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Except as otherwise provided in the Indenture, prior to the time of due presentment of this Security for registration of
transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Corporation, the Trustee nor any agent shall be affected by notice to the contrary. 
 Interest on this Security shall be
computed on the basis of a 360-day year of twelve 30-day months. Solely for the purposes of the Interest Act (Canada), the yearly rate of interest to which
interest calculated under a Security for a period of less than one year on the basis of a year of 360 days consisting of twelve 30 day periods is equivalent is such rate of interest multiplied by a fraction of which (i) the numerator is the
product of (A) the actual number of days in the year commencing on the first day of such period, multiplied by (B) the sum of (y) the product of 30 multiplied by the number of complete months elapsed in such period and
(z) the actual number of days elapsed in any incomplete month in such period; and (ii) the denominator is the product of (A) 360 multiplied by (B) the actual number of days in such period. 

If at any time, (i) the Depositary notifies the Corporation that it is unwilling or unable or no longer qualifies to
continue as Depositary for these Securities or if at any time the Depositary shall no longer be registered or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation and a successor
depositary is not appointed by the Corporation within 90 days after the Corporation receives such notice or becomes aware of such condition, as the case may be, (ii) the Corporation determines that the Securities shall no longer be represented
by a global Security or Securities, or (iii) there shall have occurred and be continuing an Event of Default under the Indenture with respect to the Securities and the Trustee has received a written request from a participant in the Depositary
in accordance with the Depositary’s customary procedures to issue Securities in definitive form to such participant or other beneficial owner specified by such participant to the Trustee in writing, then in such event the Corporation will
execute and the Trustee will authenticate and deliver Securities in definitive registered form, in authorized denominations, and in an aggregate principal amount equal to the principal amount of this Security in exchange for this Security. Such
Securities in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The
Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 
 The Indenture and
this Security shall be governed by and construed in accordance with the laws of the State of New York. 

  
 7 

 All terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  
 8

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