Filed Pursuant to Rule 433

Registration No. 333-165626

November 8, 2011

FINAL TERM SHEET

Encana Corporation
3.90% Notes due 2021

Credit Ratings

The notes have been assigned a rating of “BBB+” by S&P, a rating of “Baa2” by Moody’s and a rating of “A (low) (Negative Trend)” by DBRS.  S&P and Moody’s assign an outlook to the issuer of securities and not to individual debt instruments.  S&P has assigned a Negative Outlook to Encana and Moody’s has assigned a Stable Outlook to Encana.

Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities.  The credit ratings assigned by the rating agencies are not recommendations to purchase, hold or sell the notes nor do ratings comment on market price or suitability for a particular investor.  Any rating may not remain in effect for any given period of time or may be revised or withdrawn entirely by a rating agency in the future if in its judgment circumstances so warrant, and if any such rating is so revised or withdrawn, the issuer is under no obligation to update this Final Term Sheet.

S&P’s long-term credit ratings are on a rating scale that ranges from AAA to D, which represents the range from highest to lowest quality.  A rating of BBB+ by S&P is within the fourth highest of ten categories and indicates that the obligation exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the issuer to meet its financial commitment on the obligation.  The addition of a plus (+) or minus (–) modifier after a rating indicates the relative standing within a rating category.

Moody’s long-term credit ratings are on a rating scale that ranges from Aaa to C, which represents the range from highest to lowest quality.  A rating of Baa2 by Moody’s is within the fourth highest of nine categories and is assigned to obligations subject to moderate credit risk.  They are considered medium grade and as such may possess certain speculative characteristics.  The addition of a 1, 2 or 3 modifier after a rating indicates the relative standing within a rating category.  The modifier 1 indicates that the obligation ranks in the higher end of its rating category, the modifier 2 indicates a mid-range ranking and the modifier 3 indicates a ranking in the lower end of its rating category.

DBRS’ long-term credit ratings are on a rating scale that ranges from AAA to D, which represents the range from highest to lowest quality.  A rating of A (low) (Negative Trend) by DBRS is within the third highest of ten categories and is assigned to obligations considered to be of good credit quality.  The capacity for the payment of financial obligations is substantial, but of lesser credit quality than that of higher rated entities.  Such obligations may be vulnerable to future events, but qualifying negative factors are

considered manageable.  The addition of a “(high)” or “(low)” modifier after a rating indicates relative standing within the category.

This communication is intended for the sole use of the person to whom it is provided by us.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.  Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free:

Barclays Capital Inc., toll free at 1-888-603-5847

BNP Paribas Securities Corp. toll free at 1-800-854-5674
J.P. Morgan Securities LLC collect at 1-212-834-4533

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED.  SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.