Talisman Energy Inc (TLM.TO) spent $510 million on an emerging shale prospect in Alberta in the second quarter as it advanced a plan to concentrate on plays containing higher-value gas liquids, the company said on Thursday. Talisman has acquired 360,000 acres in the north-central Alberta Duvernay shale at a cost averaging $2,000 per acre, chief executive John Manzoni told analysts. The company joins Encana Corp (ECA.TO) in targeting the relatively new prospect. It plans to start drilling there in the next two quarters, Manzoni said. "It is very early days but we're optimistic we'll see the Duvernay emerge as another successful liquid-rich play, this time right here in Canada," he said. "If we see success in this year's activity we will of course build on that success going into next year."
Talisman Energy Inc. (Talisman) is a global, diversified, upstream oil and gas company. Shares of TLM fell by 4.44% or $-0.88/share to $18.94. In the past year, the shares have traded as low as $15.49 and as high as $25.21. On average, 3451510 shares of TLM exchange hands on a given day and today's volume is recorded at 11241462.
EnCana Corporation (EnCana) is a natural gas producing company. Shares of ECA fell by 0.13% or $-0.04/share to $29.66. In the past year, the shares have traded as low as $26.02 and as high as $35.22. On average, 3905470 shares of ECA exchange hands on a given day and today's volume is recorded at 2737541.
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