Talisman Mining Ord Shs TLM

RE: Some ECA theology, for those interested....

[syncrude]

"The company's recent poor operating results, coupled with its inability to generate internal growth, have it in a rather dicey position that investors should recognize before it's too late." bah Humbug... Every Quarter Encana Announces SUBSTANTIAL TRANSACTIONS? sells Brazil Oil Discovery "Chinook", Gulf of Mexico Tahiti Discovery sold, NG Liquids Assets sold, even Buzzard... a huge winfall but very little CASH spent??? How do they do it? Now they announce BIGHORN in Alberta??? on top of Cutbank Ridge, Jonah... and their millions of acres gets $1 billion of Other People's Money to grab a piece of the action? Zero risk, zero cost to add production? and they posted $2.20US in Cashflow in Q3??? $9/yr for a stock at $50US yet GAS prices have doubled in Q4... In Texas, EnCana has made an initial land purchase in the Maverick Basin – about 330,000 net acres with multi-zone gas resource play potential. Washington State? even more acreage... locking up unconventional Gas time after time... and ECA's hedging program has been turned around??? 82% fully exposed to the upside in GAS for 2006 But I have to criticize them for selling Syncrude for $1B in 2003... it's worth about $5B using COS.UN valuations (where even TLM held on to its piece of the pie); Weyburn CO2 was another Godsend... but they sold it off as well??? they remain the operator but a few Energy Trusts made out like bandits... and I hope Buzzard will Shock & Awe in 2007??? Encana is tough act to follow