The Globe and Mail reports in its Tuesday, Sept. 30, edition that EnCana's ($24.06 (Canadian)) $5.95-billion (U.S.) all-cash acquisition of Athlon Energy is a major bet on largely undeveloped land in Texas to accelerate the Canadian company's shift from natural gas to oil and gas liquids. The Globe's Carrie Tait writes that Athlon controls about 56,656 hectares in Texas's Permian basin. EnCana will also assume $1.15-billion (U.S.) of Athlon's debt. EnCana chief executive officer Doug Suttles says the deal expedites EnCana's plan to focus on oil and natural gas liquids by two years. To make that transition, Mr. Suttles has completed a string of major deals this year, including a $3.1-billion (U.S.) acquisition of properties in the Eagle Ford play, another Texas region with fast-growing oil production. Analysts were quick to point to the pricey valuation of the latest deal, in light of the modest 30,000 barrels of oil equivalent per day currently produced by Athlon. Desjardins analyst Kristopher Zack says: "We see it priced at a premium [cash flow] multiple. They are obviously paying for the resource potential. That's it." Athlon's property will not produce free cash flow until 2016.