The Globe and Mail reports in its Tuesday, Sept. 30, edition that EnCana's ($24.06) transformation demands greater fanfare. A Reuters dispatch to The Globe reports that the $7.1-billion acquisition of Athlon Energy on Monday cements EnCana's change from a laggard in gas into a more serious competitor in shale oil. Reuters notes EnCana is paying a full price. Reuters says if EnCana can get the transition right, though, its valuation will deserve a lift. Doug Suttles took over as EnCana's chief executive officer in June, 2013. Reuters says Mr. Suttles has managed an impressive pivot. The company started offloading gas assets earlier this year. Then in May, it began bulking up on oil-rich acreage with a $3.1-billion deal in Texas's Eagle Ford shale. The deal for Athlon, which owns 140,000 acres in the neighbouring Permian basin, means that by 2017 oil and other liquid forms of petroleum should account for up to half of EnCana's output. Last year, it was just 10 per cent. The shift does not come cheap. EnCana is valuing the Athlon enterprise at about 11 times expected EBITDA for the next 12 months. Reuters notes that EnCana trades at a deep discount of just 4.6 times EBITDA.