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Gold/Mining/Energy : TLM.TSE Talisman Energy -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1003)	8/15/2000 12:05:33 PM
From: Tomas	Respond to of 1713

Capital Boost: Talisman Increases Spending - Calgary Sun, August 15 By Todd Nogier, Business Editor Talisman Energy's announced 23% hike in spending earmarked for its Canadian operations is only the beginning, say analysts, who expect companies' gushing profits will mean a boon to Alberta's oilpatch. Calgary-based Talisman, the country's largest independent oil and gas producer, said yesterday it will increase the amount of cash it spends on petroleum exploration and development in Canada by $118 million to $641 million -- most of which will go towards its Alberta operations. WESTERN PROJECTS TARGETED "This is just another company significantly boosting its capital spending program targeting Western Canadian projects," said Peter Linder, an analyst with Research Capital in Calgary. "And this is going to continue because you ain't seen nothing yet when you start seeing third quarter results." Most industry experts are calling for a rise in natural gas approaching winter as short supply and rising demand for the commodity, especially in northeastern U.S. connected to Canada by pipelines, will push prices higher. And if the continent sees a cold winter, some analysts are calling price spikes in $6-plus range. "There's going to be a great need to spend money because there's going to be an obscene amount of money being made by oil and gas companies in the third quarter," added Linder. Already, several companies have ramped up spending for the year. Some analysts estimate expenditures by Canadian companies to hit $20 billion -- a record. For its part, Talisman said much of its spending will go towards exploration in its natural gas fields in the province. SEVERAL AREAS OF INTEREST Under the capital plan, Talisman will focus on the Peace River area, West Central Plains, the Deep Basin and Foothills of Alberta. "Talisman is ideally positioned to capitalize on the resulting strong economics of incremental investment in the deeper, more technically challenging areas of the basin." In the past year, the company has come under fire for its stake in a Sudan oil development that critics say has helped the Sudanese government finance a civil war. canoe.ca