Talisman Tests Appalachia Gas Well in New York

Fortuna Energy Inc., a wholly owned subsidiary of Talisman Energy Inc., recently completed the Andrews Hz#1 gas well in the Corning area of New York State, in the Appalachian Basin. The well tests a new structure and was drilled to a depth of 10,100 feet and then steered horizontally within the upper Black River Formation.

The well flowed on test at rates in excess of 18 mmcf/d, limited by surface equipment, with a flowing pressure of 1300 psi. The well was still unloading drilling and completion fluid during the flow test and the rate was strengthening. Based on initial flow results, the Andrews well has the capability to be the most prolific well encountered in the region to date and has an unconstrained potential in excess of 30 mmcf/d.

Tie-in work is already underway and the well is expected to be onstream in early March at a pipeline-restricted rate of 8-10 mmcf/d. Including the Andrews well, the Company estimates that it currently has 30 mmcf/d of shut-in gas production behind pipe in the region. Additional pipeline sales capacity should be available by early April.

Fortuna Energy Inc. has an active exploration and development program in 2004, with plans to drill a total of 11 horizontal Black River wells. Fortuna Energy Inc. expects to spend $85 million in 2004, increasing production to over 80 mmcf/d, 30% above 2003. There are three rigs currently drilling, one of which has reached total depth and, based on drilling indicators, appears to be promising. Further information on these wells will be released as they are tested.

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