Talisman Appalachian Wells Test At 38 mmcf/d

Talisman Corning Area, New York
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Talisman's subsidiary, Fortuna Energy, recently completed the Reed Hz #1 and Hakes Hz #1 gas wells in the Appalachian basin of New York State. Each well was drilled to a depth of 9,850 feet and then steered horizontally across a seismically defined graben structure in the Black River Formation.

"These wells extend the string of excellent results, coming on the heels of the Andrews discovery. In the past four months we have tested five successful wells at combined rates of 69 million cubic feet per day," said Dr Jim Buckee, President and Chief Executive Officer of Talisman Energy Inc. "I am excited by the growing potential that Fortuna sees in the area as we work with local landowners and regulatory agencies to untap the energy potential of upstate New York. I am also pleased that Fortuna, as the most active driller as well as the largest natural gas producer in the region, has become the operator of choice amongst landowners."

The Reed well tested at a maximum rate of 20.3 mmcf/d, restricted by the capacity of the surface equipment, at a wellhead pressure of 2,323 psi. The Hakes well tested 17.5 mmcf/d at 2,086 psi wellhead pressure. Both wells are currently shut in for reservoir pressure buildup. Each well is expected to have initial productive capacity at pipeline pressure well in excess of 20 mmcf/d.

Pipeline construction is currently underway and both wells will be tied into an existing Fortuna gathering line. Initial production is expected within 45 days. The previously announced Andrews well is expected to commence production later this week at an initial production rate of 10 mmcf/d. Its volume will be increased to 20 mmcf/d through system debottlenecking over the course of the month.

Fortuna has an active exploration and development program in 2004, with plans to drill a total of 11 horizontal Black River wells, three of which are currently drilling. Fortuna expects to spend C$85 million in 2004, increasing average production this year to over 80 mmcf/d (69 mmcf/d net of royalties), compared to 60 mmcf/d in 2003 (52mmcf/d net of royalties).

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