Talisman Sells 75% of its Montney Acreage in British Columbia to Progress

Talisman Sells 75% of its Montney Acreage in British Columbia to Progress E

Canada's Talisman Energy announced Friday that it will sell part of its Montney acreage in northeast British Columbia to Progress Energy Canada for $1.4 billion (CAD 1.5 billion).

The transaction will see Talisman sell 75 percent (approximately 127,000 net acres) of its Montney position in the Farrell Creek and Cyrpress areas of British Columbia. This will include 65 million cubic feet of gas per day of Farrell Creek production from October 1 2013, which is expected to increase during the fourth quarter as Talisman concludes its 2013 completion program.

Talisman will retain its Groundbirch and Saturn assets, which include 48,000 net acres of prospective Montney land.

Talisman CEO Hal Kvisle commented in a company statement:

"The sale of this long-dated position represents a strong return on our Montney investment and brings us closer to achieving the $2-3 billion asset disposition target we set out in March this year. It is priced in line with recent major Montney transactions, further simplifies the company, and enables us to strengthen our focus on our Edson-Duvernay producing and development assets. Following receipt of applicable regulatory approvals, expected in the first quarter of 2014, we will use the proceeds to pay down debt and strengthen our balance sheet.

"During the five years we have held our Montney position, our employees have worked hard to develop and operate our properties, as well as establish strong working relationships with local government and communities. As we progress the Montney sales process, we will continue to operate in a safe and environmentally responsible manner, and our employees will be treated fairly and with respect."

Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)

Most Popular Articles

From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours