Talisman Sells Non-Core Bakken Assets in Saskatchewan
Talisman has entered into an agreement with Crescent Point Resources L.P and TOG Partnership, an affiliate of Tristar Oil & Gas Ltd., who will purchase Talisman's southeast Saskatchewan and Daniels County, Montana assets for total proceeds of approximately C$720 million.
"This is in keeping with our strategic objective to focus Talisman's portfolio on material, core assets," said John A. Manzoni, President and Chief Executive Officer. "Although southeast Saskatchewan has been part of our legacy, the majority of our capital spending and effort in North America going forward will be deployed to accelerate success in our unconventional natural gas plays."
The sale includes approximately 610,000 net acres of land (73% in southeast Saskatchewan, including fee title lands) with approximately 8,500 boe/d of net production, as well as Talisman owned and operated infrastructure. An independent, NI-51-101 compliant reserves report by AJM Petroleum Consultants dated March 2, 2009, estimated proved reserves at 20.1 mmboe and proved plus probable reserves at 34.1 mmboe (before royalties, net to Talisman). The sale is subject to regulatory approval, with an expected closing date of June 1, 2009.
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