North America Q1 Production Results Slightly Down for Talisman
In North America, Talisman's production averaged 181,547 boe/d over the quarter, down 10% from the same period in 2007 and 2% from the previous quarter, largely due to non-core asset sales in 2007. Production from continuing operations was down 1% from the same period in 2007 primarily due to a non-operated plant outage and down 1% from the previous quarter, due mainly to the planned facility maintenance in the Alberta Foothills.
Talisman drilled 112 gross gas wells during the quarter, approximately 13% less than the number drilled in the same period last year. Of the gas wells drilled in the quarter, 76 were operated by Talisman.
New production records were set in Monkman, reaching 142 mmcf/d (net sales gas) by the end of March with production in the quarter averaging 120 mmcf/d, 4% above the first quarter of 2007. The previously announced Federal d-28-H/94-B-7 well came on production March 19, at a rate of 19 mmcf/d sales gas (50% working interest). The recently completed multizone Brazion a-26-E well came on production April 19 and is forecast to produce at a constrained rate of 24 mmcf/d sales gas (80% working interest).
The Company also saw production increases over the same period in 2007 in Bigstone/Wild River (9%) and Alberta Foothills (12%). In the Alberta Foothills, the Findley 11-25-57-06W6/02 well came on production on March 15 at 12 mmcf/d sales gas (100% working interest). The Cabin Creek 10-21-56-04W6 well (100% Talisman) was tested at 13.6 mmcf/d (gross raw gas) and is expected to come on production in the third quarter of 2008.Talisman drilled five wells in the Outer Foothills in the quarter. With recent tie-ins, production from the Outer Foothills is expected to be approximately 35 mmcf/d sales gas (Talisman working interest) by mid-year. In Greater Arch (Montney Core), the Pouce Coupe 7-7-78-10W6M horizontal well came on production March 13 producing an average of 3.6 mmcf/d sales gas (100% Talisman). Talisman is encouraged by early Bakken development drilling results in the Viewfield area. Three gross horizontal wells have been drilled to date, two of which are on production at rates averaging 190 bbls/d per well (100% working interest). In late April, Talisman entered into an agreement to sell its interest in its non-strategic Lac La Biche property in northeast Alberta. Production from the property in 2007 averaged 4,586 boe/d.
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