CALGARY, ALBERTA (NYSE: TLM) today announced that its wholly
owned limited partnership FEI Shale L.P. (Fortuna) has reached
agreement to earn up to a one-third working interest in US
properties owned by Hallwood Energy L.P. (Hallwood).
"This agreement gives us exposure in a number of areas where we
have not been active, including the deep Barnett and Fayetteville
shales," said John Manzoni, President and Chief Executive Officer.
"We also have a technical services agreement which is a significant
part of this deal. Hallwood has a proven track record in the early
stage development of shale programs and we will use this to augment
our experience in the piloting and development of our
unconventional plays."
The agreement calls for a financial commitment of up to $US 125
million by Fortuna over a period of 12 to 18 months depending on
the pace of drilling. Upon completion of the capital program,
Fortuna will have earned a one-third interest in substantially all
of Hallwood's assets, including properties in Texas, Arkansas and
Louisiana, for a total of 108,000 acres (net to Fortuna). The 2008
drilling program calls for 11 wells with the potential for up to
1,000 locations on evaluated lands.
The key plays include Hallwood's 40% working interest in over
43,000 acres in the West Texas Deep Barnett and Woodford shales
(Reeves and Culberson counties) and Hallwood's 24,500 net acres in
the Arkansas Fayetteville shale (White and Faulkner counties).
Fortuna would earn approximately 14,000 net acres in these two
areas. In total, 285,000 gross acres (approximately 95,000 net
acres to Fortuna) have yet to be evaluated, the majority of which
are in Arkansas.
As part of the agreement, Hallwood will provide Talisman and its
affiliates with technical and consulting services for one year.
Talisman and its affiliates will have access to Hallwood's
technical staff for assistance on its developing plays in the
Montney, the Bakken, the Utica and Lorraine shales in Quebec and
Marcellus shales in New York and Pennsylvania. Hallwood was
instrumental in the development of the Johnson County Barnett shale
between 2001 and 2005, which was then sold to a large US
exploration and production company.
Talisman Energy Inc. is an independent upstream oil and gas
company headquartered in Calgary, Alberta, Canada. Talisman has
operations in Canada and its subsidiaries operate in the UK,
Norway, Southeast Asia, North Africa and the United States.
Talisman's subsidiaries are also active in a number of other
international areas. Talisman is committed to conducting its
business in an ethically, socially and environmentally responsible
manner. The Company is a participant in the United Nations Global
Compact and included in the Dow Jones Sustainability (North
America) Index. Talisman's shares are listed on the Toronto Stock
Exchange in Canada and the New York Stock Exchange in the United
States under the symbol TLM.
Forward-Looking Information
This press release contains information that constitutes
"forward-looking information" or "forward-looking statements"
(collectively "forward-looking information") within the meaning of
applicable securities legislation. This forward-looking information
includes, among others, statements regarding:
- business plans for drilling, exploration, development and
estimated timing;
- business strategy and plans;
- estimated amounts and timing of capital expenditures;
- planned acquisition of working interests and associated
timing; and
- other expectations, beliefs, plans, goals, objectives,
assumptions, information and statements about possible future
events, conditions, results of operations or performance.
Often, but not always, forward-looking information uses words or
phrases such as: "expects", "does not expect" or "is expected",
"anticipates" or "does not anticipate", "plans" or "planned",
"estimates" or "estimated", "projects" or "projected", "forecasts"
or "forecasted", "believes", "intends", "likely", "possible",
"probable", "scheduled", "positioned", "goal", "objective" or
states that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Various assumptions were used in drawing the conclusions or
making the forecasts and projections contained in the
forward-looking information contained in this press release.
Information regarding business plans for drilling, exploration,
development and appraisal assumes that the extraction of crude oil,
natural gas and natural gas liquids remains economic.
Undue reliance should not be placed on forward-looking
information. Forward-looking information is based on current
expectations, estimates and projections that involve a number of
risks which could cause actual results to vary and in some
instances to differ materially from those anticipated by Talisman
and described in the forward-looking information contained in this
press release. The material risk factors include, but are not
limited to:
- the risks of the oil and gas industry, such as operational
risks in exploring for, developing and producing unconventional
plays;
- the outcome and effects of completed acquisitions of working
interests, as well as any future acquisitions and dispositions;
and
- the ability of the Company to integrate any assets it has
acquired or may acquire or the performance of those assets.
The foregoing list of risk factors is not exhaustive. Additional
information on these and other factors which could affect the
Company's operations or financial results are included in the
Company's most recent Annual Information Form and Annual Financial
Report. In addition, information is available in the Company's
other reports on file with Canadian securities regulatory
authorities and the United States Securities and Exchange
Commission.
Forward-looking information is based on the estimates and
opinions of the Company's management at the time the statements are
made. The Company assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change, except as required by law.
Contacts: Talisman Energy Inc. David Mann, Senior Manager,
Corporate & Investor Communications (403) 237-1196 (403)
237-1210 (FAX) Email: tlm@talisman-energy.com Website:
www.talisman-energy.com Talisman Energy Inc. Christopher J.
LeGallais, Senior Manager, Investor Relations (403) 237-1957 (403)
237-1210 (FAX) Email: tlm@talisman-energy.com Website:
www.talisman-energy.com
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