127,000 acres of its holdings in the Farrell Creek and Cypress areas are part of the deal, but Talisman will retain its Groundbirch and Saturn holdings spanning 48,000 Montney area acres. There’s no word yet on whether that will affect employees based in Fort St. John.
According to Progress, as of October 1st, the purchased assets had a daily production of about 11,000 thousand barrels of oil equivalent, with an anticipated fourth quarter increase.
In order to access shale fields in this area, the Malaysian state oil firm Petronas acquired Progress Energy Resources for f$5 billion last year.
Talisman has plans to raise between $2 and $3 billion from asset sales this year, and focus on others in west central Alberta.