Calgary-based Talisman Energy Inc. agreed to sell about 16,000 boe/d of noncore North American assets in a series of separate transactions. Net proceeds are expected to be C$815 million (US$771 million).

The properties sold are about 65% weighted to natural gas, and 1,300 b/d are conventional heavy oil assets. Talisman said they are “predominantly low working interest, nonoperated assets,” including more than 2,000 wellbores. Proved reserves were estimated at 38 MMboe.

“Once we close the Brae package in the North Sea late this year, we will have sold noncore assets with production totaling approximately 55,000 boe/d,” said CEO Jim Buckee. “As a result, I believe we are a leaner, more focused company and the emphasis in 2008 and 2009 will shift back to growth.

“As promised, we have used most of the proceeds to repurchase Talisman shares. In the 18-month period ending June 30, we repurchased approximately 80 million shares at a cost of C$1.6 billion (US$1.5 billion), while proceeds from asset sales, net of taxes and adjustments, have totaled C$1.8 billion (US$1.7 billion). In addition, money is coming in from the North American deals and final proceeds from Brae will be received when the transaction closes.”

Talisman last year announced plans to sell some noncore assets (see Daily GPI, Dec. 13, 2006).

The assets were sold in seven major transactions and several minor sales, Talisman said. The final agreement is expected to be completed this month. Talisman said it retained about C$170 million in tax pools connected with the properties.

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