IMO...with Forest on hold....and Talisman below.....our year is 2010
Talisman plans to spend $1.2 billion in North America in 2009, focusing on projects in areas where the
Company has a large, material opportunity base. Approximately 80% of spending will be on
unconventional properties, with $710 million allocated to development of the Pennsylvania Marcellus
Shale and continued piloting and development of the Montney. Spending on conventional assets in North
America will be limited to existing commitments on heritage properties. Although this will impact 2009
volumes, Talisman believes its unconventional opportunities have a better risk/return profile.
Following on its success in 2008 in the Marcellus Shale in Pennsylvania, where Talisman holds 140,000
net acres, the Company plans to move into the development stage. Talisman plans to drill 36 gross
horizontal wells in 2009, with up to five rigs drilling by the third quarter. With continued success in
Pennsylvania, the program could ramp up to 16 rigs in the area by 2010.
Talisman plans to continue building on its success in the Montney area, with a mix of pilot projects,
development and land acquisitions in 2009. Talisman is active in several regions within the Montney. In
2009, the Company plans to drill 49 gross wells, with the possibility of increasing this level with
continued success. By year-end, nine rigs will be drilling in the area. Talisman holds 87,000 net acres of
land in the Groundbirch area, where it will continue its pilot program in 2009.
Talisman will continue to pilot and prepare its Quebec landholdings for a 2010 drilling program. The
Company will also complete its drilling program in West Texas, which was part of the Hallwood
transaction entered into in 2008.
T
