Talisman Energy increases gas acreage

CALGARY, Alberta, Nov. 3 (UPI) -- Canadian giant Talisman Energy Inc. announced a substantial increase in its acreage in the Montney and Pennsylvania Marcellus shale gas plays.

Talisman lauded the increase in the landholding of the two natural gas plays as part of a move to increase its programs in North America.

The company said it added 170,000 net acres through a series of asset swaps for $530.6 million.

From the Marcellus gas play in Pennsylvania, Talisman said it was producing more than 50 million cubic feet per day with plans to boost that to 70 million cubic feet by the end of the year from its current holdings of 214,000 net acres.

The Montney gas reserves in British Columbia and Alberta are expected to yield 50 million cubic feet per day by the end of the year from its 270,000 net acres.

"We have demonstrated considerable success in accelerating our shale gas growth strategy over a relatively short period of time," said Paul Smith, executive vice president of North American operations. "This has given us the confidence to accelerate our programs in the Marcellus and Montney shales."