Talisman buys New York Appalachian interests

11/11/2002
Talisman Energy Inc., Calgary, acquired several US companies to solidify its position in the Ordovician Trenton-Black River gas play fairway in the northern Appalachian basin, where it has had an exploration joint venture since early 2001.Through its Fortuna Energy Inc. subsidiary, Talisman paid $58.6 million to acquire Fairman Drilling Co. and FDC Venture 15 LP, DuBois, Pa., East Resources Inc., Wexford, Pa., and Abarta Oil & Gas Co., Pittsburgh. The acquired interests include 23 bcf of proved gas reserves and 10 MMcfd of production. Target is 30 MMcfd in 2005. Half the purchase price will be allocated towards land, seismic, and other assets, including tax pools.Subject to certain prefer...
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