Talisman Energy Inc. (TLM.TO) sold 127,000 net Montney acres to Progress Energy Canada Ltd. for CA$1.5 billion, the company said March 12.

"We announced this transaction in November 2013, and its closure, coupled with other previously announced deals, means we have achieved over $2 billion in dispositions within 12 months," said Hal Kvisle, president and CEO.

Kvisle noted that CA$2 billion more, of “long dated, capital-intensive assets” would be divested, and that proceeds would help “maintain a strong balance sheet.”

Talisman kept its Groundbirch and Saturn assets, including about 48,000 net acres of prospective Montney land, the company said.

Jefferies LLC and Scotiabank (TO: BNS.TO) were its joint advisors, the company said.

Talisman Energy is a global upstream oil and natural gas company based in Calgary.

Progress Energy Ltd., also based in Calgary, is a natural gas weighted E&P company.