Canadian oil company Talisman has decided to sell all its unwanted business in Canada’s budding young oil province Saskatchewan and instead pocket $720 million.

Talisman and U.S. affiliate Fortuna have penned a deal with Crescent Point Resources and Tristar Oil & Gas Partnership for the Canadian parent company’s holdings in southeast Saskatchewan and Daniels County, Montana.

The Canuck company’s chief exec John Manzoni said the majority of Talisman spending and effort in North America in future will target unconventional natural gas plays, understood to mean shale gas.

The sale includes 8,500 barresl of oil equivalent production plus infrastructure. Reserves include 20.1 MMboe plus 34.1 MMboe of unproved reserves.

Saskatchewan, meanwhile, is booming on a royalty regime less stringent than in traditional oil province, Alberta. Behind a min-rush to oil are reports of billions of barrels of conventional oil in the Bakken formation.

Tags: Crescent Point Resources, Talisman Energy