http://cnrp.ccnmatthews.com/client/talisman_energy/release.jsp?actionFor=1258580&year=2010&releaseSeq=0&disclaimer=1

Most relevant parts is probably:

"The strategy is robust to volatile natural gas prices in North America. Approximately 60% of the company's production is linked to oil prices. Talisman's shale developments are economic in a US$4/mcf environment, with relatively low lease retention requirements. Approximately half of Talisman's 2010 North American natural gas production is hedged at a floor of $6/mcf."

"In North America, the company is transforming its business from conventional operations towards becoming a leading, returns focused shale gas producer."

"The company operates four shale plays in North America with interests in 1.8 million net acres of land. Within these core areas, lease retention commitments are relatively low, which provides the company with significant flexibility to adjust drilling programs."

"In the Montney shale, Talisman also has 10 years worth of drilling opportunities and is successfully developing the Farrell Creek area and de-risking the Greater Cypress area. The company recently announced encouraging results from its first horizontal pilot test in Quebec, where it holds interests in approximately 760,000 net acres."

"Shale gas is expected to grow from 3% of Talisman's North American production in 2009 to 25% in 2010, and approximately 50% in 2011."

While Marcellus obviously play a decent part of the latter statement, we are talking really big jumps here. And QEC do plan to build a pipe this winter...

By the way, this only emphasize the importance of a higher gas price in the future (and now for that matter):

"Talisman expects to spend approximately $1.0 billion on gas-focused shale activities in North America in 2011, down from $1.6 billion in 2010. This is dependent on natural gas prices and will be reviewed later in 2010[.]"

"The company has significant flexibility in its shale gas investments due to relatively low lease retention requirements. If the low natural gas price environment persists, Talisman anticipates adjusting its gas directed shale spending in North America down by one-third next year. Based on this scenario, indicative capital spending for 2011 has been set at $4 billion, which will drive the outlined production growth of 5-10%.".

While a slower pace doesnt hurt the longterm SP, it would hurt the shortterm. And I dont mind both parties making money :)

Looking forward to the webcast for more information.