Talisman Energy Inc. has put oil and gas properties worth up to C$1 billion ($880 million) on the auction block as part of plans to jettison assets it no longer considers central to its business, it said on Monday.

Talisman, Canada’s No. 3 independent oil explorer, said the western Canadian assets produce about 17,000 barrels of oil equivalent a day.

Natural gas accounts for about 60 percent of the output and crude oil and gas liquids make up the remainder. They are mostly non-operated interests.

The properties, in the greater Lloydminster, central Alberta, Pembina-Brazeau, Wapiti-North Deep Basin and Cranberry-Chinchaga areas, are the latest of several packages of assets the company has earmarked for sale.

Using values per producing barrel of oil equivalent from recent Canadian asset sales, the Talisman properties could fetch C$800 million to C$1 billion.

However, non-operated stakes, which leave the owner with less control over development plans, normally fetch less than operated ones, said Kyle Preston, analyst with Salman Partners Inc.

Talisman has said it plans to use proceeds from all its asset sales to buy back stock.

Last month, the company said it was selling interests in the Brae area of the North Sea that produce more than 19,250 barrels a day, as well as its small stake in the Syncrude Canada oil sands development and undeveloped oil sands leases.

Chief Executive Jim Buckee said last summer he expected proceeds of about C$1 billion from asset sales, although analysts have said the oil sands interests alone would generate more than that.

“You sum up all these asset sales it probably will be over C$1 billion,” said Preston, who rates Talisman a “buy” and has a C$24 one-year target price on the stock.

It closed up 53 Canadian cents, or nearly 3 percent, at C$18.98 on the Toronto Stock Exchange on Monday.

The company hired Tristone Capital to handle the sale of the newest package of properties.

Talisman expects the sale to be completed in the second quarter of 2007.