Talisman Energy Announces Agreement to Sell Non-Core Coal Assets for US$500 Million
08 March 2012 - 5:50PM
Marketwired
Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) has announced an
agreement with Xstrata Coal to sell certain non-producing, non-core
coal properties located in Northeast British Columbia for US$500
million in cash.
"This is in keeping with our strategic objective to focus
Talisman's portfolio on material, core assets," said Paul Smith,
Executive Vice-President of North American Operations. "Unlocking
the value from the divestment of this coal property will provide
funds to support the objectives announced in our 2012
guidance."
The Sukunka coal property is located 60 kilometres south of
Chetwynd, along the Peace River coalfield that extends 400
kilometres across Northeastern British Columbia. The licences cover
an area of over 20,000 acres and contain an underground mineable
deposit of coking coal (all Talisman 100% working interest).
The transaction is expected to close in March 2012. BofA Merrill
Lynch has acted as advisor to Talisman for the sale process.
Talisman Energy Inc. is a global, diversified, upstream oil and
gas company, headquartered in Canada. Talisman's three main
operating areas are North America, the North Sea and Southeast
Asia. The company also has a portfolio of international exploration
opportunities. Talisman is committed to conducting business safely,
in a socially and environmentally responsible manner, and is
included in the Dow Jones Sustainability (North America) Index.
Talisman is listed on the Toronto and New York stock exchanges
under the symbol TLM. Please visit our website at
www.talisman-energy.com.
Forward-Looking Information
This news release contains information that constitutes
"forward-looking information" or "forward-looking statements"
(collectively "forward-looking information") within the meaning of
applicable securities legislation. This forward-looking information
includes statements regarding: business strategy, priorities and
plans; and the expected closing date of the transaction.
The factors or assumptions on which the forward-looking
information is based include: assumptions inherent in current
guidance; ability to obtain regulatory and partner approval; and
other risks and uncertainties described in the filings made by the
Company with securities regulatory authorities. Closing of the
transaction will be subject to receipt of all necessary regulatory
approvals and completion of closing actions.
Undue reliance should not be placed on forward-looking
information. Forward-looking information is based on current
expectations, estimates and projections that involve a number of
risks which could cause actual results to vary and in some
instances to differ materially from those anticipated by Talisman
and described in the forward-looking information contained in this
news release.
Additional information on risk factors that could affect the
Company's operations or financial results or strategy are included
in Talisman's most recent Annual Information Form. In addition,
information is available in the Company's other reports on file
with Canadian securities regulatory authorities and the United
States Securities and Exchange Commission. Forward-looking
information is based on the estimates and opinions of the Company's
management at the time the information is presented. The Company
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change, except
as required by law.
Contacts: Talisman Energy Inc. - Media and General Inquiries
David Mann, Vice-President, Corporate & Investor Communications
(403) 237-1196 (403) 237-1210 (FAX)tlm@talisman-energy.com Talisman
Energy Inc.- Shareholder and Investor Inquiries: Lyle McLeod,
Vice-President Investor Relations (403) 237-1020 (403) 237-1902
(FAX)tlm@talisman-energy.com www.talisman-energy.com
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