Talisman Energy Inc. Completes C$1.5 Billion Montney Transaction
13 March 2014 - 5:54AM
Marketwired
Talisman Energy Inc. Completes C$1.5 Billion Montney Transaction
CALGARY, ALBERTA--(Marketwired - Mar 12, 2014) - Talisman Energy
Inc. (Talisman) (TSX:TLM) (NYSE:TLM) today announced the completion
of the sale of approximately 127,000 net acres of its Montney
position in northeast British Columbia to Progress Energy Canada
Ltd. for a total cash consideration of C$1.5 billion.
"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. "During the next 18 months, we
will continue to focus our portfolio and aim to divest a further $2
billion of long dated, capital intensive assets. We will use
proceeds from dispositions to maintain a strong balance sheet."
Talisman retains its Groundbirch and Saturn assets, including
approximately 48,000 net acres of prospective Montney land.
Jefferies LLC and Scotiabank acted as joint advisors to
Talisman.
Talisman Energy Inc. is a global upstream oil and gas company,
headquartered in Canada. Talisman has two core operating areas: the
Americas (North America and Colombia) and Asia-Pacific. 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.
Advisories
This news release contains information that constitutes
"forward-looking information" or "forward-looking statements"
(collectively "FLI") within the meaning of applicable securities
legislation. This FLI includes, among others, statements regarding:
business strategy, priorities and plans; targeted divestitures,
value of divestitures and timing of divestitures and use of
proceeds; and other expectations, beliefs, plans, goals,
objectives, assumptions, information and statements about possible
future events, conditions, results of operations or performance.
The factors or assumptions on which the FLI is based include:
assumptions inherent in current guidance; projected capital
investment levels; the flexibility of capital spending plans and
the associated sources of funding; the successful and timely
implementation of capital projects; the continuation of tax,
royalty and regulatory regimes; ability to obtain regulatory and
partner approval; commodity price and cost assumptions; and other
risks and uncertainties described in the filings made by the
Company with securities regulatory authorities. The Company
believes the material factors, expectations and assumptions
reflected in the FLI are reasonable but no assurance can be given
that these factors, expectations and assumptions will prove to be
correct. Undue reliance should not be placed on FLI. FLI 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 FLI contained in this news
release.
The material risk factors include, but are not limited to: the
risks of the oil and gas industry, such as operational risks in
exploring for, developing and producing crude oil and natural gas;
risks and uncertainties involving geology of oil and gas deposits;
risks associated with project management; the uncertainty of
reserves and resources estimates; the uncertainty of estimates and
projections relating to production, costs and expenses, including
decommissioning liabilities; risks related to strategic and capital
allocation decisions; fluctuations in oil and gas prices, foreign
currency exchange rates, interest rates and tax or royalty rates;
the outcome and effects of any future acquisitions and
dispositions; health, safety, security and environmental risks;
environmental regulatory and compliance risks; uncertainties as to
access to capital and changes in capital markets; changes in
general economic and business conditions; the possibility that
government policies, regulations or laws may change or governmental
approvals may be delayed or withheld; and results of the Company's
risk mitigation strategies. The foregoing list of risk factors is
not exhaustive. Additional information on these and other factors
which could affect the Company's operations or financial results or
strategy are included in Talisman's most recent AIF. In addition,
information is available in the Company's other reports on file
with Canadian securities regulatory authorities and the SEC. FLI 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 FLI should circumstances or management's
estimates or opinions change, except as required by law.
Talisman Energy Inc. - Media and General InquiriesSimon
ScottHead of Corporate and Investor
Communications403-693-8493tlm@talisman-energy.comTalisman Energy
Inc. - Shareholder and Investor InquiriesLyle McLeodVice-President,
Investor
Relations403-767-5732tlm@talisman-energy.comwww.talisman-energy.com
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