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AN26: Talisman Energy Inc.: Talisman Energy Announces $1.5 Billion All Cash Sale for Portion of Montney Position

  AN26: Talisman Energy Inc.: Talisman Energy Announces $1.5 Billion All Cash
  Sale for Portion of Montney Position

UK Regulatory Announcement

CALGARY, ALBERTA

 Talisman Energy Announces $1.5 Billion All Cash Sale for Portion of Montney
                                   Position

Calgary, Alberta, November 8, 2013 – Talisman Energy Inc. (Talisman) (TSX:TLM)
(NYSE:TLM) announced that it has reached an agreement to sell part of its
Montney acreage in northeast British Columbia to Progress Energy Canada Ltd.
for a total cash consideration of CDN$1.5 billion.

The transaction represents the sale of approximately:

  *75% (~127,000 net acres) of Talisman’s Montney position in the Farrell
    Creek and Cypress areas of British Columbia.
  *65 mmcfe/d of Farrell Creek production as of Oct 1, 2013, which is
    expected to increase in the fourth quarter as we conclude the 2013
    completion program, and associated facilities.
  *CDN$800 million of remaining third party capital carry estimated at 2013
    year end (~CDN$870 million at effective date October 1, 2013).

“The sale of this long-dated position represents a strong return on our
Montney investment and brings us closer to achieving the $2-3 billion asset
disposition target we set out in March this year,” said Hal Kvisle, CEO. “It
is priced in line with recent major Montney transactions, further simplifies
the company, and enables us to strengthen our focus on our Edson-Duvernay
producing and development assets. Following receipt of applicable regulatory
approvals, expected in the first quarter of 2014, we will use the proceeds to
pay down debt and strengthen our balance sheet.”

“During the five years we have held our Montney position, our employees have
worked hard to develop and operate our properties, as well as establish strong
working relationships with local government and communities. As we progress
the Montney sales process, we will continue to operate in a safe and
environmentally responsible manner, and our employees will be treated fairly
and with respect.”

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.

Media and General Inquiries            Shareholder and Investor Inquiries
Phoebe Buckland                         Lyle McLeod, Vice-President
Manager, External Communications        Investor Relations
Phone: 403-237-1657 Fax: 403-237-1210   Phone: 403-237-1020
E-mail: tlm@talisman-energy.com         E-mail: tlm@talisman-energy.com

16-13

Advisories

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, among others, statements regarding:
business strategy, priorities and plans; planned use of proceeds; production
expectations; expecting timing of regulatory approvals; 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 forward-looking information 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 Talisman with securities regulatory authorities. Talisman believes the
material factors, expectations and assumptions reflected in the
forward-looking information are reasonable but no assurance can be given that
these factors, expectations and assumptions will prove to be correct.
Forward-looking information for periods past 2013 assumes escalating commodity
prices. Closing of the transaction will be subject to receipt of all necessary
regulatory approvals and completion of definitive agreements.

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. 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, project delays and/or cost overruns; uncertainty related to
securing sufficient egress and access to markets; the uncertainty of reserves
and resources estimates, reserves life and underlying reservoir risk; the
uncertainty of estimates and projections relating to production, costs and
expenses, including decommissioning liabilities; risks related to strategic
and capital allocation decisions, including potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures; 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, including risks related to the possibility of major
accidents; environmental regulatory and compliance risks, including with
respect to greenhouse gases and hydraulic fracturing; uncertainties as to the
availability and cost of credit and other financing and changes in capital
markets; risks in conducting foreign operations (for example, civil, political
and fiscal instability and corruption); risks related to the attraction,
retention and development of personnel; 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 Talisman’s risk mitigation strategies, including insurance and any
hedging activities. The foregoing list of risk factors is not exhaustive.
Additional information on these and other factors which could affect
Talisman's operations or financial results or strategy are included in
Talisman's most recent Annual Information Form. In addition, information is
available in Talisman'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 Talisman's management at the time the information is presented. Talisman
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change, except as required
by law.

Unless the context indicates otherwise, references in this news release to
"Talisman" includes, for reporting purposes only, the direct or indirect
subsidiaries of Talisman Energy Inc. and the partnership interests held by
Talisman Energy Inc. and its subsidiaries. Such use of "Talisman" to refer to
these other legal entities and partnership interests does not constitute
waiver by Talisman Energy Inc. or such entities or partnerships of their
separate legal status, for any purpose.

Unless otherwise stated, production volumes are stated on a company interest
basis prior to the deduction of royalties and similar payments.

Contact:

Talisman Energy Inc.
 
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