NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Talisman Energy Inc.
TSX SYMBOL: TLM
NYSE SYMBOL: TLM
MARCH 12, 2014
Talisman Energy Inc. Completes C$1.5 Billion Montney Transaction
CALGARY, ALBERTA--(Marketwired - March 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
"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.
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
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Talisman Energy Inc. - Media and General Inquiries
Head of Corporate and Investor Communications
Talisman Energy Inc. - Shareholder and Investor Inquiries
Vice-President, Investor Relations
INDUSTRY: Energy and Utilities - Oil and Gas
-0- Mar/12/2014 18:55 GMT
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