AN26: Talisman Energy Inc.: Talisman Energy Inc. Completes C$1.5 Billion
UK Regulatory Announcement
TALISMAN ENERGY INC. COMPLETES C$1.5 BILLION MONTNEY TRANSACTION
CALGARY, ALBERTA – (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.
For further information, please contact:
Media and General Inquiries: Shareholder and Investor Inquiries:
Simon Scott Lyle McLeod
Head of Corporate and Investor Vice-President, Investor Relations
Phone: 403-693-8493 Phone: 403-767-5732
Email: email@example.com Email: firstname.lastname@example.org
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
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.
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