Talisman Energy Canada, a wholly owned subsidiary of Talisman
Energy Inc. has entered into a number
of agreements for the sale of non-strategic assets in Canada.
These sales are expected to generate proceeds of C$379 million,
made up of $371 million in cash, plus $8 million in land
and other strategic assets. The assets being sold are producing
approximately 7,000 boe/d, with proved reserves of 16 mmboe
as at December 31, 2005. Thirteen transactions have been
completed and it is expected that all 18 agreements will
close by July 19, 2006. All sales are subject to customary
closing adjustments and conditions, including regulatory
and third party consents. Tristone Capital Inc. acted as
exclusive financial advisors to Talisman on the sales process.
"After the acquisition of Paladin Resources we announced
that we would rationalize our North American and UK portfolios.
These assets are not strategic to Talisman and we realized
excellent value in the marketplace," said Dr. Jim Buckee,
President and Chief Executive Officer. "In total, we expect
to generate about C$830 million from the combined UK and
North American asset sales. The proceeds from these asset
sales will more than repay the remaining balance on the
Paladin acquisition bridge facility."