Talisman Energy completes $1.3B Montney transaction

Talisman Energy Inc.

Talisman Energy Inc. has completed 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 $1.3 billion (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, Talisman 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.

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