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.