CALGARY, ALBERTA (NYSE: TLM) has entered into an agreement with
Norwegian Energy Company ASA (Noreco) to sell all of its shares in
Talisman Oil Denmark Limited for a consideration of US$83
million.
"As we move into the early phases of Talisman's new strategy, we
will focus our portfolio on our core areas," said John Manzoni,
President and Chief Executive Officer. "This sale is fully in line
with our emerging direction."
The Company's interests in the Danish sector of the North Sea
include 30% of License 6/95, which contains the producing Siri
field. Talisman's production from the Siri field for 2007 averaged
approximately 2,600 boe/d. Talisman's proved reserves were 2.1
mmboe as of December 31, 2007.
The sale, which is subject to the usual government consents, is
expected to be completed later in the year.
Talisman Energy Inc. is an independent upstream oil and gas
company headquartered in Calgary, Alberta, Canada. The Company and
its subsidiaries have operations in North America, the North Sea,
Southeast Asia, and North Africa. Talisman's subsidiaries are also
active in a number of other international areas. Talisman is
committed to conducting its business in an ethically, socially and
environmentally responsible manner. The Company is a participant in
the United Nations Global Compact and included in the Dow Jones
Sustainability (North America) Index. Talisman's shares are listed
on the Toronto Stock Exchange in Canada and the New York Stock
Exchange in the United States under the symbol TLM.
Forward-Looking Information
This press release contains information that constitutes
"forward-looking information" or "forward-looking statements"
(collectively "forward-looking information") within the meaning of
applicable securities legislation. This forward-looking information
includes, among others, statements regarding:
- business strategy and plans;
- expected sale of Talisman Oil Denmark Limited and timing;
and
- other expectations, beliefs, plans, goals, objectives,
assumptions, information and statements about possible future
events, conditions, results of operations or performance.
Often, but not always, forward-looking information uses words or
phrases such as: "expects", "does not expect" or "is expected",
"anticipates" or "does not anticipate", "plans" or "planned",
"estimates" or "estimated", "projects" or "projected", "forecasts"
or "forecasted", "believes", "intends", "likely", "possible",
"probable", "scheduled", "positioned", "goal", "objective" or
states that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Various assumptions were used in drawing the conclusions or
making the forecasts and projections contained in the
forward-looking information contained in this press release.
Information regarding oil and gas reserves, business plans for
drilling, exploration, development, and appraisal assumes that the
extraction of crude oil, natural gas and natural gas liquids
remains economic.
Undue reliance should not be placed on forward-looking
information. Forward-looking information 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 forward-looking information contained in this
press release. The material risk factors include, but are not
limited to uncertainties as to the availability and cost of
financing and changes in capital markets, the possibility that
government policies or laws may change or governmental approvals
may be delayed or withheld and the abilities of the parties to
complete the transactions generally.
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 are included in the
Company's most recent Annual Information Form and Annual Financial
Report. In addition, information is available in the Company's
other reports on file with Canadian securities regulatory
authorities and the United States Securities and Exchange
Commission (SEC).
Forward-looking information 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
forward-looking information should circumstances or management's
estimates or opinions change, except as required by law.
Reserves Data and Other Oil and Gas Information
Talisman's disclosure of reserves data and other oil and gas
information is made in reliance on an exemption granted to Talisman
by Canadian securities regulatory authorities, which permits
Talisman to provide disclosure in accordance with US disclosure
requirements. The information provided by Talisman may differ from
the corresponding information prepared in accordance with Canadian
disclosure standards under National Instrument 51-101 (NI 51-101).
Talisman's proved reserves have been calculated using the standards
contained in Regulation S-X of the SEC. US practice is to disclose
net proved reserves after deduction of estimated royalty burdens,
including net profits interests. Talisman makes additional
voluntary disclosure of gross proved reserves. Further information
on the differences between the US requirements and the NI 51-101
requirements is set forth under the heading 'Note Regarding
Reserves Data and Other Oil and Gas Information' in Talisman's
Annual Information Form. The exemption granted to Talisman also
permits it to disclose internally evaluated reserves data. Any
reserves data in this press release reflects Talisman's estimates
of its reserves. While Talisman annually obtains an independent
audit of a portion of its reserves, no independent qualified
reserves evaluator or auditor was involved in the preparation of
the reserves data disclosed in this press release.
In this press release, Talisman makes reference to proved
reserves in the Siri field. As at year end 2007, Talisman had 4,203
mmboe of proved reserves in Scandinavia. The estimates of reserves
for individual properties may not reflect the same confidence level
as estimates of reserves for all properties, due to the effects of
aggregation.
BOE Conversion
Throughout this press release, the calculation of barrels of oil
equivalent (boe) is at a conversion rate of six thousand cubic feet
(mcf) of natural gas for one barrel of oil and is based on an
energy equivalence conversion method. Boe may be misleading,
particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl is based on an energy equivalence conversion method
primarily applicable at the burner tip and does not represent a
value equivalence at the wellhead.
Gross Production
Talisman makes reference to production volumes throughout this
press release. Where not otherwise indicated, such production
volumes are stated on a gross basis, which means they are stated
prior to the deduction of royalties and similar payments. In the
US, net production volumes are reported after the deduction of
these amounts.
Contacts: Talisman Energy Inc. - Media and General Inquiries
David Mann, Senior Manager, Corporate & Investor Communications
(403) 237-1196 (403) 237-1210 (FAX) Email: tlm@talisman-energy.com
Website: www.talisman-energy.com Talisman Energy Inc. - Shareholder
and Investor Inquiries Christopher J. LeGallais, Senior Manager,
Investor Relations (403) 237-1957 (403) 237-1210 (FAX) Email:
tlm@talisman-energy.com Website: www.talisman-energy.com
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