Talisman Energy Appoints Two New Directors
December 02 2013 - 8:01AM
Marketwired
Talisman Energy Appoints Two New Directors
CALGARY, ALBERTA--(Marketwired - Dec 2, 2013) - Talisman Energy
Inc. (Talisman) (TSX:TLM) (NYSE:TLM) today announced that the
company has entered into an agreement with Carl C. Icahn and his
affiliates. As part of this agreement, Samuel Merksamer and
Jonathan Christodoro will join the Company's Board of Directors in
December 2013.
"I would like to welcome Samuel and Jonathan to our Board and
look forward to their contributions as we continue to focus on our
four strategic priorities and deliver sustainable shareholder
value," said Chuck Williamson, Chairman of the Talisman Energy
Board.
"In 2013, we cut capital spending and directed our efforts to
growing high value, near-term production. We unlocked net asset
value with approximately $1.5 billion in assets sales announced
year-to-date, with more to come. We've improved our operational
performance and reduced costs, including a projected 20% reduction
in our year-end G&A run rate. We've made steady progress
towards becoming a more focused and profitable company, and this
momentum will continue through next year."
"I strongly believe in the potential of Talisman and I'm pleased
to have reached this constructive outcome," said Carl C. Icahn,
Chairman of Icahn Enterprises L.P. "We look forward to working with
the Board of Directors and management with a common objective of
creating sustainable value for all shareholders. Our record shows
that our involvement on boards has created meaningful value for all
shareholders. We hope and believe this will continue with
Talisman."
The appointments of Merksamer and Christodoro further contribute
to ongoing Board renewal at Talisman. Over the past 12 months,
Talisman has appointed Brian Levitt, Tom Ebbern and Henry Sykes,
bringing extensive experience in oil and gas, capital markets and
governance to the Board. In addition, Kevin Dunne, a current
Talisman director, is coming to the end of his term on the Board
and will be retiring resulting in a 14-person Board. We thank Kevin
for his contributions during his 11 years with the Board.
As previously announced, Talisman's President and CEO, Hal
Kvisle intends to step down at an appropriate time in 2014 and the
succession process is underway.
Merksamer and Christodoro are Managing Directors of Icahn
Capital L.P., a subsidiary of Icahn Enterprises L.P. (Nasdaq: IEP),
which together with its affiliates beneficially owns approximately
7% of the Talisman common shares outstanding. Related to these
appointments, certain standstill restrictions will remain in effect
until the later of the conclusion of the 2014 annual meeting or the
date both of the Icahn nominees cease to be members of the Board.
One of the new directors will sit on Talisman's CEO succession
committee. In addition, Mr. Icahn has agreed that he will vote the
shares he controls in support of Talisman's slate of director
nominees at the Company's 2014 annual meeting of shareholders.
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.
Advisories
This news 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,
priorities and plans and other expectations, beliefs, plans, goals,
objectives, assumptions, information and statements about possible
future events or performance. The factors or assumptions on which
the forward-looking information 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; ability to obtain regulatory and partner
approval; commodity price and cost assumptions; and other risks and
uncertainties described in the filings made by Talisman with
securities regulatory authorities. Talisman believes the material
factors, expectations and assumptions reflected in the
forward-looking information 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
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 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 associated with project management, project delays and/or
cost overruns; risks related to strategic and capital allocation
decisions, including potential delays or changes in plans with
respect to exploration or development projects or capital
expenditures; the outcome and effects of any future acquisitions
and dispositions; uncertainties as to the availability and cost of
credit and other financing and changes in capital markets; risks in
conducting foreign operations (for example, civil, political and
fiscal instability and corruption); risks related to the
attraction, retention and development of personnel; 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 Talisman's
risk mitigation strategies, including insurance and any hedging
activities. The foregoing list of risk factors is not exhaustive.
Additional information on these and other factors which could
affect Talisman's operations or financial results or strategy are
included in Talisman's most recent Annual Information Form. In
addition, information is available in Talisman's other reports on
file with Canadian securities regulatory authorities and the United
States Securities and Exchange Commission. Forward-looking
information is based on the estimates and opinions of Talisman's
management at the time the information is presented. Talisman
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change, except
as required by law.
Talisman Energy Inc. - Media and General InquiriesBrent
AndersonManager, External
Communications403-237-1912tlm@talisman-energy.comTalisman Energy
Inc. - Shareholder and Investor InquiriesLyle McLeod,
Vice-PresidentInvestor
Relations403-237-1020tlm@talisman-energy.comwww.talisman-energy.com