Talisman Energy Slips To Loss In Q1 - Quick Facts

(RTTNews) - Talisman Energy Inc. (TLM, TLM.TO) reported that its net loss for the first quarter of 2015 was $439 million, compared to net income of $491 million in the first quarter of 2014. The prior year result included gain on sale of Montney acreage in Canada. On a per share basis, net loss was $0.43 compared to net income of $0.47 in the prior year.

Earnings from operations declined to $43 million from $79 million in the previous year.

Production from ongoing operations averaged 360,000 boe/d in the first quarter, down 1% from the previous quarter, but up 2% from the first quarter of 2014. Liquids production was 137,000 bbl/d, down 2% from the previous quarter.

On December 15, 2014, Talisman announced that it had entered into an arrangement agreement with Repsol S.A. under which Repsol will acquire all of the outstanding common shares of Talisman for US $8.00 per share in cash.

On February 18, 2015, holders of Talisman's common shares and preferred shares approved the proposed arrangement at the special meeting of shareholders. Of the votes cast, over 99% of the shares of each class of shares were voted in favour of the arrangement.

On April 30, 2015, Talisman announced that the completion of the acquisition of Talisman by Repsol S.A. is scheduled to occur on May 8, 2015. Regulatory approvals required under the arrangement agreement with Repsol have been obtained. The completion of the transaction remains subject to the satisfaction of customary closing deliverables.