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Gold/Mining/Energy : TLM.TSE Talisman Energy -- Ignore unavailable to you. Want to Upgrade?

To: Marantz who wrote (335)	6/15/1999 3:39:00 PM
From: Tomas	Read Replies (1) \| Respond to of 1713

Talisman to buy Highridge - The Financial Post, June 14 By DAVID STEINHART Talisman Energy Inc., Canada's largest independent oil and gas producer, has agreed to buy Highridge Exploration Ltd. for $90-million in stock and debt, with an eye toward expanding its Canadian holdings. In making the deal, Talisman took the role of a white knight to fend off a hostile bid by an American investor. A competitive auction process was initiated by Highridge after it received an unsolicited cash-and-debt takeover bid of $74.6-million from Samson Investment Co., a closely held U.S. oil and gas company. Highridge directors advised shareholders to reject the offer. Talisman said it will offer 0.11 share for each Highridge share, or about $62-million. The offer represents an exchange price of $4.35 per Highridge share, based on Talisman's closing price June 10. "This is more a property deal than a corporate takeover," David Mann, manager of investor relations, said yesterday. "It allows us to add more production and drilling." Highridge has built up an attractive production and land base, a substantial portion of which abuts some of Talisman's properties. The transaction is contingent upon two-thirds of Highridge shares being tendered. Highridge's board is recommending shareholders accept the offer. Talisman said it has locked up approximately 4.7 million High- ridge shares and options to ac- quire 550,000 Highridge shares representing approximately 36% of the outstanding float. "This is a friendly deal," Jim Buckee, Talisman's president and chief executive, said in a statement. "It means we can offer Highridge shareholders a fair price and add value." Calgary-based Highridge has 44.6 billion cubic feet of proven natural-gas reserves, 3.6 million barrels of oil and natural-gas liquid reserves and 127,284 acres of exploration property in central Alberta. Talisman has operations in Canada, the North Sea, Indonesia and Sudan. The acquisition is expected to be completed by mid-July. In May, Mr. Buckee came under attack at Talisman's annual meeting for its involvement in a troubled oil project in Sudan. The company was put through the wringer by church groups and Sudanese refugees for acquiring a 25% interest in Sudan's Greater Nile Oil Project last October through the acquisition of Arakis Energy Corp., which couldn't afford to develop it. The project is expected to be completed this summer and will produce 150,000 barrels a day of oil. canoe.ca

To: Marantz who wrote (335)	6/19/1999 5:29:00 AM
From: Edward M. Zettlemoyer	Read Replies (1) \| Respond to of 1713

Marantz, <Buckee said he is optimistic that Talisman's share of oil production from the Sudan project, which is slated to begin in September, could reach 200,000 barrels a day within the next two to three years.> TLM's share 200,000 Bopd !!!, and that's only 25% of the consortium, 28" pipeline with 150,000 Bopd capacity, can be enhanced to 250,000 (? corrections welcomed), anyways, point is looks like the pipeline will have to be doubled-up to handle all that capacity. Talk about things getting interesting, that's about an 80% production increase in 2-3 years. Ed