Talisman Energy Inc.
(Talisman) 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. 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.
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