Talisman

Whiting Petroleum Corp. has agreed to sell mostly nonoperated Bakken Shale assets to a subsidiary of upstart producer RimRock Oil and Gas Inc. for $500 million.

Talisman Energy USA Inc. is being sued by oil and natural gas royalty owners with interests in the Eagle Ford Shale for allegedly manipulating production volumes by as much as 20-30%.

Repsol SA is buying Talisman Energy Inc. for $8.3 billion — $13 billion including debt — handing the Spanish-based operator a global portfolio that includes substantial North American unconventional targets in Canada, as well as the Eagle Ford and Marcellus shales.

Spain’s Repsol SA, which has been prowling for assets for the past three years to boost its flagging oil and gas reserves, on Tuesday agreed to buy Calgary’s Talisman Energy Inc., boosting output by 76% and establishing the operator as one of the top 15 producers in the world.

Calgary-based Talisman Energy Inc. confirmed Monday that it was in talks with Spain’s Repsol SA regarding a potential corporate merger. Another potential suitor also confirmed that it was considering a bid, which could be for more than $5 billion, sources said.

Talisman Energy Inc., one of the biggest natural gas operators in North America, plans to focus capital this year on liquids plays after recording a $1 billion loss in 4Q2013 on cost-intensive operations. More than $2 billion in assets were sold in 2013, and $2 billion more are to be marketed over the next 12-18 months.

Talisman Energy Inc.has appointed Icahn Capital LP managing directors Samuel Merksamer and Jonathan Christodoro to its board, two months after shareholder activist Carl Icahn bought close to 6% of the stock (see Daily GPI, Oct. 9). Related to the appointments, Talisman said some standstill restrictions would remain in effect until the 2014 annual meeting or when the Icahn nominees are no longer on the board. One of the new directors is to sit on the CEO succession committee; interim chief Hal Kvisle plans to step down (seeDaily GPI, Nov. 8). In addition, Icahn has agreed to vote the shares he controls in support of Talisman’s slate of director nominees at the annual meeting.

The billionaire activist’s investment in the Calgary operator likely will lead to some changes, if history is a guide.

Poland’s technically recoverable shale gas resources are much lower than projections made last year by the U.S. Energy Information Administration (EIA), according to a report issued Wednesday.