By OGJ editors
HOUSTON, Nov. 30 -- Talisman Energy Inc. agreed to sell some of its noncore oil sand assets in two deals worth a total of $582.5 million (Can.).
Talisman plans to sell its 1.25% interest in Syncrude to Canadian Oil Sands Ltd. for $475 million in a cash and equity deal.
Closing is conditional upon clarification of the transaction's tax status for Canadian Oil Sands under Canada's new trust taxation rules.
Talisman said its share of Syncrude production has averaged 3,400 b/d so far this year.
In the second deal, Talisman sold its royalty on Suncor Energy Inc.'s undeveloped Lease 23, west of Suncor's Steepbank mining operations, to Suncor for $107.5 million.
Talisman said it's still in negotiations to realize value from its remaining oil sands leases.
