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Talisman Energy replaces CEO Manzoni

Hal Kvisle, former CEO of TransCanada, assumes the role.


September 10, 2012
by CANADIAN PRESS

CALGARY — Talisman Energy Inc., one of Canada’s largest and most international oil and gas producers, says that John Manzoni has agreed to step down as president and chief executive, effective immediately.

Hal Kvisle, a former CEO of TransCanada Corp., who is already a Talisman director, is replacing him.

The Calgary-based company’s announcement didn’t give a reason for Manzoni’s departure.

Talisman has three main operating areas, in North America, the North Sea and in Southeast Asia.

“John has made a significant contribution to Talisman since he joined the company in 2007,” said Chuck Williamson, chairman of the Talisman’s board of directors.

“Since that time, Talisman successfully entered the unconventional business, establishing a substantial presence in some of the best shale plays in North America. In addition, his focus on investing in and developing core capabilities will serve Talisman well in the future. The board would like to thank John for his five years with the company and we wish him well.”

Another Canadian oil and gas company with a similar profile, Nexen Inc., has been tentatively sold for $15.1 billion to China National Offshore Oil Corp. – subject to various approvals, including from the federal government.

CNOOC’s offer was well above the market price for Nexen shares when the friendly deal was announced on July 23. Talisman shares got a boost on the same day and continued to rise in the following weeks.

Based on recent stock valuations, Talisman would have a market value of about $14.3 billion.

© 2012 The Canadian Press