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Senior oil and gas producer Talisman Energy Inc. became the first Canadian oil patch company to surrender to the global oil price crash Tuesday, when it announced its sale to Spain’s Repsol SA for US$8.3 billion in cash after a long campaign to re-focus its global business.

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When Hal Kvisle came out of retirement to lead Talisman Energy Inc. as president and CEO in September 2012, it was only supposed to last “for six months.”

Despite his intention to re-retire at the end of this month, Mr. Kvisle will stay on the job a little longer, he said Tuesday, after his company’s much-rumoured deal with Spanish energy company Repsol S.A. was finally done. Read more

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There will be more.

With share prices at garage-sale levels, the whole Canadian energy sector is vulnerable to being picked on by anyone with a war chest, expectations of an oil price recovery or better ideas on how to create value.