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Talisman Energy president and CEO Hal Kvisle. Image courtesy of YourAlberta/Youtube.

Talisman Energy confirmed Tuesday it has been approached by a number of companies, including Spain’s Repsol, about “various transactions.”

Alberta-based Talisman said there is no assurance the talks will result in any transactions and it does not intended to provide details on any of the offers.

Repsol is reportedly looking to acquire assets in North America and may be discussing a purchase of the entire company, Bloomberg said.

Talisman’s plummeting valuation, down 60 percent to $3.9 billion since August, could complicate negotiations.

Repsol attempted to buy Talisman in July but backed out after conducting due diligence.

Weak oil prices, falling North Sea output and concern over debt levels have sent Talisman shares down from $11.85 to $3.74 per share in the last year.

Armed with a $10 billion war chest, Repsol may be looking to take advantage of Talisman’s financial woes and bolster its North American shale presence, particularly in the Marcellus and Eagle Ford plays.

Last month, Talisman warned that problems with its North Sea assets could force the company to take an unspecified amount in write downs during the fourth quarter.

Repsol has not commented on in its talks with Talisman.