CALGARY – Talisman Energy Inc. (TSX:TLM) has posted a more than $200- million loss in the first quarter as revenue was cut almost in half amid lower production and prices.

The Calgary-based oil and gas company said its net loss in the period was US$213 million or 21 cents per share, reversing a year-earlier profit of US$291 million or 28 cents per share.

Revenue fell about 45 per cent to just under $1.1 billion from $1.97 billion in the same 2012 quarter.

Production averaged 372,000 barrels of oil equivalent per day, down five per cent from the previous quarter and 19 per cent year over year.

Lower production volumes in the quarter were essentially the result of the sale by Talisman of its 49 per cent equity interest in its U.K. North Sea business in December to Sinopec for $1.5 billion.

Natural gas volumes in North America were lower relative to the fourth quarter by some 8,000 boe/d, reflecting “limited capital spending in the current price environment.”

However, these declines were largely offset by growth in Southeast Asia and Norway liquids. it said.