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Talisman Energy Announces 2013 Guidance

Page 3 of 10

Our target is to unlock $2-3 billion in value through asset sales or joint ventures over the next 12-18 months.

2013 Guidance

----------------------------------------------------------------------------                                       Production range         Capital    Region            Play                  (mboe/d)           ($ million)----------------------------------------------------------------------------Americas     Marcellus                       68-70             approx. 150             ---------------------------------------------------------------             Eagle Ford                    approx. 30          approx. 650             ---------------------------------------------------------------             Edson/Duvernay/Montney          62-64             approx. 270             ---------------------------------------------------------------             Other                           10-12             approx. 30             ---------------------------------------------------------------             Colombia                      approx. 20          approx. 250----------------------------------------------------------------------------Asia-Pacific Indonesia                       74-79             approx. 190             ---------------------------------------------------------------             Malaysia                        40-43             approx. 240             ---------------------------------------------------------------             Vietnam                       approx. 8           approx. 140             ---------------------------------------------------------------             Australia/PNG                 approx. 8           approx. 80             ---------------------------------------------------------------             Algeria                       approx. 14          approx. 25----------------------------------------------------------------------------Other        North Sea                       41-46             approx. 800             ---------------------------------------------------------------             Kurdistan                         -               approx. 70             ---------------------------------------------------------------             Other & Corp.                     -               approx. 100----------------------------------------------------------------------------                                            375-395          approx. $3,000----------------------------------------------------------------------------


The Americas - large resource base and liquids-rich opportunities

North America

Talisman is well positioned in five leading plays in North America, with over 35 tcfe (approximately 6 billion boe) of contingent resource in an area of 1.3 million net acres. We have material positions in three liquids-rich plays and upside exposure in two of the best dry gas plays in North America.

A significant portion of this resource base is located in our Canadian heritage region, which stretches from Fort St. John in northeastern British Columbia to Edson in west-central Alberta. Here, we have a large, contiguous land base, providing extensive running room. This land is supported by company-operated midstream infrastructure.

Talisman has established itself as a top-tier operator in the Marcellus shale play, with 5 tcf of contingent resource and an estimated 1,600 prospective drilling locations. The play is currently self-funded and provides material upside with an increase in North American natural gas prices.

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