(The following statement from Talisman Energy was received by e-mail and was reformatted. The sender verified the statement.) Talisman Energy Organization Changes Media Statement Calgary, Alberta, February 19, 2013 - After thoughtful analysis, Talisman Energy has reorganized and streamlined its Canadian operations; this has resulted in the layoff of 90 employees in its Calgary office. This is largely due to low North American natural gas prices, which have resulted in Talisman significantly reducing spending on dry gas plays. The company continues to employ about 1,500 staff in Canada, 1,200 of them in Calgary. In the fourth quarter of 2012, Talisman's Canadian production was approximately 81,000 boe/d. In October 2012, Talisman Energy announced a shift in strategic direction. The company's overriding objective is to improve shareholder returns by improving cash margins on the barrels it produces, more careful allocation of capital and better execution within a focused portfolio. A key part of this is to reduce the company's costs, improve its operations, and deliver better results. Talisman's Senior Vice-President, Canada, John Rossall said, "These are difficult decisions, and we appreciate the contributions our colleagues have made. Talisman's focus now is investing in the liquids-rich part of our portfolio and maintaining a competitive cost structure relative to our Canadian peers." For questions, please contact: Phoebe Buckland External Communications (403) 237-1657 firstname.lastname@example.org Berta Gomez Media Relations Advisor (403) 767-5715 email@example.com (kgt)NY
TALISMAN CUTS 90 JOBS IN CALGARY OFFICE, CITES LOW GAS PRICES
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