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AN26: Talisman Energy Inc.: Talisman Energy announces financial settlement on Yme project



  AN26: Talisman Energy Inc.: Talisman Energy announces financial settlement
  on Yme project

UK Regulatory Announcement

CALGARY, ALBERTA

        Talisman Energy announces financial settlement on Yme project

CALGARY, Alberta, March 12, 2013 - Talisman Energy Norge AS (Talisman),
(TSX:TLM) (NYSE:TLM)  on behalf of its joint venture partners, has reached an
agreement with SBM Offshore to terminate the YME MOPUstor^TM project,
including scrapping the existing above- surface structure, and ending all
joint activity for an agreed cost.

"This is a good settlement for Talisman, the Yme partners and Norway," said
Paul Warwick, Executive Vice-President, Europe-Atlantic. "This arrangement
should allow the partners to move forward to examine options for the Yme
field, without incurring significant additional costs related to the existing
topsides. Recent analysis has concluded that a new topsides solution is needed
in order to develop the Yme field. Our first priority will be to remove the
existing platform, safely and expeditiously."

Following an extended period of operational and execution delays, the decision
has been taken to have Talisman remove the MOPU (Mobile Offshore Production
Unit), which will subsequently be scrapped by SBM Offshore, the unit’s owner.
Ownership of the in situ subsea structure will be transferred from SBM
Offshore to the Yme license holders, as they assess alternative development
concepts for the field.

Subject to an upfront settlement payment of US$470 million made by SBM
Offshore, Talisman will complete the work necessary to ensure safe re-manning
and will then remove the MOPU from the Yme field. SBM Offshore will manage the
transportation and ultimate scrapping of the facility.

All parties will terminate the existing agreements and arbitration procedures
with respect to the Yme project.

Talisman Energy Inc. is a global upstream oil and gas company, headquartered
in Canada. Talisman has two core operating areas: the Americas (North America
and Colombia) and Asia-Pacific. Talisman is committed to conducting business
safely, in a socially and environmentally responsible manner, and is included
in the Dow Jones Sustainability (North America) Index. Talisman is listed on
the Toronto and New York stock exchanges under the symbol TLM. Please visit
our website at (www.talisman-energy.com)

For further information, please contact:

Media and General Inquiries:                  Shareholder and Investor
                                              Inquiries:
                                                                              
Phoebe Buckland                               Lyle McLeod
Manager, External                             Vice-President, Investor
Communications                                Relations
Phone: 403-237-1657 Fax:                      Phone: 403-767-5732 Fax:
403-237-1210                                  403-237-1902
Email: tlm@talisman-energy.com                Email: tlm@talisman-energy.com

05-13

Advisories

This news release contains information that constitutes "forward-looking
information" or "forward-looking statements" (collectively "FLI") within the
meaning of applicable securities legislation. This FLI includes, among others,
statements regarding: business priorities and plans; expected settlement
payment; expected completion of the work necessary to ensure the safe
remanning and removal of the MOPU; expected scrapping of the existing
platform; and other expectations, beliefs, plans, goals, objectives,
assumptions, information and statements about possible future events. The
factors or assumptions on which the FLI is based include assumptions inherent
in current guidance and other risks and uncertainties described in the filings
made by the Company with securities regulatory authorities. The Company
believes the material factors, expectations and assumptions reflected in the
FLI are reasonable but no assurance can be given that they will prove to be
correct. Undue reliance should not be placed on FLI. FLI is based on current
expectations, estimates and projections that involve a number of risks which
could cause actual results to vary and in some instances to differ materially
from those anticipated by Talisman and described in this news release. The
material risk factors include, but are not limited to: risks associated with
project management, project delays and/or cost overruns; the uncertainty of
estimates and projections relating to production, costs and expenses,
including decommissioning liabilities; risks related to strategic and capital
allocation decisions; changes in general economic and business conditions; and
the possibility that government policies, regulations or laws may change or
governmental approvals may be delayed or withheld. The foregoing list of risk
factors is not exhaustive. Additional information on these and other factors
are included in Talisman’s most recent AIF. In addition, information is
available in the Company’s other reports on file with Canadian securities
regulatory authorities and the US SEC. FLI is based on the estimates and
opinions of the Company’s management at the time the information is presented.
The Company assumes no obligation to update FLI should circumstances or
management’s estimates or opinions change, except as required by law.

Talisman Energy Norge AS (TENAS) is a subsidiary of Talisman Energy Inc.
Unless the context indicates otherwise, references to "Talisman" include the
direct or indirect subsidiaries of Talisman Energy Inc. Such use of "Talisman"
to refer to these other legal entities does not constitute a waiver by
Talisman Energy Inc. or TENAS of their separate legal status, for any purpose.

Contact:

Talisman Energy Inc.
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