Talisman Energy Announces $1.5 Billion All Cash Sale for Portion of Montney Position

Talisman Energy Announces $1.5 Billion All Cash Sale for Portion of Montney 
CALGARY, ALBERTA -- (Marketwired) -- 11/08/13 -- Talisman Energy Inc.
(Talisman) (TSX:TLM)(NYSE:TLM) announced that it has reached an
agreement to sell part of its Montney acreage in northeast British
Columbia to Progress Energy Canada Ltd. for a total cash
consideration of CDN$1.5 billion.  
The transaction represents the sale of approximately: 

--  75% (approx. 127,000 net acres) of Talisman's Montney position in the
    Farrell Creek and Cypress areas of British Columbia. 
--  65 mmcfe/d of Farrell Creek production as of Oct 1, 2013, which is
    expected to increase in the fourth quarter as we conclude the 2013
    completion program, and associated facilities. 
--  CDN$800 million of remaining third party capital carry estimated at 2013
    year end (approx. CDN$870 million at effective date October 1, 2013). 

"The sale of this long-dated position represents a strong return on
our Montney investment and brings us closer to achieving the $2-3
billion asset disposition target we set out in March this year," said
Hal Kvisle, CEO. "It is priced in line with recent major Montney
transactions, further simplifies the company, and enables us to
strengthen our focus on our Edson-Duvernay producing and development
assets. Following receipt of applicable regulatory approvals,
expected in the first quarter of 2014, we will use the proceeds to
pay down debt and strengthen our balance sheet."  
"During the five years we have held our Montney position, our
employees have worked hard to develop and operate our properties, as
well as establish strong working relationships with local government
and communities. As we progress the Montney sales process, we will
continue to operate in a safe and environmentally responsible manner,
and our employees will be treated fairly and with respect." 
Talisman retains its Groundbirch and Saturn assets including
approximately 48,000 net acres of prospective Montney land.  
Jefferies LLC and Scotiabank acted as joint advisors to Talisman.  
This news release contains information that constitutes
"forward-looking information" or "forward-looking statements"
(collectively "forward-looking information") within the meaning of 
applicable securities legislation. This forward-looking information
includes, among others, statements regarding: business strategy,
priorities and plans; planned use of proceeds; production
expectations; expecting timing of regulatory approvals; and other
expectations, beliefs, plans, goals, objectives, assumptions,
information and statements about possible future events, conditions,
results of operations or performance. 
The factors or assumptions on which the forward-looking information
is based include: assumptions inherent in current guidance; projected
capital investment levels; the flexibility of capital spending plans
and the associated sources of funding; the successful and timely
implementation of capital projects; the continuation of tax, royalty
and regulatory regimes; ability to obtain regulatory and partner
approval; commodity price and cost assumptions; and other risks and
uncertainties described in the filings made by Talisman with
securities regulatory authorities. Talisman believes the material
factors, expectations and assumptions reflected in the
forward-looking information are reasonable but no assurance can be
given that these factors, expectations and assumptions will prove to
be correct. Forward-looking information for periods past 2013 assumes
escalating commodity prices. Closing of the transaction will be
subject to receipt of all necessary regulatory approvals and
completion of definitive agreements. 
Undue reliance should not be placed on forward-looking information.
Forward-looking information 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 the
forward-looking information contained in this news release. The
material risk factors include, but are not limited to: the risks of
the oil and gas industry, such as operational risks in exploring for,
developing and producing crude oil and natural gas; risks and
uncertainties involving geology of oil and gas deposits; risks
associated with project management, project delays and/or cost
overruns; uncertainty related to securing sufficient egress and
access to markets; the uncertainty of reserves and resources
estimates, reserves life and underlying reservoir risk; the
uncertainty of estimates and projections relating to production,
costs and expenses, including decommissioning liabilities; risks
related to strategic and capital allocation decisions, including
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; fluctuations in oil and
gas prices, foreign currency exchange rates, interest rates and tax
or royalty rates; the outcome and effects of any future acquisitions
and dispositions; health, safety, security and environmental risks,
including risks related to the possibility of major accidents;
environmental regulatory and compliance risks, including with respect
to greenhouse gases and hydraulic fracturing; uncertainties as to the
availability and cost of credit and other financing and changes in
capital markets; risks in conducting foreign operations (for example,
civil, political and fiscal instability and corruption); risks
related to the attraction, retention and development of personnel;
changes in general economic and business conditions; the possibility
that government policies, regulations or laws may change or
governmental approvals may be delayed or withheld; and results of
Talisman's risk mitigation strategies, including insurance and any
hedging activities. The foregoing list of risk factors is not
exhaustive. Additional information on these and other factors which
could affect Talisman's operations or financial results or strategy
are included in Talisman's most recent Annual Information Form. In
addition, information is available in Talisman's other reports on
file with Canadian securities regulatory authorities and the United
States Securities and Exchange Commission. Forward-looking
information is based on the estimates and opinions of Talisman's
management at the time the information is presented. Talisman assumes
no obligation to update forward-looking information should
circumstances or management's estimates or opinions change, except as
required by law. 
Unless the context indicates otherwise, references in this news
release to "Talisman" includes, for reporting purposes only, the
direct or indirect subsidiaries of Talisman Energy Inc. and the
partnership interests held by Talisman Energy Inc. and its
subsidiaries. Such use of "Talisman" to refer to these other legal
entities and partnership interests does not constitute waiver by
Talisman Energy Inc. or such entities or partnerships of their
separate legal status, for any purpose. 
Unless otherwise stated, production volumes are stated on a company
interest basis prior to the deduction of royalties and similar
Talisman Energy Inc. - Media and General Inquiries
Phoebe Buckland
Manager, External Communications
403-237-1210 (FAX)
Talisman Energy Inc. - Shareholder and Investor Inquiries
Lyle McLeod, Vice-President
Investor Relations
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