AN26: Talisman Energy Inc.: Talisman Energy Appoints Two New Directors

  AN26: Talisman Energy Inc.: Talisman Energy Appoints Two New Directors

UK Regulatory Announcement

CALGARY, ALBERTA

TALISMAN ENERGY APPOINTS TWO NEW DIRECTORS

Calgary, Alberta, December 2, 2013 – Talisman Energy Inc. (Talisman) (TSX:TLM)
(NYSE:TLM) today announced that the company has entered into an agreement with
Carl C. Icahn and his affiliates. As part of this agreement, Samuel Merksamer
and Jonathan Christodoro will join the Company’s Board of Directors in
December 2013.

“I would like to welcome Samuel and Jonathan to our Board and look forward to
their contributions as we continue to focus on our four strategic priorities
and deliver sustainable shareholder value,” said Chuck Williamson, Chairman of
the Talisman Energy Board.

“In 2013, we cut capital spending and directed our efforts to growing high
value, near-term production. We unlocked net asset value with approximately
$1.5 billion in assets sales announced year-to-date, with more to come. We’ve
improved our operational performance and reduced costs, including a projected
20% reduction in our year-end G&A run rate. We’ve made steady progress towards
becoming a more focused and profitable company, and this momentum will
continue through next year.”

“I strongly believe in the potential of Talisman and I’m pleased to have
reached this constructive outcome,” said Carl C. Icahn, Chairman of Icahn
Enterprises L.P. “We look forward to working with the Board of Directors and
management with a common objective of creating sustainable value for all
shareholders. Our record shows that our involvement on boards has created
meaningful value for all shareholders. We hope and believe this will continue
with Talisman.”

The appointments of Merksamer and Christodoro further contribute to ongoing
Board renewal at Talisman. Over the past 12 months, Talisman has appointed
Brian Levitt, Tom Ebbern and Henry Sykes, bringing extensive experience in oil
and gas, capital markets and governance to the Board. In addition, Kevin
Dunne, a current Talisman director, is coming to the end of his term on the
Board and will be retiring resulting in a 14-person Board. We thank Kevin for
his contributions during his 11 years with the Board.

As previously announced, Talisman’s President and CEO, Hal Kvisle intends to
step down at an appropriate time in 2014 and the succession process is
underway.

Merksamer and Christodoro are Managing Directors of Icahn Capital L.P., a
subsidiary of Icahn Enterprises L.P. (Nasdaq: IEP), which together with its
affiliates beneficially owns approximately 7% of the Talisman common shares
outstanding. Related to these appointments, certain standstill restrictions
will remain in effect until the later of the conclusion of the 2014 annual
meeting or the date both of the Icahn nominees cease to be members of the
Board. One of the new directors will sit on Talisman’s CEO succession
committee. In addition, Mr. Icahn has agreed that he will vote the shares he
controls in support of Talisman’s slate of director nominees at the Company’s
2014 annual meeting of shareholders.

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.

Advisories

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 and other expectations, beliefs,
plans, goals, objectives, assumptions, information and statements about
possible future events 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; 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. 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 associated with project management, project delays and/or
cost overruns; 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; the outcome and effects of any
future acquisitions and dispositions; 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.

Media and General Inquiries       Shareholder and Investor Inquiries
Brent Anderson                     Lyle McLeod, Vice-President
Manager, External Communications   Investor Relations
Phone: 403-237-1912                Phone: 403-237-1020
E-mail: tlm@talisman-energy.com    E-mail: tlm@talisman-energy.com

17.13

Contact:

Talisman Energy Inc.
 
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