AN26: Talisman Energy Inc.: Press Release - Talisman Energy and Ecopetrol Declare Commerciality of the Akacia Field in Colombia

  AN26: Talisman Energy Inc.: Press Release - Talisman Energy and Ecopetrol
  Declare Commerciality of the Akacia Field in Colombia

UK Regulatory Announcement


Talisman Energy and Ecopetrol Declare Commerciality of the Akacías Field in

Calgary, Alberta, December 9, 2013 – Talisman Energy Inc. (Talisman) (TSX:
TLM) (NYSE:TLM) and Ecopetrol (ECP) (NYSE:EC) (TSX: ECP) (BVC:ECOPETROL) today
announced an important milestone towards developing the Akacías field in Block
CPO-9 in Colombia in the Department of Meta.

The co-venturers are in the process of completing a successful nine-well
appraisal program following the Akacías discovery in 2010, and are now ready
to move forward with field development. A Declaration of Commerciality has
been submitted to the regulator and a conceptual field development plan will
be filed within the next 90 days.

In making the Declaration of Commerciality, the two companies announce the

  *Eight successful appraisal wells have been drilled in 2013 in the Akacías
    field, with one additional well currently drilling.
  *Current production of 7–9 API oil from three wells on long-term test is
    5,300 bopd, which will ramp up as the remaining wells are put on long-term
  *To date, 1.5 million barrels of oil have been produced from the Akacías-1
    discovery well, which commenced long-term test in May 2011 with average
    production in excess of 2,000 bopd.
  *Transportation of the oil to market is occurring via the capacity the two
    companies have in the San Fernando and Ocensa pipeline systems.
  *The original oil in place mapped with the currently producing wells is 1.3
    billion barrels. Assuming a 10% recovery factor, a 2C contingent resource
    of 130 million barrels of oil is indicated.
  *Structurally deeper wells drilled but yet to be placed on long-term test
    indicate greater oil in place; recoverability is yet to be determined.

Upon receipt of the required environmental licence, additional appraisal and
development drilling will commence to determine the full extent of the Akacías
field. All activity in Akacías and Block CPO-9 will continue to be conducted
in a safe, environmentally and socially acceptable manner.

“We are pleased to be working with Ecopetrol as our partner and operator of
Block CPO-9 on the important Akacías oil discovery, and are encouraged by the
results to date,” said Hal Kvisle, President and CEO of Talisman. “We will now
move forward to agree on a development plan and obtain the necessary
environmental permits. This milestone reflects a material step towards
realizing the potential of our Colombian business and will bring significant
benefits to Colombia.”

“Akacías constitutes one of the major exploration achievements in recent years
in Colombia, and clearly shows the heavy crude potential in the Llanos area,
the target of Ecopetrol’s exploration campaign to reach its goals of producing
one million barrels of clean oil equivalent in 2015 and 1.3 million barrels of
oil equivalent in 2020. We will continue working together with our partner,
Talisman Colombia, in the assessment and development not only of Akacías, but
also of the potential existing across all the licensed area,” said Ecopetrol’s
CEO, Javier Gutiérrez Pemberthy.

Ecopetrol is the operator of Block CPO-9 and has a 55% interest in the
license. Talisman has a 45% interest in the license. The Akacías area borders
the Cubarral Block, where the Castilla and Chichimene oil fields are located.

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

Ecopetrol is the largest company in Colombia and is integrated into the oil
chain; it is among the 40 major oil companies in the world and among the four
main ones in Latin America. Besides Colombia - where it generates over 60% of
the national production - it is present in exploration and production
activities in Brazil, Peru and US (Gulf of Mexico). Ecopetrol owns the largest
refinery in Colombia and most of the pipeline and multi-product pipeline
network in the country, and is significantly increasing its participation in

Media and General Inquiries Shareholder and Investor Inquiries

Brent Anderson LyleMcLeod

Manager, External Communications Vice-President, Investor Relations

403-237-1912 403-237-1020



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:
filing of a field development plan; planned drilling; and other expectations,
beliefs, plans, goals, objectives, assumptions, information and statements
about possible future events, conditions, results of operations or

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. Finalization of the field development plan is subject to receipt of
all necessary regulatory approvals.

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.
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.

Production Unless otherwise stated, production volumes estimates are stated on
a company interest basis prior to the deduction of royalties and similar

Resources In this news release, Talisman discloses best estimate contingent
resources (2C) as at December 5, 2013. Contingent resources are defined as
those quantities of petroleum estimated, as of a given date, to be potentially
recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies. The key
contingencies that prevent the subject resources from being classified as
reserves are: facility engineering design; development plan approval; and
environmental license approval. There is no certainty that it will be
commercially viable to produce any portion of the resources. In addition to
these contingencies and uncertainties, the development of commerciality of
resources is also subject to a number of risk factors, as discussed more fully
above.  Any resources data contained in this  news release reflects Talisman’s
estimates of its resources. While Talisman annually  obtains an independent
audit of a portion of its proved and probable reserves, no independent 
qualified reserves evaluator or auditor was involved in the preparation of the
resources data disclosed in this news release. In this news release, estimates
of resources for individual properties may not reflect the same confidence
level as estimates of resources for all properties, due to the effects of


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