AN26: Talisman Energy Inc.: Talisman Energy Announces $595 million Sale of Colombian Pipeline Interest

  AN26: Talisman Energy Inc.: Talisman Energy Announces $595 million Sale of
  Colombian Pipeline Interest

UK Regulatory Announcement

CALGARY, ALBERTA

  Talisman Energy Announces $595 million Sale of Colombian Pipeline Interest

Calgary, Alberta, December 10, 2013 – Talisman Energy Inc. (Talisman)
(TSX:TLM) (NYSE:TLM) today announced that two of its affiliates have reached
agreement to sell their ~12% equity interest in the Ocensa Pipeline in
Colombia to an investment group led by Advent International for a total cash
consideration of approximately $595 million. All values in this press release
are in US$ unless stated otherwise.

“In March, I set a $2-3 billion, 18-month disposition target for Talisman,”
said Hal Kvisle, President and CEO of Talisman Energy. “In November, we
announced the sale of the majority of our Montney position for CDN$1.5
billion, which when combined with some small Canadian assets and our equity
interest in the Ocensa pipeline, brings our sale proceeds to approximately
$2.2 billion. We will use these to reduce debt and strengthen our balance
sheet, and will continue to progress additional opportunities to unlock value.
These transactions provide strong momentum going into 2014, where we will
continue to focus on our two core regions, our four strategic priorities, and
on creating sustainable shareholder value.”

As part of the transaction:

  *Two Talisman affiliates will sell their ~12% equity interest in the Ocensa
    Pipeline for approximately $595 million.
  *Other Talisman affiliates retain crude transportation rights for
    approximately 63,000 bopd. Talisman will use these rights to transport
    proprietary crude, and will generate third party revenue from surplus
    capacity.

The dispositions announced by Talisman are part of a larger Talisman led sales
process involving Total Colombia Pipeline (affiliates of Total S.A.) and
CEPSA, which will result in the investment group led by Advent International
acquiring an aggregate ~22% shareholding in the Ocensa pipeline.

“Through this transaction, we have unlocked net value from our portfolio and
retained our crude transportation rights,” said Hal Kvisle, President and CEO
of Talisman Energy. “This enables us to maintain our competitive advantage by
transporting oil from our own operations and generating third party revenue
from any surplus capacity.”

BMO Capital Markets and Credit Suisse Securities acted as joint advisors to
Talisman.

Media and General Inquiries Shareholder and Investor Inquiries

Brent Anderson LyleMcLeod, Vice-President

Manager, External Communications Investor Relations

Phone: 403-237-1912 Phone: 403-767-5732

E-mail: tlm@talisman-energy.com E-mail: tlm@talisman-energy.com

19.13

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; planned use of proceeds; 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.

Contact:

Talisman Energy Inc.
 
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