Talisman Energy Inc. Completes C$1.5 Billion Montney Transaction

Talisman Energy Inc. Completes C$1.5 Billion Montney Transaction 
CALGARY, ALBERTA -- (Marketwired) -- 03/12/14 --   Talisman Energy
Inc. (Talisman) (TSX: TLM) (NYSE: TLM) today announced the completion
of the sale of approximately 127,000 net acres of its Montney
position in northeast British Columbia to Progress Energy Canada Ltd.
for a total cash consideration of C$1.5 billion. 
"We announced this transaction in November 2013, and its closure,
coupled with other previously announced deals, means we have achieved
over $2 billion in dispositions within 12 months," said Hal Kvisle,
President and CEO. "During the next 18 months, we will continue to
focus our portfolio and aim to divest a further $2 billion of long
dated, capital intensive assets. We will use proceeds from
dispositions to maintain a strong balance sheet." 
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.  
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. 
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 strategy, priorities and plans; targeted divestitures, value
of divestitures and timing of divestitures and 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 FLI 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 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 these factors, expectations and assumptions 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 the FLI 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; the uncertainty of reserves and
resources estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, including decommissioning
liabilities; risks related to strategic and capital allocation
decisions; 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; environmental regulatory
and compliance risks; uncertainties as to access to capital and
changes in capital markets; 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 the Company's risk mitigation strategies. The
foregoing list of risk factors is not exhaustive. Additional
information on these and other factors which could affect the
Company's operations or financial results or strategy 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 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 Inc. - Media and General Inquiries
Simon Scott
Head of Corporate and Investor Communications
Talisman Energy Inc. - Shareholder and Investor Inquiries
Lyle McLeod
Vice-President, Investor Relations
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