Talisman Energy Flows High Quality Oil From Kurdamir-2 Well

Mon Nov 19, 2012 7:00am EST

* Reuters is not responsible for the content in this press release.

  CALGARY, ALBERTA, Nov 19 (MARKET WIRE) --
Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) has confirmed a significant
accumulation of light oil in the Kurdamir-2 well in the Kurdistan Region
of northern Iraq.

    "We are very excited to have found high quality oil with significant flow
rates in the lower part of the Oligocene formation," said Richard
Herbert, Executive Vice-President, Exploration. "We are preparing to test
two additional zones in the oil leg over the coming weeks. Plans are
underway to drill an appraisal well, Kurdamir-3, adjacent to this
discovery, in early 2013." 

    The cased-hole test was conducted in the deeper part of the Oligocene
formation and follows on the initial open-hole test conducted in March
2012. The test targeted 20 metres of fractured reservoir below the main
porous zone. This zone tested at stabilized rates of up to 3,450 bbls/d
of 38 degree API oil and 8.8 mmcf/d of natural gas over a two-day period.
The final rate was achieved on a 72/64" choke with a wellhead flowing
pressure of 810 psi. The results of this test confirm the presence of an
oil column of at least 146 metres in the Oligocene reservoir, with no
evidence yet of the oil-water contact level. The deeper extent of the oil
column will be appraised by the drilling of the Kurdamir-3 well. 

    Talisman is operator of the Kurdamir Block, with a 40% working interest.
Joint venture participants include WesternZagros Limited, with a 40%
working interest, and the Kurdistan Regional Government, with a 20%
carried interest. 

    Talisman Energy Inc. is a global upstream oil and gas company,
headquartered in Canada. Talisman has three main operating areas: the
Americas (North America and Colombia), Southeast Asia and the North Sea,
with an active exploration program across all three. 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.

    21-12

    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 appraisal drilling in the Kurdistan Region of northern Iraq; 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 the
company with securities regulatory authorities. The company 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 and uncertainties involving geology of oil and gas
deposits; the uncertainty of reserves and resources estimates and
underlying reservoir risk; the uncertainty of estimates and projections
relating to production, costs and expenses; potential delays or changes
in plans with respect to exploration or development projects or capital
expenditures; fluctuations in oil and gas prices; and risks in conducting
foreign operations. 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. Forward-looking information 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
forward-looking information should circumstances or management's
estimates or opinions change, except as required by law. 

    Production volumes are stated on the basis of a 100% interest prior to
the deduction of royalties and similar payments. 

    Unless the context indicates otherwise, references to "Talisman" or the
"company" include, for reporting purposes only, the direct or indirect
subsidiaries of Talisman Energy Inc. and partnership interests held by
Talisman Energy Inc. and its subsidiaries. Such use of "Talisman" or the
"company" to refer to these other legal entities and partnership
interests does not constitute a waiver by Talisman Energy Inc. or such
entities or partnerships of their separate legal status, for any purpose.

Contacts:
Talisman Energy Inc. - Media and General Inquiries
David Mann, Vice-President
Corporate & Investor Communications
403-237-1196
tlm@talisman-energy.com

Talisman Energy Inc. - Shareholder and Investor Inquiries
Lyle McLeod, Vice-President
Investor Relations
403-237-1020
tlm@talisman-energy.com
www.talisman-energy.com

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