Talisman Energy to Sell Non-Core Assets in North America

Talisman Energy Inc. is initiating a process to sell select properties in North America. This program is part of the previously announced plan to surface value for the Company's non-core assets. The Company has retained Tristone Capital Inc. to initiate a competitive auction process.

These predominantly non-operated assets are currently producing approximately 17,000 boe/d (60% natural gas, 40% oil and liquids). The properties are grouped into five areas: Greater Lloydminster, Central Alberta, Pembina/Brazeau, Wapiti/North Deep Basin and Cranberry/Chinchaga. Talisman anticipates the sales program will be completed early in the second quarter of 2007.

The sale of these assets is part of Talisman's broad review of its non-core assets world-wide, some of which it believes may not be fully reflected in the Company's share price. The Company intends to use any cash proceeds from these asset sales to repurchase Talisman shares.

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Posted 30/10/06

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