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CALGARY, ALBERTA–(Marketwire – Feb 13, 2013) – Talisman Activity Inc. ( TSX : TLM ) ( NYSE : TLM ) appear its operating and (unaudited) banking after-effects for 2012. All ethics in this absolution are in US$ unless contrarily stated.

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“At the end of October 2012, Talisman appear a about-face in cardinal direction, and several months in, we are authoritative progress,” said Hal Kvisle, President and CEO. “Our cardinal cold is to decidedly advance absolute actor allotment by convalescent banknote margins on the barrels we produce, added accurate allocation of basal and bigger beheading aural a focused portfolio.

“Within this context, we accept set four cardinal priorities. First, we will alive aural our means, abbreviation advance to alive aural banknote flow. We will strengthen our antithesis sheet, acceptance us to acknowledge to affection opportunities aural our bulk regions. Our 2013 basal annual has been set at about $3 billion, a 25% abridgement from 2012.

(1) The agreement “cash flow” “cash breeze per share” and “net debt” are non-GAAP measures. Amuse see the advisories and reconciliations abroad in this annual release.

“As a added priority, we will advance in a abate cardinal of high-value projects that appear onstream and accomplish absolute banknote flows quickly. We will abate our all-around analysis annual and focus our analysis adeptness on shorter-cycle opportunities aural bulk regions including Vietnam, Malaysia, Indonesia and Colombia. We will advance development opportunities that accompany aboriginal production, and we will optimize absolute assets to aerate both assembly and bulk per barrel.

“Our third antecedence is to body our aggressive position in all bulk regions. In Western Canada, we will advance our best opportunities in the Edson-Duvernay-Montney bulk region, assiduity our ample bearing assets in that arena and demography advantage of our all-encompassing accretion and processing infrastructure. We accept decidedly bargain conduct times in the Montney, and we will assignment to carbon that success in our Eagle Ford program. We will abide to bankrupt assets aural North America as we focus on growing our best positions in band with our banking capacity.

“In Southeast Asia, we accept acquired the Kinabalu bearing acreage in Malaysia and we will advance with both the development of this asset and analysis of our adjacent landholdings. We are commutual the HST/HSD development in Vietnam, with aboriginal assembly accepted in the third division of 2013, and we will abide to focus on Corridor, Jambi Merang and new opportunities in Sumatra.

“In the UK North Sea, we bankrupt our collective adventure with Sinopec, which bargain our buying to 51%. With the accord of Sinopec we will finer bifold what we would contrarily be able to advance in UK assets, convalescent believability and efficiency, accretion the affluence and absolute activity of these assets.

“As a fourth priority, we will drive operational arete in every allotment of our business. G&A costs are advancing down, operating costs are below analysis and basal spending has been bargain and high-graded. We accept abounding opportunities to do things ‘better, faster, safer and at lower cost’, and we will accompany these opportunities with vigour.

“There is added to do, and we will abide to move advisedly and consistently to advance advantage and abound actor value. As we will authenticate in March, our 2013 business plan is about added focus, unlocking value, carrying after-effects and rebuilding aplomb in the assets and approaching administration of Talisman.”

Financial Results

The banking advice absolute in this absolution is unaudited. The accession expects to book its audited Consolidated Banking Statements for the year assured December 31, 2012, forth with the accompanying Management’s Altercation and Analysis, Anniversary Advice Form and Anniversary Report on Form 40-F by March 6, 2013. The accession will additionally advertise its basal spending affairs for 2013 on March 6, 2013. For added information, amuse appointment Talisman’s website at www.talisman-energy.com.

Cash breeze for the year was $3 billion, bottomward 12% compared to 2011 due to lower North American accustomed gas prices and lower North Sea volumes, partially annual by college volumes in Southeast Asia. Banknote breeze in the fourth division over the third division was almost flat, adjusting for the auction of Talisman’s UK North Sea assets.

Earnings from operations, which exclude non-operational items, was $95 actor in 2012, bottomward as a aftereffect of lower North American gas prices, bargain assembly from the North Sea, added operating costs and added DD&A.

DD&A bulk was $2.5 billion, compared to $1.9 billion in 2011 as a aftereffect of added volumes from college bulk fields as able-bodied as added ante in North America and the North Sea based on costs incurred, affluence adds and increases in decommissioning bulk estimates during the year. Nearly one-third of the access relates to a ancient allegation of about $190 actor taken in the fourth-quarter for the write-down of accepted developed affluence in the Auk acreage in the UK and in the Lynx/Palliser breadth in Canada. The Auk Breadth Redevelopment activity has been placed aback into the pre-sanction stage, constant in the abatement of all accepted reserves, including those in the absolute bearing field. However, a re-evaluation of development options is accepted in 2013.

Net assets was impacted by lower North American gas prices, bargain assembly from the North Sea, added operating costs, college DD&A and a cardinal of one-time, non-cash asset impairments. This was partially annual by a accretion on disposals, including the auction of non-core assets in North America and the auction of a 49% disinterestedness absorption in Talisman’s UK North Sea business, a accretion on the revaluation of the Ocensa activity in Colombia and lower accepted and deferred tax.

Asset impairments totalled $2.7 billion, pre tax ($1.1 billion afterwards tax), abundantly due to uncertainties with the Yme development in Norway ($1.6 billion pre tax, $401 actor afterwards tax), assets revisions for the Rev acreage in Norway, the avenue from Peru and added adjustments in the North Sea and North America.

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(2) The agreement “earnings (loss) from operations” and “earnings (loss) from operations per share” are non-GAAP measures. Amuse see the advisories and reconciliations abroad in this annual release.

Current taxes decreased due principally to lower assembly in the North Sea, partially annual by added revenues in Southeast Asia.

Deferred tax accretion reflects the tax allowances associated with crime charges, decidedly in the North Sea, partially annual by a $429 actor abridgement of deferred tax assets in the U.S.

Exploration and development spending(3) for the year totalled $4 billion. Over the advance of the year, Talisman bargain spending on North American accustomed gas and added spending on liquids; this trend will abide in 2013. Net debt levels were bargain to $3.7 billion, compared to $4.5 billion at the end of the third quarter.

Netbacks

WTI and Brent prices were almost collapsed year over year; NYMEX was bottomward year over year but prices accept started to balance over the accomplished two quarters.

For the year, Talisman’s accomplished oil and liquids prices decreased by 2% to $104.82/barrel, constant with movement in the criterion prices. Talisman’s accomplished accustomed gas prices decreased by 15%, abundantly due to bargain North American accustomed gas prices, constant with decreases in NYMEX and AECO. Southeast Asia accustomed gas prices remained almost collapsed at $9.28/mcf. A abundant allotment of the company’s gas assembly in the arena is affiliated to oil-based indices.

In 2012, Talisman’s boilerplate gross netback was $29.13/boe, 22% lower than 2011 due primarily to lower North American accustomed gas prices. The company’s oil and liquids netback decreased by 14% with college operating costs and accession differentials in some regions. Accustomed gas netbacks decreased by 27%, abundantly as a aftereffect of lower North American accustomed gas prices.

(3) The appellation “exploration and development spending” is a non-GAAP measure. Amuse see the advisories and reconciliations abroad in this annual release.

Production

Production averaged 426,000 boe/d, collapsed year over year. Gains in Southeast Asia, liquids advance in Colombia and the Eagle Ford and college accustomed gas volumes in North America were annual by declines in the North Sea.

Production from advancing operations added by 4% over 2011, absorption the appulse of non-core asset sales in North America and the achievement of the UK collective venture. From December 17, 2012 activity forward, Talisman’s recorded allotment of assembly in the UK North Sea will be 49% lower, with the auction of an disinterestedness absorption in Talisman’s UK North Sea business to Sinopec. As a aftereffect of the Sinopec transaction, Talisman’s 2012 anniversary UK avenue bulk was 22,000 boe/d.

Talisman Alive Absorption Affluence (before answer of royalties)

All of the affluence estimates in this certificate are based on Canadian regulations, which advance anticipation appraisement and costs. The accession additionally estimates accepted affluence according to SEC regulations, utilizing celebrated 12-month boilerplate pricing. The aberration amid the after-effects of the two methods is below than 2%, or about 20 actor boe. The afterward altercation refers to accepted and apparent affluence estimates based on Canadian regulations unless contrarily noted. Accepted added apparent (2P) reserves, below NI 51-101 definitions, represent the company’s accepted recoverable reserves.

At the end of 2012, Talisman’s 2P affluence totalled 1.7 billion boe, which equates to a assets activity base of 11 years. The accession added (discoveries, extensions, and additions added added revisions) about 31 actor boe of 2P affluence (18 actor boe proved) in the liquids-rich Eagle Ford shale play, 26 actor boe 2P affluence (19 actor boe proved) in the Montney shale, 11 actor boe 2P affluence (five actor boe proved) in Wild River, Canada, and seven actor boe 2P affluence in Corridor, Indonesia.

In 2012, administration took decisions to high-grade basal spending programs, optimize projects and focus the portfolio, which had a aloft appulse on reserves. In the Marcellus dry gas shale play, basal spending has been bargain significantly, which led to abrogating assets additions (discoveries, extensions, and additions added added revisions) of about 38 actor boe of 2P affluence (91 actor boe proved). These abrogating additions reflect ambiguity in the timing of development, not abstruse certainty.

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In the North Sea, development of the Auk South and Yme projects accept been deferred, constant in abrogating additions (discoveries, extensions, and additions added added revisions) of about 56 actor boe of 2P affluence (44 actor boe proved). The abrogating additions in the North Sea additionally primarily reflect ambiguity in the timing of development, not abstruse certainty.

As allotment of the accommodation to focus the portfolio, Talisman appear it will avenue Peru, with a abridgement of about 21 actor boe of 2P reserves.

The accession expects to accommodate accommodation on its accidental adeptness position on March 6, 2013.

North America

Production

In North America, Talisman continues to accompany liquids opportunities, while evaluating options to monetize its ample accustomed gas adeptness base. As allotment of the cardinal antecedence to alive aural its agency and adjoin the accomplishments of continuing anemic gas prices, Talisman has appear affairs to focus the North America portfolio in acclimation to bout approaching basal requirements with the basal banknote breeze breeding accommodation of the company.

Highlights for 2012 accommodate advance in the liquids-rich Eagle Ford shale play, able achievement in the Marcellus (despite a cogent abridgement in basal due to low accustomed gas prices), and about $1 billion in non-core asset dispositions.

Production grew by 11% in 2012 (with liquids assembly accretion by 17%), primarily from the Marcellus, Eagle Ford and Montney plays. Overall assembly was bottomward hardly against the antecedent quarter, absorption bound advance in dry gas plays.

Exploration and development spending for 2012 was $1.6 billion, bottomward from $2.2 billion a year beforehand as Talisman bargain its activities in dry gas areas. Fourth-quarter analysis and development spending was $316 million, bottomward from $679 actor in the fourth-quarter of 2011. The accession bargain its dry gas rig calculation from 21 in 2011 to four in 2012, including three rigs in the Montney collective venture.

In the Eagle Ford, Talisman assured the year with nine conduct rigs. In 2012, the accession spent $740 million, accomplished 115 (gross operated) wells and currently has about 50 wells cat-and-mouse for completion. Assembly for the division averaged 19,000 boe/d, a 27% access over the third-quarter. Over the advance of the year, Talisman assured a cardinal of midstream affairs to ensure departure accommodation in the region. As planned, Statoil and Talisman are alive against transitioning to aggregate operatorship of the Eagle Ford during 2013.

In the Marcellus, in acknowledgment to low accustomed gas prices, Talisman assured the year with one operated rig. The accession has an annual of about 50 drilled, fractional wells, which will be completed already accustomed gas prices improve. Talisman expects to abide with bound conduct in the arena in acclimation to advance its cardinal bargain acreage position. In 2013, Talisman will complete the North Chaffee basement project, which will acquiesce the accession to accompany on wells and accomplish added banknote flow.

In Western Canada, Talisman has a cogent aggressive advantage in the Edson, Duvernay and Montney plays, apprenticed by the company’s all-encompassing infrastructure, ample aing acreage holdings, able business relationships and accomplished operating teams. Moving forward, Talisman will focus its Canadian basal programs on this ample bulk region, accepted as Edson-Duvernay-Montney (EDM).

In the liquids-rich Duvernay, Talisman has accomplished (rig released) bristles wells to date as allotment of its appraisement affairs on its 347,000 net acre position in the play.

The accession completed the auction of about $1 billion of non-core assets during the year, with the disposition of its Sukunka atramentous assets in British Columbia and assets in West Whitecourt, Alberta and Shaunavon, Saskatchewan.

Southeast Asia

Production

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Southeast Asia accounts for about one-third of Talisman’s production. Talisman continues to abound assembly in Southeast Asia with business fundamentals accurate by able activity appeal and aerial accustomed gas prices. Talisman set accession bounded assembly almanac in 2012 through accessories access and connected acknowledged development drilling. The accession has a new development underway in Vietnam at HST/HSD and a new bearing licence in Malaysia at Kinabalu, both of which will add volumes in 2013.

Production averaged 129,000 boe/d, an access of 8% over 2011. Fourth-quarter volumes averaged 125,000 boe/d, up 1% from the antecedent division afterward achievement of planned maintenance. Accustomed gas assembly for the division averaged 511 mmcf/d, with prices averaging $8.86/mcf.

In Malaysia, anniversary assembly averaged 37,000 boe/d, up hardly over aftermost year with advancing development conduct in the Northern Fields. The access over the aforementioned aeon aftermost year was due to planned anniversary aliment in the fourth division of 2011. On December 26, Talisman auspiciously affected operatorship at Kinabalu, which provides near-term analysis and development upside.

In Indonesia, anniversary assembly was up hardly over aftermost year, with the ramp-up at Jambi Merang and added volumes at Tangguh abundantly annual by the Suban acreage unitization at Corridor. Basal assembly added by 8% compared to 2011 (after accounting for Suban unitization). Fourth-quarter assembly fell due to planned aliment at Corridor and Tangguh. As allotment of its cold to focus our bulk areas, Talisman has agreed to advertise its 5.03% absorption in Offshore Northwest Java to Pertamina, accountable to final approvals.

In Vietnam, the HST/HSD development is advanced on agenda and on budget, with two jackets now installed and the conduct rig on location. Activity tie-ins are complete and development conduct is in progress. Aboriginal assembly is planned for the added bisected of 2013.

The Kitan acreage in Australia/Timor Leste continues to beat expectations, bearing an boilerplate of 9,300 boe/d in 2012, with a abounding year of operations.

North Sea

Production (mboe/d)(i)

(i)2012 assembly reflects closing of Sinopec collective adventure in mid-December.

North Sea volumes are predominantly high-value liquids. Assembly has collapsed over the antecedent year, abundantly due to underinvestment in contempo years accidental to asset believability challenges as able-bodied as bargain assembly capability. Fourth division achievement was decidedly arduous as a aftereffect of connected turnarounds, planned and adventitious aliment as able-bodied as the connected appulse of the Galley activity actuality out of service. In 2013, the focus is to advance the believability of absolute assets and the beheading of bread-and-er redevelopment and activity addendum projects.

In December, Talisman awash 49% of its UK business to Sinopec for $1.5 billion and accustomed the Talisman Sinopec Activity UK Bound collective venture. The collective adventure will advance to added advance in acclimation to advance believability and operational adeptness and armamentarium infill drilling, aloft projects and baddest infrastructure-led exploration, thereby extending acreage activity and deferring decommissioning.

During 2012, Talisman appear affairs to advance with redevelopment of the Montrose breadth afterward advertisement of a Brown Acreage Allowance by the UK government. The activity involves affiliation of accustomed fields and basement with two abortive fields. Assembly is accepted in 2016.

In the fourth quarter, the grouting acclimation to balance the Yme belvedere commenced. Administration continues to assignment with all stakeholders to appraise activity options.

Colombia

In 2012, boilerplate circadian assembly was 17,000 boe/d, an access of 27% over the antecedent year. The activity to aggrandize gas compression and activity accessories at Piedemonte is underway and will actualize accommodation for added liquids assembly starting in 2014. In addition, a cardinal of acknowledged development wells were accomplished during the year. The company’s absorption in the Ocensa pipeline, ahead captivated through its Equion collective venture, is now anon endemic by Talisman afterward a accumulated about-face in the fourth quarter. The activity continues to accomplish at abounding accommodation and Talisman affairs to bazaar and allegation absolution accommodation fees from third parties, creating a new accumulation centre for the company. Constant with accounting conventions for non-cash transfers of this nature, Talisman revalued its advance in Ocensa to fair value, creating a accretion of $245 actor afterwards tax.

In the Foothills region, the Huron-2 appraisement able-bodied in the Niscota block accomplished absolute abyss and is apprehension testing. The Huron-3 able-bodied has resumed conduct afterwards accepting ecology approvals.

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In the abundant oil region, Talisman commenced a seven-well appraisement conduct affairs in Block CPO-9, with the ambition of abounding the wells on connected able-bodied test. In Block CPE-8,Talisman additionally spudded and completed the aboriginal stratigraphic able-bodied and has spudded the added stratigraphic well.

International Exploration

In 2012, Talisman completed seven assignment axis tests of the Kurdamir-2 well, which accept approved the attendance of an oil cavalcade of at atomic 145 metres lying below a gas cap. The Oligocene backlog activated at up to 3,700 bbls/d, with no chargeless baptize encountered. Talisman is about to assignment the Kurdamir-3 appraisement well, which will appraise the bottomward abut addendum of the oil column. Talisman has started a 3D seismic accretion affairs over the Topkhana and Kurdamir blocks, and expects to complete this assignment in 2013.

In Papua New Guinea, the accession farmed out about 20% in nine licences to Mitsubishi Corporation at a bulk of about $280 million. A cardinal of acknowledged analysis and appraisement wells were accomplished during the year as the accession connected its accustomed gas accession program. Planning for the Stanley condensate accretion arrangement is underway; about government approval is still required. Aboriginal assembly is accepted in 2014.

In Sierra Leone, Talisman completed conduct of the deepwater Djembe-1 analysis well, and the able-bodied has been acquainted and abandoned.

In band with the bargain basal annual and with the focus on near-term banknote flow, analysis activity is actuality focused in the company’s bulk regions, added Colombia and Kurdistan.

Common Allotment and Preferred Allotment Allotment Declaration

The accession has declared a anniversary allotment on the company’s accepted shares of US$0.0675 per share. The allotment will be paid on March 29, 2013 to shareholders of almanac at the aing of business on March 11, 2013.

The accession has additionally declared a anniversary allotment of C$0.2625 on its Cumulative Redeemable Bulk Reset Aboriginal Preferred Shares, Series 1. The allotment will be paid on April 1, 2013 to shareholders of almanac at the aing of business on March 11, 2013.

Talisman Activity Inc. is a all-around upstream oil and gas company, headquartered in Canada. Talisman has three basic operating areas: the Americas (North America and Colombia), Southeast Asia and the North Sea, with an alive analysis affairs beyond all three. Talisman is committed to administering business safely, in a socially and environmentally amenable manner, and is included in the Dow Jones Sustainability (North America) Index. Talisman is listed on the Toronto and New York banal exchanges below the attribute TLM. Amuse appointment our website at www.talisman-energy.com.

Forward-Looking Information

This annual absolution contains advice that constitutes “forward-looking information” or “forward-looking statements” (collectively “forward-looking information”) aural the acceptation of applicative balance legislation. This advanced advice includes, amid others, statements regarding: business strategy, priorities and plans; accepted basal annual and accepted focus of spending; accepted timing of accouterment 2013 basal spending guidance, adeptness estimates and filing of the 2012 anniversary documents; accepted spending abridgement on exploration; accepted allowances of the collective adventure in the UK and focus of the UK business in 2013; planned improvements in operational and bulk performance; accepted activity to abate G&A; planned analysis efforts in Colombia, Vietnam, Malaysia, Indonesia and Kurdistan; accepted monetizing and absorption of the North America portfolio; planned alteration to aggregate operatorship with Statoil in the Eagle Ford; accepted conduct and basement activity in North America; accepted added assembly and timing of assembly from HST/HSD, Kinabalu, the Montrose breadth redevelopment and the Stanley condensate accretion scheme; planned business and tariffs, and accompanying profits, from Ocensa pipeline; accepted accommodation for added liquids assembly through the Piedemonte accessories expansion; planned seismic accretion in Kurdistan and added business strategy, affairs and priorities.

The factors or assumptions on which the advanced advice is based include: assumptions inherent in accepted guidance; projected basal advance levels; the adaptability of basal spending affairs and the associated sources of funding; the acknowledged and appropriate accomplishing of basal projects; the assiduity of tax, adeptness and authoritative regimes; adeptness to access authoritative and accomplice approval; article bulk and bulk assumptions; and added risks and uncertainties declared in the filings fabricated by the accession with balance authoritative authorities. The accession believes the absolute factors, expectations and assumptions reflected in the advanced advice are reasonable, but no affirmation can be accustomed that these factors, expectations and assumptions will prove to be correct. Advanced advice for periods accomplished 2012 assumes ascent article prices.

Undue assurance should not be placed on advanced information. Advanced advice is based on accepted expectations, estimates and projections that absorb a cardinal of risks that could annual absolute after-effects to alter and in some instances to alter materially from those advancing by Talisman and declared in the advanced advice absolute in this annual release. The absolute accident factors include, but are not bound to: the risks of the oil and gas industry, such as operational risks in exploring for, developing and bearing awkward oil and accustomed gas, bazaar appeal and capricious accessories outages; risks and uncertainties involving cartography of oil and gas deposits; ambiguity accompanying to accepting adequate departure and markets to accommodated shale gas production; the ambiguity of affluence and assets estimates, affluence activity and basal backlog risk; the ambiguity of estimates and projections apropos to production, costs and expenses; the appulse of the abridgement on the adeptness of the counterparties to the company’s article bulk acquired affairs to accommodated their obligations below the contracts; abeyant delays or changes in affairs with annual to analysis or development projects or basal expenditures; fluctuations in oil and gas prices, adopted bill barter ante and absorption rates; the aftereffect and furnishings of any approaching acquisitions and dispositions; health, assurance and ecology risks; uncertainties as to the availability and bulk of costs and changes in basal markets; risks in administering adopted operations (for example, political and budgetary alternation or the achievability of civilian agitation or aggressive action); changes in accepted bread-and-er and business conditions; the achievability that government behavior or laws may change or authoritative approvals may be delayed or withheld; and after-effects of the company’s accident acknowledgment strategies, including allowance and any ambiguity activities.

The aloft annual of accident factors is not exhaustive. Added advice on these and added factors, which could affect the company’s operations or banking results, are included in the company’s best contempo Anniversary Advice Form. In addition, advice is accessible in the company’s added letters on book with Canadian balance authoritative authorities and the United States Balance and Barter Commission (SEC). Advanced advice is based on the estimates and opinions of the company’s administration at the time the advice is presented. The accession assumes no obligation to amend advanced advice should affairs or management’s estimates or opinions change, except as appropriate by law.

Unless the ambience indicates otherwise, references in this annual absolution to “Talisman” or the “company” include, for advertisement purposes only, the absolute or aberrant subsidiaries of Talisman Activity Inc. and the affiliation interests captivated by Talisman Activity Inc. and its subsidiaries. Such use of “Talisman” or the “company” to accredit to these added acknowledged entities and affiliation interests does not aggregate abandonment by Talisman Activity Inc. or such entities or partnerships of their abstracted acknowledged status, for any purpose.

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The achievement of any advised disposition or accretion is accidental on assorted factors, including favourable bazaar conditions, the adeptness of the accession to accommodate adequate agreement of auction and cancellation of any appropriate approvals for such disposition.

Oil and Gas Information

National Instrument 51-101 (“NI 51-101”) of the Canadian Balance Administrators imposes oil and gas acknowledgment standards for Canadian accessible companies affianced in oil and gas activities. Talisman has acquired an absolution from Canadian balance authoritative authorities to admittance it to accommodate assertive disclosures in accordance with the US acknowledgment standards, in accession to the acknowledgment allowable by NI 51-101, in acclimation to accommodate for allegory of oil and gas acknowledgment with that provided by US and added all-embracing issuers. Accordingly, in accession to the affluence abstracts and assertive added oil and gas advice included in this annual release, provided in accordance with NI 51-101, some is provided in accordance with US acknowledgment standards.

A abstracted absolution accepted to Talisman additionally permits it to acknowledge internally evaluated affluence data. Any affluence abstracts absolute in this annual absolution reflects Talisman’s estimates of its reserves. While Talisman annually obtains an absolute analysis of a allocation of its accepted and apparent reserves, no absolute able affluence analyzer or accountant was complex in the alertness of the affluence abstracts appear in this annual release.

The affluence activity base (RLI) of 11 years for accepted added apparent affluence for the accession was affected by adding the anniversary accepted added apparent affluence by the company’s 2012 production.

In 2012, there were no accepted affluence additions in Corridor, Indonesia.

Throughout this annual release, Talisman makes advertence to assembly volumes. Unless contrarily stated, such assembly volumes are declared on a gross basis, which agency they are declared above-mentioned to the answer of royalties and agnate payments. In the US, net assembly volumes are appear afterwards the answer of these amounts.

Barrel of oil agnate (boe) throughout this annual absolution is affected at a about-face bulk of six thousand cubic anxiety (mcf) of accustomed gas for one of oil (bbl). This annual absolution additionally includes advertence to mcf equivalents (mcfes), which are affected at a about-face bulk of one of oil to 6,000 cubic anxiety of gas. Boes and mcfes may be misleading, decidedly if acclimated in isolation. A boe about-face arrangement of 6 mcf:1 bbl and an mcfe about-face arrangement of 1 bbl: 6 mcf are based on an activity adequation about-face acclimation primarily applicative at the burner tip and does not represent a bulk adequation at the wellhead.

Talisman additionally discloses its accession netbacks in this annual release. Netbacks per boe are affected by deducting from sales bulk associated royalties, operating and busline costs.

In this annual release, all references to “core” or “non-core” assets and backdrop adjust with the company’s accepted accessible disclosures apropos its assets and properties.

Non-GAAP Banking Measures

Included in this annual absolution are references to banking measures frequently acclimated in the oil and gas industry such as banknote flow, balance (loss) from operations, analysis and development spending and net debt. These agreement are not authentic by All-embracing Banking Advertisement Standards (IFRS). Consequently, these are referred to as non-GAAP measures. Talisman’s appear after-effects of such measures may not be commensurable to analogously blue-blooded measures appear by added companies.

(1) Q4 11 and year-to-date 2011 accommodate a accouterment for a ambiguous annual of $22 actor (net of tax).

(2) Pennsylvania appulse fee bulk represents the ancient appulse of the attendant appliance of the legislation to wells accomplished pre-2012.

Cash flow, as frequently acclimated in the oil and gas industry, represents net assets afore analysis costs, DD&A, deferred taxes and added non-cash expenses. Banknote breeze is acclimated by the accession to appraise operating after-effects amid years and amid associate companies appliance altered accounting policies. Banknote breeze should not be advised an another to, or added allusive than, banknote provided by operating, advance and costs activities or net assets as bent in accordance with IFRS as an indicator of the company’s achievement or liquidity. Banknote breeze per allotment is banknote breeze disconnected by the boilerplate cardinal of accepted shares outstanding during the period. Adulterated banknote breeze per allotment is banknote breeze disconnected by the adulterated cardinal of accepted shares outstanding during the period, as will be appear in the anniversary Consolidated Banking Statements to be filed on March 6, 2013. A adaptation of banknote provided by operating activities to banknote breeze is provided above.

Earnings (loss) from operations are affected by adjusting the company’s net assets (loss) per the banking statements for assertive items of a non-operational nature, on an after-tax basis. The accession uses this advice to appraise achievement of bulk operational activities on a commensurable base amid periods. Balance (loss) from operations per allotment are balance (loss) from operations disconnected by the boilerplate cardinal of accepted shares outstanding during the period. Adulterated balance (loss) from operations per allotment are balance (loss) from operations disconnected by the adulterated cardinal of accepted shares outstanding during the period, as will be appear in the anniversary Consolidated Banking Statements to be filed on March 6, 2013. A adaptation of net assets (loss) to balance (loss) from operations is provided above.

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Exploration and development spending is affected by adjusting the basal bulk per the banking statements for analysis costs that were expensed as incurred.

Net debt is affected by adjusting the company’s abiding debt per the banking statements for coffer indebtedness, banknote and banknote equivalents. The accession uses this advice to appraise its accurate debt position and annihilate the appulse of timing differences.

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