During the 12-month period of Talisman's previous normal course issuer bid, the Company purchased an aggregate of 1,269,400 common shares at an average price of $60.73 per share.
Pursuant to a notice filed with the Toronto Stock Exchange, Talisman may purchase for cancellation up to 6,401,603 of its common shares, representing 5% of the 128,032,077 outstanding common shares, during the 12-month period commencing March 26, 2004 and ending March 25, 2005. In the event of a subdivision of its common shares during the period of the normal course issuer bid, the maximum number of common shares Talisman may purchase for cancellation will be automatically adjusted without further notice, to give effect to the increase in the number of common shares outstanding as a result of the subdivision. The price that Talisman will pay for any shares acquired under the normal course issuer bid will be the market price at the time of purchase or such other price as may be permitted by the Toronto Stock Exchange. The purchases will be made by means of open market transactions or such other means as may be permitted by the Toronto Stock Exchange.
Talisman's primary objective is to increase shareholder value by delivering growth in reserves and production volumes per share. While successful exploration and development are the best value generators in the upstream oil and gas business, Talisman also advances this objective through the purchase of its own shares, thus enhancing the underlying value of its remaining outstanding shares.
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