During the 12-month period of Talisman's previous normal course issuer bid up to March 22, 2005, the Company purchased an aggregate of 15,489,400 common shares at an average price of $33.86 per share.
Pursuant to a notice filed with the Toronto Stock Exchange, Talisman may purchase for cancellation up to 18,437,285 of its common shares, representing 5% of the 368,745,690 common shares outstanding as at March 22, 2005, during the 12 month period commencing March 28, 2005 and ending March 27, 2006. 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 through the facilities of the Toronto Stock Exchange or such other means as may be permitted by applicable stock exchange rules.
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.
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