Ram Area Could Be Significant Play for Talisman

Talisman Energy Inc. has announced initial results from an emerging exploration play in west central Alberta.

The Ram area is located southwest of Talisman's successful Central Alberta Foothills structural play. The Company has built a substantial land position in the area with over 48,000 acres (76 sections), 100% Talisman working interest. The majority of prospective gas zones are relatively shallow (less than 2,000 meters) with multi-zone potential and an H2S content of less than one percent.

"The potential from the Ram area could be significant for Talisman," said Dr. Jim Buckee, President and Chief Executive Officer. "The discovery of potentially commercial gas in the Cambrian section represents a first in Alberta and a significant exploration success. Ram demonstrates our ability to identify and develop new, high value, natural gas exploration and development opportunities in the Basin."

The initial discovery well, 12-20-38-13W5, tested gas from three zones at a combined rate of 17 mmcf/d (gross raw gas). Follow-up drilling has resulted in three successful wells that have potential in one or more zones and have, in aggregate, tested at more than 20 mmcf/d (gross raw gas).

Although still early in the exploration stage, contingent and prospective natural gas resources on Talisman's Ram acreage are estimated to be between 200 - 300 bcf. Talisman plans to spend approximately $100 million on equipment, infrastructure and drilling in the area next year, with a further eight wells expected in 2007. Engineering work has commenced on the infrastructure required to bring this gas to market, with construction expected to begin in late 2006. First production is expected in the third quarter of 2007, with potential exit rates of 30-50 mmcf/d (net sales).

Talisman Energy Inc. is a large, independent upstream oil and gas company headquartered in Calgary, Alberta, Canada. Talisman has operations in Canada and its subsidiaries operate in the North Sea, Southeast Asia, Australia, North Africa, the United States and Trinidad and Tobago.

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