Talisman Drills Two Successful Wells at Monkman Prospect

Talisman Energy has drilled two successful natural gas wells in its core Monkman area in northeastern British Columbia. Both wells tested at rates in excess of 20 mmcf/d and have recently been put on production.

Talisman (operator 73.05%), Burlington Resources (19.3425%), Dominion Exploration Partnership (4.375%) and Enco Resources Company (3.255%), drilled a successful well at Bullmoose c-86-E to a total measured depth of 9,570 feet in the Triassic. The well tested at 24 mmcf/d with a flowing tubing pressure of just over 2,000 pounds per square inch. The well is now on production at 20 mmcf/d.

A second well, Talisman Burlington Sukunka c-83-K (Talisman operator 50%; Burlington Resources 50%), was drilled to a total measured depth of 12,034 feet in the Triassic and encountered large volumes of natural gas. The well tested at 37 mmcf/d with a flowing tubing pressure of approximately 3,000 pounds per square inch. The well came on production in February 2003 at an initial rate of 22 mmcf/d and is currently restricted due to facility limitations and good reservoir management practices.

A follow up well to the successful West Sukunka b-79-J deep Permian test was spud on December 9, 2002. This new well is expected to be completed by mid-year. The b-79-J well was brought on production in September 2002 and is currently producing at a stabilized rate of 6-7 mmcf/d. Talisman is operator (40%) with Anadarko Canada Corporation (30%), National Fuel Exploration Corp (20%) and Oiltec Resources Ltd. (10%) participating. Two additional deep (Paleozoic) wells are planned for 2003.

Talisman's 2003 budget for the Monkman area is $40 million and includes participating in a total of five wells. Talisman's Monkman properties are currently producing at about 85 mmcf/d, accounting for almost 10% of the Company's total North American gas volumes. With ongoing success in the Triassic play, the potential of the deeper play and the Company's ownership of strategic infrastructure, the Monkman region will continue to be a long-life, high value, core natural gas area for Talisman.


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