Talisman Acquires Interest in Nova Scotia Offshore Acreage

Talisman Energy Inc. has reached agreement with Imperial Oil Resources Ventures Ltd. to acquire a 30% interest in two deepwater exploration licenses offshore Nova Scotia (EL 2378 and EL 2379).

The two licenses cover 225,660 hectares and are in water depths ranging from 200 to 3,000 meters. Talisman will earn a 30% interest through participation in the first exploration well, currently planned for 2003. After the farmout, Imperial will retain a 70% interest and operatorship of the two licenses.

"This acreage contains a number of very large gas prospects," said Dr. Jim Buckee, President and Chief Executive Officer. "The prospects are technically attractive and if successful, are close to infrastructure and markets. This is a good opportunity for Talisman to add a new layer of longer term growth potential."